Quantum Advisory, the leading pensions, benefits and actuarial firm, has warned that sub-standard benefit packages has created a barrier to new talent for many Small to Medium Employers (SMEs), advising that a more robust package would help level the playing field with large employers when recruiting.
Pauline Iles, Principal Risk & Benefits Consultant at Quantum Advisory commented: “As Brexit causes fewer people to come to the UK in search of employment, many organisations are experiencing challenges in attracting new talent. Competition is fierce and many SMEs are losing out to larger employers who are able to offer highly sought after Flexible Benefits packages. With transient workforces on the rise, people have become accustomed to, and expect, certain kinds perks as they move between jobs. In the current market, a hefty salary is simply not enough to draw people in, so SMEs must step up their game if they want competitive edge.”
Iles continued: “SMEs, like any employer, want to look after their staff in the best possible way, but often find themselves constrained by lack of resource or funding. Flex gives employers the control to select options which appeal to their individual workforce – whether salaried or hourly paid for example – and motivates and engages people in a very personal way. When taking into consideration the extra recruitment costs facing many SMEs as a result of losing employees who feel undervalued or disengaged, this is an investment worth making.”
Pauline Iles, Principal Risk & Benefits Consultant