The private sector may be on the lookout for HR expertise however with the private sector increasing the number of HR employees; will current employed HR professionals move to competitors believing they have a superior benefit package to offer?
Over 300 HR managers and directors participated in a survey showing that only 17% think they have a more enticing employee offer compared to their competitors. 63% of HR staff would implement a new employee benefit on the assumption that it will financially benefit the company. In 76% of organisation, HR personnel decide which products to include in the benefits package.
Preventing the ‘grass is greener’ mentality is impossible but to a certain level it helps to safeguard against complacency. If firms are to retain and recruit the talent required to achieve further growth then competitiveness in the jobs market is vital. There is great importance in offering greater choices and benefits however broadening the accessibility to the perks must be considered. For example, the company car has almost been the sole preserve of management level employees for a long time.
However growing in popularity are the tax efficient and cost neutral schemes such as salary sacrifice, particularly among large firms which are able to introduce flexibility benefits across the board. Regardless of the economic climate, HR commonly suffers from a scarce amount of business-focused professionals and reward specialists therefore offering staff rewards is often the best way to keep them motivated and to entice new, talented HR professional employees.