Throughout an employee's career, salary is considered a fundamental factor for motivation. However, there are several other motivational factors that a company can use to attract and retain employees. A lot of job-seeking individuals are considering companies that offer spectacular benefits and perks. Nevertheless, employee attraction is just not enough, and companies are also focusing on their retention. Companies consider giving out bonuses and tokens ranging from 401k and retirement planning, medical insurance, promotions to health and wellness incentives to attract top talent employees.
401k and retirement planning is a scheme that allows qualified employees of an organization to save and invest for their own retirement needs (Benner, 2010). In this scheme, savings and investments are on a tax-deferred basis. A 401k plan grants employees full control of their monetary contributions.
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Medical insurance benefit is also another motivational factor that can be used in employee attraction. It is a fact that most employees would want to feel medically secure. Therefore, providing affordable insurance schemes for employees without the exception of their family members offers tremendous peace of mind.
Promotion is equally an important factor in employee attraction. Every individual joins a company with the hope of growing within it. Promotion involves new positions within the organization, raises, new titles, and responsibilities. Promotions can motivate an employee to work extra hard with the hope of being rewarded.
Furthermore, organizations that offer health and wellness incentives contribute greatly in assisting employees to maintain healthy lifestyles. A company may achieve this by providing onset fitness centers, fitness lessons such as yoga and boxing (Botha et al., 2011). All of these will foster the general wellness of employees in the workplace.
There are various types of employees that are most attracted by the above benefits. They include; top talent employees who work within the companies that offer such services, the apprentices or trainees, contractors, sub-contractors, and casual employees.
References
Brenner, B. K. (2010). Using Employee Benefits Can Help Recruit, Attract, and Retain the Workforce of the Future: The Mature Employee. Journal Of Financial Service Professionals , 64 (3).
Botha, A., Bussin, M., & De Swardt, L. (2011). An employer brand predictive model for talent attraction and retention. SA Journal of Human Resource Management , 9 (1), 1-12.
