Attracting and retaining top talents is crucial for the success of any business. Especially in a competitive market like Germany that is facing a lack of skilled workers increasing the war of talents.
Thus, companies need to offer comprehensive and attractive employee benefits to differentiate themselves from other firms. And stand out to the top talents while also maintaining a positive work environment for the current employees.
By working with many of our client companies as recruitment consultants, we at Careerbee have unique insights into different benefit schemes. And in this blog article, we sumarize the ones that we find are the most attractive to talents.
The best employee benefits to offer in 2023
So what benefits should your company focus on in 2023? In Germany, a country known for its robust labor laws and emphasis on employee rights, firms have an array of benefits to consider. Here is an overview of the most attractive and effective benefits:
- Flexible work arrangements
- Individual Development Budget
- Employee Assistance Program (EAP)
- Parental Leave & Childcare support
- Fun additional perks
Let’s take a closer look at each of them.
1. Flexible work arrangements
Offering a fixed work arrangement won’t be very helpful in attracting and retaining employees in 2023. To better integrate their work life with their private life, many employees want more flexibility when to work and where to work. Options here are to offer flexible working hours, remote work opportunities, or compressed workweeks (e.g., 38,5 hours/week).
Why should you offer this? Providing employees with more flexibility can drastically enhance work-life balance and improve job satisfaction. It will allow them to better manage personal commitments while maintaining productivity. On top, it will give you the option to hire employees who are not located in the same city increasing your talent pool.
2. Individual Development Budget
Investing in the professional growth of employees is the best way to create a win-win situation. Supporting ongoing learning opportunities like workshops, conferences, and certifications is a great way to help employees expand their knowledge and feel pushed and motivated by the employer. Think about creating individual development budgets (e.g. 1.000€/employee/year) and allow your employees to choose which development opportunities they want to pursue.
Why should you offer this? Firms that prioritize training and development programs show a commitment to their employees’ career advancement. It not only will help your team to acquire new skills but also enhances their loyalty and engagement. And not to forget that promoting a culture of continuous learning fosters innovation which is key to stay ahead of competition.
3. Employee Assistance Program (EAP)
Since the pandemic, mental health has become a key priority to many top talents and has become a critical aspect of workplace wellness. EAPs provide confidential counseling and can provide assistance for employees dealing with both personal or work-related issues. This can include stress, anxiety, and other private life balance challenges.
Why should you offer this? Organizations offering EAPs, clearly show their commitment to the overall well-being of their team. It proves that they want to create a supportive and caring work environment which will increase the engagement of employees to the company.
4. Parental Leave & Childcare support
Germany places great emphasis on work-life balance and family values. There are of course many defined regulations that all employers need to offer. However, to create even better benefits, companies can support young families by offering either generous parental leave policies beyond the statutory minimum or providing on-site or subsidized child care facilities. Other ideas are flexible working hours for parents, and support for daycare expenses.
Why should you offer this? As not many companies offer these on top benefits it can truly make you stand out from your competitors. On top, you automatically incentivize young employees to stay for the long-run with your company as they won’t find these types of benefits somewhere else.
5. Fun additional perks
This is the part where companies can get very creative. Show your company truly lives up to what the company stands for and add additional benefits that support that vision and culture. For example, if your company produces cars, why not offer special discounts on car leasing, or perks for motorsport activities. If your company is in the renewable sector, why not offer special perks for services offered by other companies also working in the sector such as “To-good-to-go”.
Why should you offer this? These little benefits won’t make or break the deal for employers and talents, but they are fun little additional benefits that provide a rounded picture of what the company truly cares about and stands for. And it will also help you attract the right type of people to your firm.
Summary: The best employee benefits to offer in 2023
In 2023, the best employee benefits in Germany go beyond traditional offerings. Companies need to consider the evolving needs of talents and also their workforce. It is important to create a supportive environment that promotes work-life balance, personal well-being, as well as professional development.
By offering attractive benefits such as flexible work settings, professional training, employee assistance programs, family-friendly policies, and a strong team culture, organizations can position themselves as sought-after employers and foster a motivated and loyal workforce.
Do you want to learn more about the topic of employee benefits? In a recent podcast episode, we deep dived into that topic. Listen here
And if you want more individual support with building a great company to attract the best talents, contact us.