Benefits Package - What's on offer?

Morgan McKinley 18.06.2014

The Medical device, Pharmaceutical and Bio Pharmaceutical engineering space is busy at the minute with a constant flow of activity across numerous job titles.

The majority of the drive is coming from new products being introduced and the everlasting focus in R&D. The knock on effect is also being felt by the SME’s who feed into the industries. Outside of those industries there certainly is an increase in activity in the light to heavy industrial manufacturing industries also. Overall there is a lot of activity in the engineering market with a general shortage of Engineers.

when it comes to opening up a position ensure your package is at least in line with your competitorsSo when it comes to opening up a position ensure your package is at least in line with your competitors. With things heating up in the market you want to ensure what is on offer is at least what the competitor is offering just to ensure you get the same interest levels. The idea when putting together a package is to think long term. You ideally want to spend time and effort in the new hire and reap the rewards in the coming years - it’s a long term affair. 

So without breaking the bank on excessive salaries look into what more you can offer the candidate as it is very much a selling game nowadays. Candidates have choice in the market which allows them to weigh up the opportunities. Do you really want to lose out on the ideal candidate because you don’t offer a pension or flexitime? Some companies may offer little benefits like flexitime that they may not even realise, but when it comes to the offer stage because of the competitive market you need to get together all benefits, big or small as they may be the deciding factor in the candidate’s commitment. 

bonus structures are a great incentive to potential candidates, it’s something to focus on and aim toward with the satisfaction of personal rewardSo the big ones to consider are health insurance, if you cannot offer it for one reason or another you may get a good company discount for a certain number of employees so investigate. A 10% discount incentive towards health insurance is better than no health insurance. Pension is the other obvious one; there are various competitive pension providers in the market place which offer tailored solutions. Bonus structures are a great incentive to potential candidates, it’s something to focus on and aim toward with the satisfaction of personal reward. Bonus structures can be derived in a way that benefits all involved.

Following on from the big ones there are loads of other perks that candidates like to hear so it’s well worth considering to see if you could potentially offer any of the following as after all it’s about selling your company right. So could you potentially offer some flexi-time, sports a social club, subsidised canteen, educational assistance amongst others, you would be surprised the interest candidates have in the overall package. The initial cost in providing benefits may seem substantial but think of the longevity in the workforce, after all happy workers just get on with work and will not have a need to look elsewhere.

To view our Morgan Mckinley benefits guide please click here.

If you are considering a move in the near future, please do not hesitate contact myself or the Engineering Team at Morgan McKinley.

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