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Sports, spa and relaxation subscriptions, meal & gift vouchers and medical subscriptions are still among the most common benefits offered to employees.
According to Smartree, one of the leading providers of HR outsourcing services, the benefits provided by Romanian employers have become increasingly varied and creative as a way to retain employees and increase their retention.
If until recently, only meal vouchers or transportation discounts were included in the bonuses packages, employers now offer a much more complex system from this point of view: gift vouchers, medical subscriptions, SPA & sports subscriptions, paid travels, relaxation rooms, fruits at the office. They also offer employees the possibility to work from home or the option to purchase products and services at discounted prices.
“The benefits are a solid tool for motivating employees, stimulating performance and preserving their loyalty in the long run, as well as for attracting new candidates involved in the recruitment processes. Implemented in a coherent, correct and transparent manner and taking into account market trends and company resources, this bonus system can lead to an increased retention of employees,” stated Raluca Penes, Smartree HR Coordinator.
According to Smartree statistics, the average value of company benefits in 2017 was 11% higher than in the previous year, with a 25% increase in December 2017 compared to December 2016. The year-on-year increase was triggered by the implementation of bonus programs by companies that quickly adapted to market requirements in order to increase the loyalty of their employees, but also with the objective of attracting other candidates.
In 2017, 79% of Smartree’ customers offered various benefits to employees, 4% more compared to previous year, while 8% of them provided benefits in a differentiated way, depending on the policy of each entity in the group. A percentage of 13% of Smartree’ customers did not offer benefits to their employees last year.
“Given that the labor market was very competitive in 2017, more and more companies have deployed new benefit systems by expanding these policies across all departments. At the same time, there are also multinational companies that have already announced their decision to enter the Romanian market in 2018, which will force current employers to continuously maintain and adapt these benefit systems to motivate existing employees, but also to attract new potential candidates,” added Raluca Penes.
For 2018, company representatives estimate a 10% increase of the benefits offered to employees, amid an increasingly dynamic labor market. Also, employers will look for unconventional methods to increase loyalty inside teams, focusing on non-financial options when it comes to benefit packages.