The times when high pay was enough to attract talent are long gone. The balance of power has shifted; the candidates are in control now. Companies even have to be creative to distinguish themselves from their competitors. They can do this, for example, thanks to a whole range of fringe benefits. However, no need to freak out immediately if you lack the means to fight the biggest companies. Because there are alternatives as well.
A certain conservatism
We’re not noticing any radical change in Belgium today. Luncheon vouchers or allowances for meal expenses remain the most popular benefits, followed by hospitalisation insurance, group insurance, and eco vouchers.
However, these benefits are not inevitable. The two insurances, for example, are mainly found in the pay packages of large companies. There are also other options for attracting talented employees, especially among the younger generations.
Increasingly popular alternatives
The (full or partial) repayment of commuting expenses completes the top five of most popular benefits in Belgium. However, this may not last. After all, it is the only category that failed to convince more companies year after year, unlike the mobile phone or laptop, for example.
Admittedly, technological tools are more interesting, both for your employee and for you, thanks to flexible working hours and workplaces. The proof? Teleworking is currently ranked ninth in the list of most appreciated extra-legal benefits, just behind the good old company car, with a fuel card, of course. One vehicle in ten in Belgium is currently a company car.
A tailor-made plan
But do you really want to be attractive to new talent? In that case, we advise you to adapt your salary package to the type of candidates you wish to attract: a mobile phone or laptop for an employee who is often on the move, teleworking for a person in their thirties with children, a public transport pass for an employee in the city, and so on.
Or why not just let your future colleague choose for themselves with a cafeteria plan? In the end, seven out of ten employees state that they are in favour of flexible remuneration.
In most cases, fringe benefits are not only beneficial for your employee. After all, you can optimise your pay costs with many of these advantages. This applies, for example, to luncheon vouchers, eco vouchers, or birth and marriage bonuses, which are usually exempt from taxes and social security contributions.
The pay bonus for achieving the company targets or the repayment of the commuting expenses are also fiscally advantageous. These benefits are by no means required by law. What’s more, they not only help you recruit an employee, but also keep them with you because it helps you to strengthen the relationship of trust.