Most people are familiar with the standard benefits packages offered by employers, such as medical, vision, and dental insurance coverage. However, if your company is looking to attract and retain top talent in today’s tight job market, standard benefits packages are unlikely to cut it for both candidates and employees who may prefer to look elsewhere.
Competitive benefit offerings can not only make your company a more attractive option for candidates and employees, but they can also boost retention rates and play a pivotal role in the total compensation package your company can provide. Continue reading to discover the perks your company could benefit from – but may be overlooking. Plus, learn how to best communicate these perks to keep them fresh in the minds of candidates and employees.
Wellness is more important to employees than it ever has been before. According to recent survey results shared by SHRM, 86% of employers said addressing mental health, stress, and burnout were priorities at their organizations – yet only 26% have adopted a well-being strategy. From physical health to mental health, these perks not only make for happier and healthier employees, but they also make for a more productive and energized workforce. Check out the options below to begin brainstorming.
Is your company including mental health services as a part of overall health benefits? Today’s employees place an emphasis on their mental health, and they want to work for employers who value mental health as much as they do via mental health cost assistance, reimbursements, partnerships with mental health apps, etc.
Mental and physical wellness have been brought to the forefront after the pandemic made many reconsider their overall health. In addition to offsetting mental health services, companies can implement wellness stipends to cover costs associated with gym memberships, workout classes, massages, and more.
If you haven’t already, consider implementing a set amount of mental health days per year for employees to use separate from vacation or sick time. This can set the tone for providing a healthy company culture that understands how important it can be to unplug from time to time. Teams can also implement company-wide wellness days each quarter or several times a year to encourage all employees to make use of this perk.
Flexibility is key to successfully operating under the new normal. A human-first approach that recognizes the need for time off to recharge and work with employees’ schedules can boost employee morale, retention, and also make your workplace stand out as a place candidates will be more inclined to work for. For instance, 74% of workers say that having the option to work remotely would make them less likely to leave a company, and 77% of remote workers say they’re more productive when working from home.
Today’s workers aren’t okay with being stuck in a routine where they punch in and out of work at the same time every day. Given the rise of the remote work environment, offering remote and flexible work options can be a huge sigh of relief. For example, if a working parent needs to drop their kids off at school at a certain time, they can do so as long as they get their work done. This can also go for scheduling important appointments, taking a bit of time out of the day to work out or go for a walk, etc. Essentially, this gives employees a bit more wiggle room, and adds an additional layer of trust between them and their employer, which can also lead to higher productivity and retention rates.
Work from anywhere policies go one step further than standard work from home policies by permitting employees to work from any location of their choosing. While this may not always work for all companies and teams given time zones and other pertinent logistics, when possible, it can be a great option to attract candidates and retain top talent as workforce trends continue to allow for maximum flexibility.
Has your team considered ramping up your PTO policy? As more companies begin to adopt unlimited time off policies, the standard two weeks off per year that need to be accrued are becoming a much less attractive option for today’s candidates and employees.
Some companies have begun implementing vacation bonuses or vacation stipends to be used toward time off and a change of scenery, while others have given employees a set amount to travel and work from any location of their choosing.
A 2021 survey from Harvard Business School revealed that 81% of employees who have been working from home through the pandemic don't want to go back to the office or prefer a hybrid schedule. Offering remote and flexible work is a great first step to boosting employee productivity, morale, and expanding the pool of available talent your company can select. However, candidates and employees are expecting more from companies and want to be set up for success from day one. Consider the options below to get started.
Getting set up with the newest technology, a comfortable desk and chair, and gadgets to help with work-from-home productivity can be pricey when it’s coming from an employee’s out of pocket costs. Offset some of this by providing them with work from home stipend or annual stipend to be used toward a home office setup that can help them complete their work to the best of their ability each day.
While working from home and flexible work can give employees the opportunity to spend more time with family, there will likely be times when childcare and/or dependent care is needed. Offering to help out with some of these costs, whether as a one-time stipend or monthly amount can make a big difference for working parents and caretakers.
It’s no secret that the pandemic led many people to reframe the importance of their family and loved ones in their lives. With the prevalence of maternal and paternal leave gaining traction in workforce discussions, working parents are expecting more from their employer when it comes to having sufficient time off with their children in their first months.
It’s estimated that over half the global workforce will need reskilling or upskilling by the end of 2022. Supporting your employees’ decisions to return to school or further their skills in their particular field is a win-win for everyone. Not only will employees appreciate the added perk, but employers can incentivize upskilling and reap the benefits of a highly skilled workforce.
A great way for employees to upskill and become even more valuable assets to your company is by furthering their education and/or credentials.Whether they embark on going back to school for an advanced degree or decide to take courses or certifications in their respective fields, paying for some of these up front costs can give employees the push they need to get started.
Paying off expensive student loans is a major source of financial stress for many employees. Implementing a student loan repayment program can help minimize some of this stress and show workers that your company is invested in their education.
Employees are focused on ensuring success in their financial futures, and companies that can help with financial planning can not only provide a valuable perk, but also demonstrate their investment in personal development. Whether your company offers a one-time stipend toward financial planning costs, or allocates a designated amount of hours for speaking with a financial planner, this perk can allow employees to prepare for the future and stay motivated to continue moving up within their current company.
Prioritizing team building benefits everyone by creating a more unified workforce that can contribute to a healthy company culture. In fact, research from ADP Research Institute found that US workers who feel strongly connected to their employer are 75 times more likely to be engaged than those who don’t feel strongly connected. Check out some of the ideas below to get the ball rolling.
In today’s remote and hybrid work environments, employees don’t get to interact with their colleagues in person as often, if at all. Arranging company off-sites for employees to get together, bond, and enjoy each other’s company can be a great way to boost morale and keep employees energized. Whether your company decides to host off-sites annually, biannually, quarterly, etc, these gatherings can leave team members feeling refreshed and motivated to continue making positive contributions and collaborating with their colleagues.
Whether in-person or virtually, you can’t go wrong with free food. Providing employees with coffee or lunch of their choice once a month (for example, Uber Eats deliveries of up to $30 per team member) can boost their engagement at work and show them that their employer is willing to go the extra mile to take care of their wellbeing.
Having access to leadership can show employees that you value what they bring to the table. A coffee chat series that gives employees time to chat with leaders at your organization can motivate them to ask important questions, establish transparency, and build a more equitable workplace culture. Plus, it can also give leadership key insights into the organization as a whole.
Benefits are great – but they often go to waste or get forgotten about in the midst of the day-to-day. Consider hosting quarterly benefits Q&A sessions to answer commonly asked questions, remind employees of their benefits, and even get a pulse for which other benefits your organization may want to consider based on employee feedback.
Ultimately, competitive benefits packages can help your company better position itself to both candidates and employees in today’s competitive job market. Learn how Welcome’s Total Rewards can help your team streamline your compensation practices and enjoy higher employee retention. Feel free to schedule a demo to get a firsthand look!
Drop your email below and get notified when we post new content