At a time when employee turnover is experiencing record highs, businesses should strongly consider revisiting their employee benefits offerings to look for ways to make improvements with a view for attracting new candidates and retaining top talent.
According to a Workhuman survey carried out in fall 2021, 66% of employees said they were waiting to see their company’s new benefits offerings prior to deciding if they should remain with their current employer.
Here is a look at some of the benefits that can help you attract and retain employees:
Offering employees paid time off beyond their traditional vacation and sick leave allowances can help them enjoy lower stress and improve their work-life balance. In the past few years, paid family leave has become more popular among businesses, including unlimited or open leave policies that enable employees to take some time off of work as needed without a cap on the number of days they can use.
Employees want to feel valued and appreciated; offering educational assistance is a great way to show them that your business cares about their development. Tuition assistance and training programs are both good approaches to helping employees further their education while also benefiting the company by strengthening the skills and knowledge of its workforce.
Some businesses opt to limit educational assistance to studies in fields related to the industry in which the business operates.
Bonuses are a great way to attract job candidates and keep valued employees on board. They are simple and highly effective as they help employees feel rewarded for the efforts they make at work.
There are several ways you can include bonuses in your company’s benefits package. Many organizations offer annual employee bonuses based on a salary percentage depending on the year’s profitability. Another good approach is a milestone employee bonus for those who meet set goals or metrics.
Holiday bonuses during the festive season are a great way to thank employees for a year of productivity, while occasional low-cost spot bonuses are ideal for times when an employee demonstrates a certain value, such as staying at work late to help someone finish a time-sensitive project.
Flexible and Remote Work Options
Currently, one of the most highly desired work benefits is flexible work options. Employees largely want to have flexibility as it applies to when and where they work. For many businesses that had never previously considered offering employees remote work, the pandemic demonstrated just how feasible this is.
Some employees seek fully remote positions that enable them to work from anywhere they choose or need to be. For those workplaces where this is not feasible, offering hybrid arrangements that see employees working from home a few days per week is another option.
These approaches enable employees to eliminate commute times as well as the expenses of transportation and fuel. In some cases, it also enables them to live wherever they wish. The overall effect tends to be that employees are more productive and more dedicated to their jobs.
Some organizations are taking this one step further and offering a stipend for remote work to cover internet access and mobile phone expenses for employees who are working remotely to ensure they have the proper equipment and a stable internet connection to stay on top of their work.
For jobs that cannot reasonably be performed remotely even occasionally, management can consider offering employees flexible work hours, such as allowing them to work nontraditional hours or compressed work weeks.
This can help workers better manage their family life, such as by staggering their working hours with those of their spouse. Being creative and finding ways to incorporate flexible work options can benefit your staff and your company.
Mental Health and Wellness Programs
Employees are increasingly seeking employers who show that they care about their well-being and are willing to invest in programs and benefits that help them connect with mental health care providers and treatment options. The pandemic took a toll on the mental health of many Americans, and employees who have access to mental health benefits at their job are more likely to stay with their current organization.
There are plenty of other wellness support offerings to consider. Gym memberships are one popular way to invest in employees’ mental and physical health. Health and wellness coaching are also increasing in popularity and can help you cultivate a healthier, happier and more engaged workforce.
Other steps you can take to show employees you are willing to invest in their wellness include equipping the office with ergonomic workstations, standing desks and other approaches that increase their comfort while working.
Career Development Programs
Many employees feel more engaged in their job when they believe their employer is invested in their career development and growth. Take steps to highlight career path options within your company so that employees can easily visualize the opportunities that are available to them. You may also consider offering mentoring and coaching programs to help employees reach their career goals.
Financial Wellness Programs
Many organizations are now offering their employees benefits such as financial planning services and access to emergency funds. Others are contributing to their employees’ financial wellness by increasing their 401K employer contributions and matching offerings to help boost employee retention.
Some employers are standing out from the pack by creating a pet-friendly workplace. If this is appropriate for your company, consider allowing employees to bring their pets to work, as long as this can be done without putting those with allergies or other issues at risk.
Some companies are offering pet daycare services, where employees can bring their pets with them to work and leave them in the hands of trained pet carers in a dedicated area while they work. Other ways to demonstrate pet-friendliness include offering pet insurance as an optional benefit and paid leave for pet illnesses and bereavement.
Discuss Your Goals with the Employee Benefits Specialists
Employee benefits are valuable recruitment and retention tools. To find out more about how you can increase your employees’ satisfaction and position your organization as a more desirable place to work, schedule a consultation with the employee benefits specialists at Business Benefits Group (BBG) to discuss our customized benefits solutions.