Is your business having trouble recruiting the top talent? If your company is struggling to attract and retain the best employees, it may not be the compensation that is the issue, but the corporate benefits that are to blame. In fact, according to a survey by the AICPA, workers actually prefer top-quality job perks over a higher salary.
While many companies offer some vacation, sick time, and a free lunch on occasion, more exciting employee benefits such as unlimited vacation time or a share scheme can be a bigger draw for highly qualified candidates, and might even lead to improved worker satisfaction. Consider the six exciting benefits below, and you could attract the best and brightest. To enhance your offerings, there are several employee benefit package providers to choose from.
1. Flexible Scheduling
When it came to the question of benefits, a survey on Glassdoor found that 88% of respondents would value flexible scheduling in a new position, even if the job paid less than the competitors.
The idea behind this benefit is that you are sharing more of a work-life balance with the employee. You are showing that, as management, you understand that your employees have a life outside of the office, and if they achieve their productivity goals, then they should be able to work around family activities, doctor’s appointments, and dropping the kids off at school.
If your company thrives on a 40-hour work week, you might also offer alternative schedules such as working four days a week for 10 hours to get a three-day weekend.
2. Remote Work
Another employee benefit gaining momentum in the business world is the chance for employees to work from home. According to CNBC, 70% of people around the world work remotely in some capacity, and employees are on board, with surveys showing that 99% of people would be happy to work from home at least part of the time.
Employees like to work from home for many reasons, including the fact that they can save money on gas and wardrobe and have more control over their schedule. If they work from home, they can take a longer lunch or see the doctor and then return to finish their day. There are also benefits for employers, including fewer expenses for work spaces and supplies, and many businesses even see an increase in productivity because the workers know that they are trusted to work outside of the office.
3. Wellness Program
The last thing that potential employees want to experience is a company that works them to the bone, looking just for productivity but forgetting they are human beings who deserve to be happy, healthy, and stress-free individuals. This is why a comprehensive wellness program should be added to a benefits package to attract job seekers. Some companies, such as North Carolina-based SAS, offer comprehensive wellness programs that include everything from a personal trainer to an Olympic-sized swimming pool.
However, smaller businesses with a tighter budget might have to be a bit more realistic. At a minimum, attract candidates with discounted gym memberships, availability of healthy meals and snacks in the cafeteria, or even standing desks that encourage mobility. Some businesses also add a wellness component into their health insurance program, where employees who meet particular health goals get a discount on their premiums.
4. Benefits for Life Changes
For many job seekers, the ability to stay and retire with the same company is a dream come true, as many people would love that type of job security. That is why the ability to have benefits for big life changes is always a sticking point for candidates. According to the survey by Glassdoor, 42% of respondents stated that paid maternity and paternity leave were major draws when looking for a job. If your business can afford it, many experts suggest that you should provide six months of leave because it gives parents a chance to bond with their children and gives mothers a chance to recover so they can return to work at full strength.
If you want your employees to choose your company and stay for the long haul, retirement plans should also be made available so workers can rest easy when one of the biggest life changes comes calling. Smaller companies can model their retirement plans off of other major businesses, many of which offer company matches of a certain percentage to what the employees personally contribute.
One significant benefit that could separate your business from the herd is the offer of incentives to employees with exceptional performance. Many companies consider compensation to be reward enough, but if your business offers a bit more, it could put you on top. If you have a sales or retention environment, then you can give a gift card or monetary bonus for reaching a sales threshold with a certain quality level.
Great incentives don’t necessarily have to include cash, either. Instead, you could reward good work or perfect attendance with an extra vacation day, a casual dress day, or a company event or picnic. Companies with management teams that care will always trump those interested only in production.
6. Unlimited Vacation
Ideal for companies that don’t count on constant production like retail or warehouse work, the ability to take unlimited vacation time is a perk that is going a long way for job candidates. Many companies still give two to three weeks off per year and can be strict on when time can be taken, but if you are able, offering unlimited vacation can allow employees to take off an afternoon here and a morning there. Plus, more vacation can eliminate the chance of burnout and show employees that they are appreciated for their hard work or completion of a complex project.
It is worth noting that benefits may differ based on the profession. So, attractive benefits for the nursing community like sufficient time for patient paperwork and hospital advancement opportunities may not be as enticing for police officers who enjoy the perk of a yearly uniform allowance.
In the end, it is all about how to attract the best talent to your particular industry and remain competitive so your business can thrive. Consider these benefits and recruit the top talent in 2020.
Written by: Indiana Lee, BOSS contributor