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12 Employee Benefits Needed To Secure The Best Staff
In the 21st Century, workplace benefits should go beyond 401(k) matching and healthcare options. Companies looking to attract top talent and retain more employees are including more unique benefits that set them apart from the competition. Larger companies may have bigger budgets that allow for bonuses or higher salaries. Still, businesses of all sizes can get creative with their employee benefits packages and get the leg up during the hiring process.
If you're looking for ways to set yourself apart from other companies and grab the best of the talent pool of Millenials and Generation Z, then here are some awesome employee benefits the new working generation seems to love.
1. Flexible paid time off (PTO)
Flexibility in the workplace will look different at every company, but getting creative with work hours, work locations, or time-off policies is an easy way to improve job satisfaction and decrease turnover.
Some positions can be flexible by allowing employees to work from home or a remote office of their choosing. More and more companies realize that morale is higher, and productivity is either unaffected or improved by allowing associates to work remotely.
Many roles are not compatible with remote work, but that doesn't mean flexibility isn't an option. Allowing employees to work longer hours one day and take off the next afternoon without using their limited paid time off might work better for some positions and ultimately have the same effect on morale.
Some companies have even moved to unlimited paid time off, which allows employees to take off any time they want or need to without precise limitations as long as performance goals are met.
It would be at the manager or team lead's discretion to approve requested time off and monitor potential abuse of the policy. Without issuing a specific number of days off, companies do not have to pay out unused days in the event an employee leaves the company.
If a company is willing to think outside the box and allow for creative and flexible solutions, employees are more likely to stick around and be more productive while on the clock.
2. Comfortable working environment
Corporate chair massages are unique, yet effective, perk that companies are implementing to reduce work stress and improve workplace productivity. Regular massages come with a variety of benefits, including better sleep, improved immune function, and headache relief, which can all affect productivity and the number of days off employees are requesting.
According to Echiroplus, a chiropractor in Stockbridge, GA, overexertion at the computer, stiffness in the neck, back, and shoulders, stress, and sleep problems are all common causes of headaches. Companies that proactively help employees reduce the effects of these contributors are more likely to retain affected employees.
A study published in the Journal of Alternative and Complementary Medicine in 2011 found twice a week chair massages increased range of motion and decreased pain after just one month. By offering in-office chair massages, companies are seeing a reduction in employee health issues and an increase in efficiency and quality output, making this benefit more than worth the cost of implementation.
3. Options to change the work environment
Standing desks or flexible office options give employees the ability to change it up throughout the day. Office flexibility provides a variety of environments for employees and gives them a choice to find a quiet corner in which to work or plug-in by the water cooler if that is what they prefer. Not every staff member enjoys being tethered to a desk.
Space IQ, a technology company in Mountain View, CA, highlights the following as critical components of flexible office space: open-plan concepts, breakout spaces, quiet zones, touchpoints, and shared resources.
Since not every office space allows for such a versatile setup, finding solutions within confined offices is another way to provide this benefit.
Offering the option for standing desks or exercise balls accomplishes similar flexibility for employees by allowing them to set their preference on how they want to work.
4. Varibale payment strucutres
Depending on the country you're in the currency of choice may not hold value and debasement may be an issue for employees. Allowing them to receive their salary in a currency of choice, for example, forex fiat like Dollars or Euros may be a great way to secure local talent as they get more for their efforts in purchasing power.
In some cases, some employees may also prefer to be paid in cryptocurrency. You can give them the option to be paid in full or set aside a portion of their salary in a cryptocurrency of their choice, such as Bitcoin.
5. Student loan repayment programs
Student loans weigh heavily on this new generation of workers all over the world and employers need to start developing solutions to get this debt off their worker's backs, if they are to get the best out of their workforce. Some companies are looking at contributions to student debt to help ease the burden while others are allowing workers to transfer up to five days of paid time off for payments against student loan debt. In some cases, companies are even willing to square the debt to be able to secure the staff member for a longer contract and know they will have this persons skills for a few years.
Reports state that more than 10% of employees quit because of a poor work-life balance regarding their company's schedule, commute, flexibility or travel. This is made worse by every company enforcing these rules forcing a large majority of workers to travel in at the same time and suffer from traffic and overworked public transport to get to work.
The pain of a commute is well documented, and flexible scheduling makes a big difference for new parents, caretakers, students, employees with ongoing health issues and employees with long commutes. Flexible work schedules give employees some sort of control over when and where they work. It establishes a level of trust with their employer and allows them to be there for friends and family when it matters most.
7. Remote work
In some cases, remote work is still seen as a taboo even in our open globalised digital economy. Many companies still feel they need to physically house staff even when it is to their detriment. Having large offices for staff costs companies Billions each year and is not always an efficient use of capital which could be used to reward staff instead.
Staff realise this and in many cases see remote work as their right, especially those in the top echelons of their skillset. If you want the best talent to contribute to your companies vision, you're going to have to explore remote working options.
8. Paid and extended paternity leave
Parenting in a home with both parents working is a toss-up for any couple. Getting used to their new life is compounded with the stress of work and can really impair and impact the quality of work put out by staff in this position. To attract staff who are young, you're going to need to make plans for when they become parents and having a comprehensive maternity and paternity program can go a long way to sealing the deal with these would-be parents.
9. Transportation benefits
Nearly half of workers consider their commute to be the worst part of their day, and one in five employees say they are 'regularly late' for work due to travel disruptions. Companies like Apple have started to provide commuting reimbursements or company shuttles to help ease the angst over commutes. It's a smart strategy to attract and retain talent in a tight labour market.
In some cases, companies are also crediting staff for Uber and Lyft bookings or paying for their public transport. In a world of remote work, getting people to the office means you have to provide an incentive, or they'll opt for a remote position instead.
10. Family planning benefits
As woman move up the corporate ladder, they tend to feel the pressure of putting off starting a family as they secure a career path for themselves. As the staff complement of female talent grows, so too should employees adjust to their life choices to secure the best female talent.
More employers are offering family-friendly benefits like paid maternity leave and fertility services to attract and retain employees. It's not just big corporations either, 10% of employers with 50 or fewer employees offer some sort of fertility benefit (up from 4% in 2016).
Egg harvesting or freezing, in-vitro fertilisation treatments, paid paternity leave and emergency/sick childcare are just a few of the family-friendly benefits growing as part of the larger trend to expand work-life balance policies.
11. Mental health benefits
Mental health is still a taboo topic that many do not wish to discuss in public which is a shame that can impact performance. Having life coaches, career guidance and other programs where employees can go to get the advice they need without having to pay for it can make all the difference in the company and the level of productivity in and out of the office.
12. Financial wellness programs
Let's face it many of the middle-class work paycheques to paycheque and have very little financial security. This dilemma is down to wage growth being flat and inflation rampant but also due to a lack of financial education. Money is said to be the root causes the most stress in the lives of almost 60% of employees, according to the latest report by PwC.
If you are to secure a healthy and happy workforce, you need to help them plan their financial future and financial wellness programs are a great way to do this. Companies can give employees personalised tools to help them better manage their money, pay off their debts, build their savings and plan for retirement.
Seducing the best talent
When seeking to attract top talent and improve company morale, these employee benefits are a great place to start. No matter the budget or the size of the business, these creative solutions provide benefits that place greater importance on employee's health, lifestyle, and preferences without sacrificing the bottom line. When implemented correctly, these benefits will have a positive impact on employees and employers alike.
What is your favourite ocmpany perk? Is there a perk you think should be added to our list, let us know in the comments section down below.
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