Every company wants to hire and retain the best talent, but the competitive business environment makes finding and holding on to the coveted cohort more challenging than ever. That’s because the candidates don’t want to stick with companies that are out of sync with the needs of a modern workforce or fail to support their long-term goals.
Like it or not, they not only carefully consider the scope of professional growth, but also the incentives that make up their overall salary package. In fact, Glassdoor’s 2018 study found that perks and benefits in job advertisements drive nearly 48% of employees and job seekers in the US to apply to a particular role.
MetLife’s recent Employee Benefit Trends Study further proves that the popularity of non-monetary compensation like perks and benefits has increased during the pandemic. This trend is here to stay.
Perks and benefits that employees love
If you’re looking to keep up with the changing needs of your team, read on to find out the perks and benefits you should be offering.
1. Timely salary
Many companies position providing salaries on time as a perk in their job advertisements. However, it’s the least any firm can do to make their employees’ lives easy.
There’s no doubt that hefty salary packages are a tried and tested method of winning and retaining employees. But nothing’s more off-putting than not receiving it on time. What makes the situation worse are various deductions that are difficult to track.
You can address this problem by devising a protocol that streamlines their monthly payments. Does this appear like too much work? Don’t stress - use tools like a Paystub Generator to manage this repetitive task.
Offering timely salaries is a great way to win trust and credibility among employees and to prove your commitment to their financial wellbeing.
2. Health Insurance
Some employers do not give the benefit of health insurance to their employees. As a result, employees are forced to set aside a large chunk of their income for any health-related emergencies in their families.
A Robert Half survey of 500 HR Managers in North America discovered that approximately 68% of companies offer health insurance to their staff.
The pandemic has made the importance of medical coverage clearer. It is no surprise then that candidates are increasingly rejecting offers that do not include accessible health insurance.
Check out this data by MetLife. It clearly highlights that health insurance is one of the most sought-after benefits in any industry.
Image Source: MetLife
3. Dental Insurance
According to the same Robert Half survey we spoke about earlier, dental insurance is the third most common benefit employers offer their teams. While it may not seem like the most lucrative component of one’s remuneration, it is as crucial - if not more - as health and life insurance.
Dental Preferred Provider Organization (DPPO) and Dental Health Maintenance Organization (DHMO) are two well-known dental insurance plans employers provide to their teams.
The chances are that if you don’t offer dental insurance as part of the incentive program, your employees will land up dissatisfied. Such benefits help employees tide over expenses related to dental visits for routine cleanings, checkups, or fillings.
4. Paid Time Off
The corporate world is notorious for overlooking employee constraints and pushing them past their breaking point. It is scientifically proven that workplace burnout takes a toll on mental health.
In her article, Kristy Threlkeld points out how the pandemic has only made the situation worse. The Indeed survey data showed that fifty-two percent of participants reported feeling burned out.
Not just health issues, burnout also negatively impacts workplace productivity.
Including paid time off as an incentive can encourage employees to take breaks and recuperate from burnouts, stress, fatigue, or personal loss. This simple perk will go a long way in indicating that you are serious about their holistic growth and keep their best interests at heart.
5. Option to Work Remotely
Pandemic or no pandemic, employees have always struggled to find work-life balance. But with lockdown came the added responsibility of managing multiple responsibilities at one go.
For instance, besides working, most working professionals manage domestic chores, childcare, and schooling.
To top it all, the ‘new normal’ upended the traditional workspace and ushered in the most unconventional methods of ‘doing things.’
The most important trend among them is remote work.
The business pundits were right to point out that this practice would continue long after the pandemic finished. That’s because working remotely helps people find a balance between their personal and professional lives.
Make sure you offer the option of working remotely to help employees better manage their personal and professional life!
6. Flexible Work Schedule
The future of work is not just remote but also flexible and rooted in mutual trust. Many companies are slowly realizing that each employee works differently and has varying requirements concerning their work schedule. Hence, the one-size-fits-all approach doesn’t work.
Son Nguyen, the Talent Acquisition Manager at LinkedIn, puts it aptly,
LinkedIn is one of the many firms that has embraced both hybrid and remote roles to support their employees. You can take a cue from this growing trend and work out a flexible schedule that suits your employees.
Count on HR management software solutions to develop a comprehensive work policy to acquire new candidates and retain current talent.
7. Other Employee Privileges
Offering the workforce free food and discount vouchers on exclusive deals are standard practices in the corporate sector. Most companies have a combination of privileges to boost their employees’ morale and improve their productivity.
These days, candidates are increasingly giving up high salary packages in favor of perks and benefits. These perks add value to their work life and make it manageable and easy.
As a part of their talent acquisition strategy, a few companies go out of their way to share the perks they provide upfront.
Check out how these firms are leading the way in improving their employer brand and boosting employee retention.
Image Source: LinkedIn
Image Source: Squadstack
Alternatively, you can take a different route and share a survey to check out the perks and benefits your employees would prefer. This will help you get a clear understanding of what they expect from their employer.
Use tools like Connecteam to create comprehensive surveys in no time. The feedback received can be used to tailor your company policies for better employee satisfaction.
Perks and benefits are an integral part of salary packages. They strongly impact candidates’ decision to stay or head out of your company. They also contribute to employee satisfaction and significantly improve productivity and creativity.
Hence, businesses must develop an attractive remuneration that includes enough perks to retain employees. We are sure the above-mentioned tactics will help you as you sharpen your firm’s employee retention plan.