The Most Creative Employee Benefits To Attract & Retain Talent Today
In today’s fiercely competitive job market, attracting and retaining top talent has become a paramount challenge for employers across industries. It’s becoming increasingly difficult to stay ahead of the curve and remain competitive.
Employees expect more from their employers and not just in terms of monetary compensation. Workplaces are now being held accountable for the work environment they provide and other non-monetary benefits afforded to their employees as prospective employees make their decisions on whether to take a job offer. Existing employees are also more willing to seek greener pastures should an employer refuse to adapt to current changes in workplace practices.
Getting creative with the employee benefits you have on offer could be a useful tool in edging out your competitors and attracting fresh talent. As traditional perks no longer pack the same punch, placing the needs of both existing and prospective employees at the forefront of your creative process can help you come up with both competitive and considerate benefits.
With the ever-increasing number of perks available on the market, it can be difficult to narrow down the ones that best suit your existing employees and the talent you are hoping to attract but in this article, we’ll be taking a look at some of the benefits you should consider adding to your existing offerings. We will also explore how you can leverage them to reshape your employee-employer relationship.
Why and Where You Should Start
In the modern workplace, the COVID-19 pandemic has led to tremendous change, particularly in how we work. Part of the reason why traditional work benefits no longer hold the same appeal is due to the fact the modern employee is mobile and would like to retain that mobility. With 80% of the workforce deskless and seldom in a traditional office setting your benefits need to reflect these dynamics. Conversely, 23% of these employees have also reported feeling disconnected from the companies they work for and feeling disposable. Bearing these metrics in mind as you curate your benefits packages can help you retain your workforce and stay ahead in the game.
With a healthy mix of well-known benefits and some unique ones just coming into the market, here are six benefits to help you keep your team and get noticed by prospective employees:
1. A Positive Work Culture
It no longer brokers saying, just how greatly the work culture in an organisation impacts employee performance and well-being. The work culture you foster directly correlates to performance and your organisation’s adaptability. A positive work culture means your employees have higher job satisfaction and are comparatively more engaged in the work they do. It is therefore easier for such a workplace to shift with the changing tides in the workforce since there’s already a solid foundation governing how they work together. A positive work culture sells itself, generating an attractive brand image that increases your uniqueness.
2. Customizable Benefit Packages
Try as you might, there will never be a foolproof one-size-fits-all benefit package so instead of trying to lump everyone in the same box, be proactive in your benefit package design. By making them customisable to each employee’s needs, you’re able to give employees exactly what they need to keep them happy and boost their morale. Having a say in what benefits apply to them also helps employees advocate for themselves and makes them more likely to communicate their needs before problems arise in the future. Ultimately, you get better results by asking employees what they want.
3. Proper Healthcare Options
The health of your workforce is paramount to its ability to do its job. Healthcare has become increasingly inaccessible to the average employee so having an employer that not only considers this but offers practical options they can explore to remain in good health can engender you further to your employees. Knowing there’s a safety cushion available should any health complications arise also reduces stress levels. Providing robust physical and mental health coverage, incorporating employee wellness programs and providing healthier snacks in breakrooms and gym memberships are a handful of ways you can show your commitment to employee well-being.
4. Reproductive/Fertility Care
Over the years we have made great strides in diversifying the workplace and making it more inclusive. Reproductive health and fertility benefits are now an essential part of employee well-being. In light of a staggering $150bn a year productivity loss due to employees experiencing menopausal symptoms, menopause benefits are becoming a valuable inclusion in employee benefits packages. Offering parental/paediatric support, expanding maternity and menopausal support and expanding fertility coverage through medical reimbursements are a handful of ways a company can ensure its benefits are well-rounded. These kinds of offerings attract a wider talent pool with more and more prospective employees viewing fertility benefits as an essential need. It also fosters a caring culture, reassuring employees that they are cared for and supported through their struggles.
5. Diversified Leave Options
Paid time off of work is always a contentious topic. It is understandable to want to only pay for actual work done but life is unpredictable and employees want to feel valued for more than just the work they do for an organisation. Expanding the scope of your leave policy to include customisable options beyond maternity and sick leave gives employees the autonomy to manage their time off without constraints. Options such as unlimited paid time off give employees the onus of deciding when to work and when to take time off so long as it does not disrupt their work. This removes the barrier of accrued vacation days giving employees a sense of trust and fostering accountability while still promoting employee well-being.
6. Financial Well-being and Budgeting Tools
Being financially solvent is at the forefront of any employee’s mind. Financial stress is a leading cause of underperformance in the workplace. Addressing it proactively can help employees get ahead of any existing financial challenges and start prospective employees on the right foot. By expanding your retirement benefit offerings and budgeting software solutions, you can empower your employees from the outset and alleviate any financial strain they may experience on the job.
In Conclusion: Modern Benefits Matter
Today’s talent expects more than a paycheck and traditional benefits and rightfully so. As businesses shift their priorities from deliverables to a more holistic approach to work, employees are also increasingly advocating for themselves and are unafraid of challenging damaging workplace norms. Employees are seeking companies that prioritise their quality of life and make them feel valued. Modernising your benefits package will make a huge difference in your retention and transform your applicant pool.
