Attracting top talent takes more than just competitive pay. While salary is still important, benefits are what keep employees around long term. As we find ourselves in the midst of “The Great Resignation,” improving employee retention is as important as hiring new talent. With this in mind, providing desirable employee perks will bring a much greater return than cost.
Today we’ll be discussing 6 employee perks that will not only draw in job seekers but also keep them around.
Quality and Affordable Healthcare
While many employers provide healthcare, not all plans are created equal. Employers who cover less of the cost of insurance or provide mediocre coverage are less likely to draw in potential talent. It’s understandable why employers are hesitant, however. The costs of health insurance for both employers and employees has shot up over the past few years: 4 percent in 2021, and a projected 5 percent this year.
Pushing past those prices and providing for your employees is tough, but companies that stay on top of healthcare prices will have more satisfied workers — and more potential for growth.
Reimbursement for At-Home Work Costs
Since the beginning of the pandemic, more workers than ever are going remote. Around 60% of workers who have the option to work from home are choosing to do so, with 76% of that number citing remote work as a genuine preference.
With that in mind, employers are beginning to treat home offices like their own. Employee perk programs that support the purchase of work-related items for home use are giving employees the same financial backing that they’d have in an office.
While this may seem like an unnecessary cost, supporting remote work saves countless thousands of dollars in the long run. Office costs including electricity, wifi, water, and building maintenance and rental are all reduced or removed through a transition to at-home work.
Supporting your employees’ supply purchases makes them feel included and satisfied, and the flexibility of financially backed remote work is a draw for new arrivals.
Physical Health Programs/Options
Many of us have been cooped up inside due to the pandemic and the switch to at-home work. Having an employer-sponsored physical wellness option is a good way to keep your workforce thriving and attractive to newcomers.
The CDC recommends that you have physical wellness options present near or in your workplace, like walking paths or on-site gyms. These can be a worthwhile investment, but remote workers won’t be able to take advantage of either option.
Employers one-upped their expectations by giving each employee reimbursement up to a certain amount for wellness purchases. Gym memberships, workout classes, and other opportunities become open to your workers this way. Flexible options like this will help keep candidates interested and have employees feeling valued.
Remote Work Paid Sick Leave Policy
One of the few cons to working remotely is the attitude towards sick leave. Both workers and employers alike push themselves harder, working through sickness to get some extra productivity in.
Unfortunately, working through an illness often causes more productivity to be lost in the long run. In the U.S. Presenteeism costs companies billions annually, with much of that loss coming from the drop in productivity the ideology creates. People need rest, but workers are beginning to feel that they can’t take that time.
Encouraging taking sick leave can make remote work feel less restrictive, and is actually shown to reduce the time off that employees take. Employees both old and new will understand that they can take the time off that they need.
Mental Health Benefits
Due to the increased isolation many of us are still experiencing, a national mental health crisis is hitting many employees. Providing mental health counseling, whether internally or through their insurance, gives your employees a place to go when they need professional help.
Potential employees will appreciate the existence of a dedicated mental health program and will feel more secure knowing that their employer cares about their overall wellbeing.
Student Loan Payment Assistance
With tens of millions of U.S. students owing over 1 trillion dollars, the student debt crisis is more dire than ever before. Thanks to a new pandemic relief plan, however, it’s easier for employers to aid their teams than it has been in years. Employers can provide up to $5,250 in loan repayments without having to pay a dime in taxes.
Since 2020 the number of organizations providing assistance has doubled to 8%, and with the Moratorium suspending loan debt expiring in May that number will likely only increase. Becoming part of the movement helping new grads to shed their debt will have younger talent flocking to your company.