Experts agree that it is much easier and less costly to keep an employee than to find, hire and train a new one. This means that companies need to not only attract exceptional talent but also keep them. Offering the best employee benefit packages can help employers save money and create a workforce environment that keeps their employees happy and healthy.
1. Tuition Reimbursement
Many employers shied away from offering tuition reimbursement to employees in the past. This is because there was a consensus that if an employer paid for their employee to go to school and get a different career that the employee would no longer benefit the company. This idea has been laid by the wayside as many companies now offer tuition reimbursement to their employees. Tuition reimbursement means that an employee will stay loyal to a company during their schooling. After they graduate a company could benefit from the employee moving up to a higher position.
2. Flexible Schedules
Gone are the nine-to-five business days spent in an office cubicle. With advancements in technology, many employers have found that allowing employees to have flexible schedules with an option to work-from-home increases productivity and makes employment with the company more attractive. During the COVID-19 pandemic when many businesses shut down and employees worked from home, employers were surprised that workplace satisfaction and productivity increased. A study by researchers at Stanford confirmed this finding. In their study, they found that productivity increased by 13 percent when people worked from home versus in the office. This could be because workplaces can offer many distractions that are eliminated at home. Offering employees the opportunity to make their schedule and work from home not only makes employees more likely to stay, but it can also help your business profit as well.
3. Health Insurance
With medical costs rising to higher rates than ever before seen, affordable health insurance is a must for employers. Offering health insurance with a reasonable premium and low deductibles can make a huge difference in whether an individual chooses to accept a job offer with your company. The Affordable Care Act allows both employers and employees to shop for different types of healthcare and find one that can fit any budget. Subsidies can help small businesses attract employers by offering attractive health insurance plans. Offering employees a package of different plans to choose from that are tailored to their own needs can be extremely beneficial.
4. Paid Time Off
Don’t just stick to the two weeks off per year that many businesses offer. To attract top talent, offer a package that includes vacation days, sick days, paid time off, and parental leave for new additions to the family and for taking care of sick children. It may seem counterintuitive to let an employee have time off of work; however, giving your employees time to take care of their health and that of their families will mean less stressed workers who can perform at their best.
5. Gym Memberships
Regular exercise releases feel-good endorphins that help decrease the risk of depression and increase the feeling of well-being. Show employees that you care about their mental and physical well-being by partnering with a local gym and offering a free or discounted membership.
6. Food Allowances
Keeping employees happy often means keeping their bellies full. In 2019 a survey by Tork found that the majority of employees felt that they needed to eat lunch at their desks to be successful. These employees felt that their employers looked down on them for taking a lunch break. The same survey found that 90 percent of employees felt that getting a full 30 minutes of lunch would help them feel refreshed and recharged. Encouraging employees to take lunch and providing free lunch, a lunch allowance budget or a fully-stocked snack area can help employees feel satisfied at their job. It can also help attract new hires by showing new employees that the business cares about the well-being of its employees.
Attracting new employees and retaining them is much more than just about the amount they are being paid per year. Getting the best people for your business means offering great benefits. Look into how these benefits can help you get the talent you need and watch your business grow as a result.
