Attracting talent can be tough. These 5 benefits can help you attract the best talent and retain employees.
The booming economy, the tight job market, and the millennial mindset have forced many companies to beat their competition’s hiring packages to attract the best talent. Traditional benefits including signing bonuses, 401K plans, medical/dental insurance and vacation/sick time are now considered the bare minimum to offer prospective employees. Despite the endless list of new perks that companies must contemplate, not all are budget busters. Many of the most popular perks are inexpensive options that contribute to office camaraderie and culture. Here are some of the employee benefits being implemented at large and small businesses across the country:
- Wellness initiatives – Companies realize that a healthy workforce contributes to a healthy bottom line. Efforts include weight loss and smoking cessation programs, free fitness trackers and health counseling.
- On-site health care – Some corporations are large enough to warrant an on-site clinic, whereas smaller organizations may periodically bring in health care providers to give free flu shots, cholesterol screenings, etc.
- Gym memberships – Free or subsidized gym memberships are commonly offered, but some companies tie in their team building initiative with group classes, competitive teams, or a corporate fitness challenge.
- In-office massage – Employees with tense shoulders and aching backs will appreciate the occasional chair massage and pampering session.
- Nap room – Workers appreciate the time to rest and recharge without recrimination.
- On-site or subsidized child care – Child care is often cited as a stressful distraction for employees. Alleviating this concern creates a more focused and loyal worker.
- Subsidized elder care – Many workers are caught in the “sandwich generation” where they are caring for their school-age children as well as their aging parents.
- Death benefits – One company recently announced that if an employee died while employed by the firm, their surviving spouse would receive half of the deceased’s salary for ten years.
- Extended leave for new parents – Many companies have increased paid maternity leaves, added matching paternity leave, and implemented transition programs to welcome new parents back.
- Adoption assistance – The number of companies offering counseling and financial support to adoptive parents has increased steadily over the past decade.
- College application coaching for children of employees – Navigating the maze of college applications, essays, and financial aid is a daunting and stressful task for workers with high school students.
- Student loan repayment plans – Many Americans are saddled with crushing amounts of student loan debt, and employers are stepping in to lighten the load. Debt payments, payback programs, and matching programs are all options offered by individual companies.
- Charity donation matching – Whether it’s their child’s Boy Scout troop or a veterans’ homeless shelter, corporate donation matching allows workers to make more of an impact on the causes they support.
- College scholarship program for children of employees – With college tuition costs skyrocketing, any additional money is appreciated by students and parents.
- Pet insurance – Many people consider their pets as children and some companies have stepped up to include medical coverage for “fur-babies.”
- Free food – Whether it’s a stash of granola bars in the break room or a breakfast chef brought in to make omelets and pancakes, free food is always a hit with employees.
- Continuing education – The millennial generation, in particular, seeks out training and development to further their careers.
- Paid Volunteer hours – At some companies, it is a group effort, and at other companies, each worker has an allocated number of paid volunteer hours to use at the organization of their choice.
- Pet-friendly office – Nothing relieves stress more than a four-legged friend at work.
- Flexible work hours – Flexibility tops the list of what employees most desire in their workplace. Whether it’s flex-time or work-from-home options, many companies offer varying degrees of flexibility for their workers.
- Lots of time off – In the past, employees often had to work for one full year before they were eligible for vacation time. Furthermore, time off was strictly divided between vacation time and sick days. Many companies have transitioned toward giving new hires access to their personal days immediately and allowing them to use them as they please. A few daring corporations even offer unlimited vacation days!
- Travel sabbaticals – Today’s employee is plugged in and accessible nearly 24 hours a day, 365 days a year. Not surprisingly, burnout is a common complaint. Some innovative companies offer an extended sabbatical with a travel stipend after every five years of employment.
The professionals at The Daniel Group are ready to help with all of your staffing needs. We qualify the best and brightest candidates that will fit into your organization’s culture, and we stand behind our work with a One-Year Replacement Guarantee.