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Attracting top talent is both an art and a science. One of the keys to attracting, and keeping, top talent is to provide them with the best employee benefits out there.
Read on to discover how employee benefits can boost everything from engagement to performance and diversity.
Time off is one of the most popular benefits. And many companies aren’t getting it right.
The news is abuzz with companies providing unlimited PTO. Why? Because no one is taking it.
Unlimited PTO may seem like an attractive benefit, but many employees don’t feel comfortable using it. Offering generous accrued PTO allows employees to take time off without guilt and save up PTO as a security cushion they can cash out when they leave their job. This is an excellent way to support diverse employees and kids, who often have more people relying on them.
The place where unlimited leave is much more beneficial is with sick leave. Unlimited sick leave allows employees to take care of themselves and their families without guilt. Unlimited sick leave enables them to work at their best every day, boosting engagement, productivity, and tenure length.
Healthcare costs are top of mind for many workers these days. By providing a robust healthcare package for your employees and their dependents, you can relieve them from a huge source of stress that might impact their productivity.
These programs include dental and vision, wellness programs, mental health care, and other benefits that directly impact the health and well-being of employees.
And don’t forget pet insurance for their fur babies!
Pets are family too, and for many of your employees, they are the most important beings in their lives. Veterinary care can be expensive, especially in emergencies, so many pet owners consider insurance for their furry friends. High vet bills can be a great source of stress for employees. Adding pet insurance into a benefits package will demonstrate that you value every part of your employees’ lives.
Another popular benefit is legal insurance. These plans give employees access to lawyers for common legal issues for a fraction of the price. Covered items include trusts and estates, divorce, child support, traffic violations, and more. Or, in other words, things that would cost your employee a lot of time and money, and your company a lot of lost productivity, if they didn’t have it.
The value of education has never been higher. And neither has the cost. Providing avenues for continued education and professional development is high on the list of benefits for employees. This investment also demonstrates your interest in their long-term goals and well-being.
Another essential benefit is the opportunity for growth. Employees want to feel valued. Giving them an avenue to advance their careers within your organization will increase retention. When you don’t allow employees to grow, even your best employees will look for opportunities elsewhere. That’s where upskilling or reskilling can become significant.
Hand in hand with continued education is student loan assistance programs. Many younger employees are facing a crisis in terms of paying back high student loans. By offering the ability for employees to get help for their debit, they will feel valued.
This benefit can take various forms. Some do fix or matching contributions, and others will assist with consolidating or refinancing. And some even redirect PTO or vacation pay to pay down student debt.
COVID-19 put many employers on the fast track to providing work-from-home options to their team.
Productivity went up, and overhead costs went down. Now, some companies are thinking about returning to the office while many employees prefer to stay at home. Companies embracing remote work now have access to a national workforce. Work from home may be one of the most specific benefits to provide in today’s economic climate.
If remote work isn’t in the cards because of your specific industry or other factors, you may want to consider flexible schedules. This hybrid approach allows employees to adjust the times they clock in or out based on their personal needs.
Flexible schedules provide the opportunity for parents to drop children off or pick them up from school. It also allows them to feel less anxious about attending appointments or dealing with emergencies.
Excellent employee benefits don’t just make people happy. They save you money. A good benefits package can reduce churn, increase productivity and engagement, and boost talent ROI across the board.