The best companies to work for are those that reward their employees for their success. Competitive salary, health insurance, and 401k plans have long been the staple for a rewarding benefits package. However, as workplace culture and the workforce has grown and evolved, new, not-so-traditional benefits have been emerging to reward those that have helped their company profit.
The emergence of new benefits, both practical and abstract, have aided with higher employee retention, improved talent acquisition, and in boosting workplace culture and morale. Below are 8 outside-the-box benefits that can improve your company’s ability to recruit talent.
Year after year, the cost of higher education continues to grow. With the high cost of school, employees of all ages carry with them substantial student-loan debt. Helping to reduce the debt can be just as important to many candidates as their compensation package.
Similarly, education is essential to career growth and promotions, inside and outside of the company. Employers willing to help assist with tuition show employees that they are valued, and the company wants to invest in their career as individuals. As a recruiting tool, tuition assistance demonstrates to talent that a company is investing in their future growth.
In our modern, internet-centric lives, it’s becoming increasingly likely to encounter some sort of identity theft. According to Javelin Strategy, the number of identity theft victims in the US rose to a staggering 16.7 million in 2017.
If employees do not have a subscription to an identity protection software (and most likely they do not), it can take anywhere from days to years to recover all that was lost. Helping employees keep their identities safe can no doubt save some stress that could otherwise derail even the hardest working staff.
Food has always held a prominent position in culture. Many offices do provide some sort of food and snack here and there, but companies are starting to showcase the types of office-provided snacks and beverages as a way to improve their employment brand. From espresso machines to stocking fresh fruit and vegetables, there are a lot of different ways that companies can make their work culture more inviting to prospective employees.
When considering what types of snacks and beverages to supply your employees, keep in mind the nutritional benefits. While a soda and a candy bar might give an employee a short-term boost in energy and immediate satisfaction, there’s very little long-term benefit from high-sugar snacks. Instead, consider healthier choices that will keep your employees healthy, and make them more productive.
Wait, insurance for pets?
That’s right. While many companies are providing sponsored auto and health insurance to their workforce, another way to show your employees you appreciate their hard work is to offer coverage to their furry little friends. A few scrolls through social media will inform you that pet owners consider their pets as key members of their family. As family members, it is only right for them to have insurance too.
How does pet insurance work? Very much like health insurance. Pet insurance provides protection for expensive veterinary bills, such as those that occur when pets suffer injuries or are diagnosed with diseases. When people have coverage for their pets, they’re able to make difficult veterinary choices without thinking about the financial consequences. Providing pet insurance is an excellent way to recruit talent, and to retain your current staff of animal-loving employees.
For employees with young children, the costs of childcare can easily exceed monthly rent or mortgage payments. Childcare is the paramount challenge for many new families. On-site childcare can make employers stand out and keep their staff focused while showing employees that they’re family first. Bright Horizons research found that 95% of employees who utilized on-site child care had increased productivity during their workday.
Living a healthy lifestyle increases morale and productivity. One way to keep employees active is to have an onsite fitness center or reimburse employees for regularly-suing their gym membership. Employees can even get some exercise in during breaks. Staff can also improve their work-life balance by not having to waste time commuting to a workout facility before or after work.
They say, “look good feel good”, but now it is “feel comfortable, increase productivity.” Instead of having a casual dress code on Friday, some companies are encouraging comfort to employees every day. A relaxed dress does not mean look like a slob, as there are plenty of more comfortable options that still look stylish and presentable.
The work environment can be influential in attracting employees. If offices are modernized with adjustable desks and treadmill walk stations, workers can walk away from work without the back and shoulder pain that can accompany a day of constricted movement sitting at their desk.
Likewise, in the break area putting greens and ping pong tables can drastically improve employee spirits. Other in-office accessories companies are using to drive retention and recruiting efforts include mediation rooms, nap pods, massage chairs, yoga classes, and designated quiet spaces.
The American workforce is changing. An emphasis on improved lifestyle and avoiding financial setbacks can be a game-changer for recruiting new talent. You might want to consider these outside-the-box benefits when searching for your next job or recruiting your next employee.
Not satisfied with your current talent pool? Learn how MJS Executive Search can deliver you qualified candidates to fill your job openings.