How do you retain and attract the best employees?
Obviously, you have to compensate them fairly, but compensation does not include just salary. Employers need to understand that their benefits and perks are an important part of their compensation package.
The company benefits and perks you offer tell recruits and employees what is important to your business. This information lets recruits and staff determine if they fit with the business. When employees know what your company stands for, they are also more likely to be engaged.
Employees who understand what their company stands for can buy into the business, which leads to higher levels of engagement. In a survey by Forbes, almost 50 percent of workers said that their benefits played a significant part in them staying with their employer.
Additionally, those who said benefits were not a major factor were 10 percent less likely to be engaged. Your company benefits say a lot about your organization, which can have a significant impact on your business.
Your benefits package helps you to recruit top talent. It aids you in retaining your best employees. An excellent benefits package also contributes to building your internal brand. The benefits you choose to offer can tell your internal stakeholders what you believe in and what you value.
Categories of Benefits and Perks Offerings
Your business can divide its benefits and perks into various categories. Each of these categories displays a different belief or set of values to you employees.
Make life easier and promote family and work/life balance
Benefits could include:
— Child/elder care
— Telecommuting
— Legal services
— Counseling
— Floating holidays
— Sabbatical
— Paid parental leave
These perks and benefits show employees and recruits that you value their free time as much as they do. They promote a family friendly environment and a stable work/life balance.
Support employee health and well-being
Benefits could include:
— Gym memberships/discounts
— Long-term disability
— Personal training
— Wellness programs
— Disability insurance
— Dental and optical coverage
— Massage or spa services
These benefits display a level of caring for your employee’s overall well-being. They show your employees that you care about them and want them to be healthy for reasons beyond saving money on health insurance premiums.
Promote personal and professional growth
Benefits could include:
— Meaningful and frequent feedback from managers
— Relationship networks
— Professional memberships
— Career coaching
— Mentorship programs
— Education reimbursements
— Training/ learning opportunities
Each of these benefits demonstrates that your company cares about your employees’ growth. They show a willingness to invest in your staff, which can aid in cultivating employee engagement.
These benefits also help your company by improving your employees. Growth opportunities are a win-win for your business because they make your workers satisfied and add to their abilities and skills.
Communicate a fun workplace and serving the community
Benefits could include:
— Pet-friendly workspaces
— Team competitions
— Outdoor activities
— Volunteer-time off
— Grant opportunities for charity
— Work luncheons/potlucks
— Birthday celebrations
All of these benefits promote your company as an enjoyable workplace. Team-oriented activities can strengthen your work teams and boost productivity and engagement.
Benefits that sponsor community service or charitable work show your employees that you care about the community they live in, and causes that are important to them.
Help employees build wealth and prepare for the future
Benefits could include:
— Financial planning services
— Retirement savings accounts
— Tax preparation discounts
These benefits display that you care about your employees’ future. They show your staff that you value your relationship with them beyond the present, and help to ease the stresses of money management.
The Wrap
Your benefits package can be used to recruit top talent. It should also be used to keep your employees satisfied and engaged. Carefully select the benefits and perks that fit your business’s beliefs and values to accomplish this engagement.
Use your company benefits and perks to remind employees what their company stands for, on a daily basis.