The pandemic prompted much self-reflection and led many people to reevaluate their careers and leave their jobs. The Great Resignation, as this time has been dubbed, has many companies losing workers at an alarming rate. But it’s not all bad. Company leaders now have an opportunity to build a competitive brand that retains and attracts top talent. How do you do it? With creative benefits packages.
Providing appropriate incentive systems is the best way to keep your employees happy. But it’s not just about the money. In terms of employee retention, the most successful brands provide good pay and excellent benefits. However, talented employees are looking for more than medical and a 401(k).
Here are some innovative benefits to help you elevate your offerings:
- Flexible work hours: In the new era of Zoom meetings and remote work, many companies are reevaluating the need for strict 9-5 work hours. A flexible work schedule is attractive to many employees. It shows you trust your employees to get their work done on their own time, and it can make a big difference for working parents or those with other obligations outside of work.
- Unlimited paid time off: This is another benefit growing in popularity. In fact, 50% of workers said they’d take a job with less pay as long as it didn’t put limits on its employee’s vacation, sick, or mental health time.
- Extended maternity and paternity leave: Adjusting to parenthood is not easy! Parents today are looking for companies that value families and understand the challenges of balancing work and home life.
- Student loan assistance: With the cost of education rising, many employees are saddled with student loan debt. Helping with loan repayments is a great way to attract and retain young talent. It’s also a benefit that can help you stand out from the competition.
- Learning and development: Employees today want to know that their company is invested in their development. Offering learning and development opportunities is a great way to show you value your employees and want them to grow with the company.
- Pet insurance: An astounding 70% of American households have pets. Offering pet insurance is another way to show you care about your employees’ families.
- On-site amenities: Perks like on-site gyms, cafes, and dry cleaning can be a big draw for employees. These amenities make life easier and help employees feel like they’re part of a community.
The Great Resignation has made job seekers more selective about employment opportunities. Designing a uniquely attractive benefits plan will continue to appeal to top job candidates, lower your turnover rate, and help you grow. Once you determine the best benefits for your employees, turn to the experts at Boris Benic and Associates for help reviewing your benefits plan and identifying areas for improvement in spending and management.