As an employer, you’re looking for ways to treat your employees better. They’re a vital part of your business, so what better way than to reward them than by giving benefits!
The problem is, a lot of employers don’t give impactful benefits. Sure, employees wouldn’t mind the free coffee or taking a turn at the tennis table, but they’re not meaningful. If you’re worried about employee retention, you should look at what kind of benefits you’re giving. Free coffee isn’t enough to entice your favorite employees to stay.
Whether you run a small or large business, these benefits will help all employees alike. If you want to tailor your benefits to the wants of your employees, make sure to interview them. Even passing around a survey would help.
Having great employee benefits makes your company appealing to applicants. It’s a powerful recruitment tool. It also increases employee retention. Many employers are missing out on talented candidates because of this. Only 22 percent of businesses promote benefits in their job postings. With the Great Resignation of 2021 and current standards set by Gen Z, people are beginning to reflect on what they truly want from a job. One of the most important factors they’re looking for is benefits that matter.
The COVID-19 pandemic shifted the workplace into a more virtual one, forcing both employers and employees to learn how to work behind a screen. Rather than employees being put off by this drastic change, at least 71 percent of remote workers say they’re happy compared to 55 percent of on-site workers. This is a great mutual benefit – employees and employers save on commute time and work on their social life at home.
This may sound employee-oriented, but businesses can reduce costs by having one less day to work. A 4-day work week with the same 5-day paycheck can reduce employee burnout and increases sales and productivity by a whopping 40 percent. Electricity and print costs are also reduced.
Another feature the COVID-19 pandemic helped expand on is flexibility. It’s not the same as remote work but could be mutually tied. Employees want a better work-social life balance. With flexible hours, they’re able to attend medical appointments or spend time with kids. This reduces employee burnout and further increases your employee retention rate.
This benefit is especially beneficial if your business tends to hire young workers. You don’t need to cover your employee’s full tuition; a stipend for books and supplies is also great. College keeps getting expensive, and many young workers need help to cover the costs. By helping to cover their expenses, you’re investing in their education and attracting young talent to your business.
While paid time off sounds common, it’s still a key benefit. Employees need days to recharge amidst whatever stress is happening in their work or social life.
We hope that you consider reviewing your benefits package to see if they’re meaningful to your employees. There are a lot of trends and benefits that employees are seeking these days! It’s important to review if your employee benefits are working as intended.
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