Looking to attract and retain today’s top talent? We’ve compiled a list of today’s best benefits and work perks that are attracting the best and brightest. How does your company compare?
Work perks that promote financial wellness
There is data that shows employees have experienced significant decreases in the purchasing power of their paychecks over the past decade, which is largely due to rapidly rising health care costs. Regardless of the reason, wages just aren’t keeping up with inflation. As a result, many employees find themselves in distressingly tight financial circumstances and even families with two incomes often struggle to make ends meet. On top of that, many of today’s college graduates enter the workforce with mounds of student debt, facing outrageous housing prices.
So, employees look to their employers more than ever for financial security. That not only means tuition reimbursement but student loan repayment, employee discounts, 401k contributions and other benefits that help employees get out of debt and save money.
Perks that focus on living
It’s increasingly evident that flexibility matters a great to employees – especially in Colorado – and many are not afraid to ask for it.
Many employers don’t have much of a choice but to offer flexible schedules and remote work options in order to retain their top talent – especially considering how painful turnover has become for most companies in today’s job market. In fact, the Deloitte Millennial Survey found the number of younger people able to work from locations other than their employer’s primary site increased more than 20% from 2016 to 2018. And this trend isn’t likely to change any time soon.
Employees appreciate benefits that are part of the solution, rather than an obstacle, to a healthy work-life balance. On-site childcare and fitness centers save employees significant travel time and allow them to spend more of their after-work hours at home or out with family and friends.
Perks that celebrate diversity
Diversity, inclusion and gender equality are hot topics right now. When we talk about diversity, we typically think of race, gender, age and other protected classes. Yet there are other variables that draw separations in the workforce as well. Income, experience level, family situation and general health all play a role in the benefits that matter most to any given employee. While paid paternity leave may be invaluable to workers hoping to expand their family, it has no value for those who aren’t which is why it’s important to offer other perks that match their lifestyle.
For example, offer floating holidays so employees have more control over how they celebrate the holidays that are most important to them, offer a day off for employee birthdays or discounts on gym memberships. Perks don’t need to be one-size-fits-all in order to be right for your organization.
Perks that encourage usage
The thing with benefits is that most of them cost money each time your employees use them. Consider health insurance. Most organizations have to fight tooth and nail to keep annual rate hikes minimal without depleting coverage because every time an employee actually uses it, it’s grounds for a premium increase. For that matter, snacks around the office can be fun but even keeping those stocked can get pricey the more employees take advantage.
As a result, many companies favor perks that don’t come with an invoice each time an employee cashes in. For example, employee discount programs earn high marks not just because they save employees money on real-life expenses, but employees can use them without costing the company an extra dime.
Perks that are unique
It’s as tough of a time as any to attract good employees, so it becomes vital to stand out. Yes, providing the core benefits workers have come to expect is a necessity. But it’s just as important to offer the extras that set your organization apart from the pack. After all, without exclusive perks, what’s to keep employees from leaving for another company? In the coming year, we expect the hunt for unique perks to increase. Identify what matters to YOUR people and provide perks that meet those needs.
Out with the Old Benefits, In with the New
When it comes to benefits, the goal shouldn’t be to have the most benefits. Rather, companies should aim to have the BEST ones. The right ones for your employees. For some organizations, this may mean saying “so long” to some perks to make room for better ones. Because in this market, every perk counts to stay competitive.
So, be picky, be different, be bold. At Roper Insurance, we can help you with ideas and inspiration to attract and retain today’s top talent. So, what are you waiting for? Give us a call today at 303-721-1145.