With the right benefits, even the smallest business can attract and retain top talent. If you have trouble attracting the right employees to your business regardless of your good salaries, you may need to offer better benefits. The job market has changed significantly and employee benefits are now a necessity. Keep reading to find out how the right benefits can attract and retain employees.
Table of Contents
1. Better Compensation
One of the simplest ways to attract and retain top talent is by increasing your employees’ compensation. While offering a good salary is important, you should note that employees may deserve other sorts of monetary compensation. Companies with higher compensation are more likely to attract and retain new employees than those with little or no compensation.
Skilled employees may have plenty of job offers. If you do not offer compensation that stands out from the competition, they are unlikely to work for you.
2. Flexible Work Hours
Flexible working hours are popular employee benefits. They can attract and retain skilled employees. Benefits of flexible working hours include:
- Lower employee turnover
- Reduced employee absenteeism
- Employee satisfaction
- Higher organizational commitment
- Improved profitability and productivity
Employees are constantly looking for organizations that allow them to have a good work/life balance. Consider using it as a tool to attract and retain them.
Telecommuting is the practice of working outside the office. It is an employee benefit that may help attract top talent from outside your town. While telecommuting mostly means working from home, it could mean working from dedicated co-working spaces or while on holiday. Employees who work from home do not need to waste time commuting. They have better performance and job satisfaction.
The secret to making this benefit effective is personalization. One-size-fits-all solutions do not work. While one employee may need telecommuting to attain a better work-life balance, others may prefer to work in the office more. Asking your employees what they need is a lot better than guessing.
4. Make Them Feel Valued
The secret to maintaining your top talent is making them feel valued. Appreciate them and let them know that they are an important part of the team. Reward your top employees in public and send thank you notes regularly.
5. Paid Holidays
Consider giving your employees paid holidays. That way, they can enjoy time off without having to worry about money problems. Employees spend most of their time at work and at some point, they need to rest. The team at Zenefits.com reports that paid holidays boost employee morale and productivity. They allow them to rest and recharge. Most employees are starting to prioritize their mental well-being, and they are likely to choose companies that offer paid holidays or vacation time.
6. Life Insurance
While most companies offer health insurance, life insurance is quickly becoming a popular employee benefit as well. Consider paying life insurance in the amount of your employee’s salary. It gives you an edge over competitors who may only offer health insurance.
7. Wellness Incentives
Modern employees pay a lot of attention to their wellness. You are likely to attract and retain the right employees if you offer them wellness incentives. Put in effort to promote their physical and mental health. This may include regular mental health education, setting up a Zen room, fitness classes, and regular sporting activities. Let your employees know that you are willing to invest in their well-being, and they are likely to remain loyal to your organization.
Offering the right benefits is one of the most effective tips for attracting and retaining skilled employees. It is important for both small and large businesses. Research suggests that if companies use benefits as a tool for getting and retaining skilled workers, they are likely to experience better overall performance than companies that offer no benefits.
What Benefits Do Employees Want?
Different employees may want different things and whatever works for one organization may not necessarily work for another. However, a competitive package should have a few important things. It should improve the experiences of employees at work and give them a sense of purpose and belonging. Some of the most popular perks that employees may like include:
- Free food and snacks
- Pool or ping pong tables
- Paid vacations
- Healthcare insurance
- Retirement planning
- Wellness incentives
In conclusion, the right benefits attract employees and help retain their loyalty. Having a good benefits package may improve the success of any company significantly. There is no standard benefits program that may work for all businesses. The secret is understanding the needs of your employees and providing the relevant solutions.