In addition to salary, employer-sponsored healthcare (including dental and vision care for employees and their families) is a top priority for job seekers in benefits and perks packages. Between the growing costs of healthcare and the economic challenges from the 2020 pandemic, healthcare is likely going to remain a top consideration for many.
Another highly sought-after benefit is personal paid time off (PTO). Employees might use time off for vacation, illness, bereavement, volunteering, observing holidays or days of importance, addressing mental health, or combating burnout. No matter what, a generous policy for PTO will be a highly attractive benefit to top talent.
A robust, tax-advantaged 401(k) retirement plan is a must-have benefit for job seekers today as today’s workforce evaluates and plans for retirement. Employers should also consider matching contributions up to a certain percentage as an additional incentive.
Another top-tier benefit is life insurance, including accidental death & dismemberment insurance (AD&D). Employers can offer group disability insurance to employees for little to no cost, a benefit that offers employees reassurance in protecting their families.
Fringe benefits such as reimbursement for cell phones, home internet (if applicable), and gym memberships, as well as an allowance for business-related driving expenses are an additional incentive for potential and current employees. Potential future employees who may be evaluating multiple employment opportunities and benefits plans at the same time may be swayed by a generous and outlined fringe benefit policy.
One of the newer perk options companies are offering their employees is a flexible work schedule. Giving an employee the option to define their core work hours (if the role allows for it) encourages for more work/life balance. If offering a flexible work schedule is possible for a given role, an employee may choose to potentially compress their work week (for example, four 10-hour workdays), or split up their workday into multiple blocks of time. Whatever the final schedule ends up as, allowing for flexibility and understanding is the top priority.
Throughout 2020, the COVID-19 pandemic presented both an opportunity and a necessity for businesses to shift to flexible and remote work options. After sustaining these changes, some employees report wanting to continue working remotely past 2021. Allowing for flexibility with remote work options is becoming an increasingly popular desirable in perks and benefits packages.
Offering a robust paid parental leave policy is a key way to lock in top talent in the early years of their career. Having the security to earn a living wage and develop professionally is an important aspect of a benefits package for employees who may be planning to have a family, now or in the future.
As employees grow in their careers, and as situations like COVID-19 demand sets of skills and adaptations, employers should review their providing for employees’ professional development. Employees who wish to seek out further education, complete their degrees, attend training courses, technical lectures, or complete certifications should be supported by their employers. And offering continued professional development is a great additional benefit for potential future employees.
And finally, offering company-exclusive employee discounts is an increasingly popular trend in desired perks. In the duration of their employment, employees may be seeking to purchase big-ticket items, such as smartphones, tablets, TVs, home security systems, and the like. Having access to discounts only available through an employer-related discount program is another highly effective way to demonstrate appreciation for your employees within their benefits package.
Offering robust benefits can improve retention rates, boost morale, invigorate employee performance, and aid in recruitment efforts. Reduce your risk of losing your top performers and key talent by creating a strong employee benefits and perks package.
Connect with a Balance Staffing Recruiter today to learn more.