According to the official data, a record number of people quit their job in September. More than 4.4 million Americans decided to take a break from work during this month. Although September was critical, this is just a representation of a trend that has been going on for a while.
Employees have so many options at their disposal, which is why there is such a tendency to switch jobs. Unfortunately, this labor fluctuation doesn’t help anyone, whether we’re talking about companies or the workforce.
To find a more permanent solution, businesses started introducing competitive benefits that would help them retain employees. Some of them are basic, such as having nice health packages, but you also have modern solutions like an option to work remotely.
In this article, we will go through 5 competitive benefits to attract new employees.
1. Remote Work
Until recently, a lot of companies were reluctant to allow remote work even when a job could be done from home. By coming to the office, businesses could monitor the employees’ performance. Furthermore, it could also simplify some other processes.
Due to the COVID crisis, many businesses had to change their approach, whether they liked it or not. Remote work has become commonplace overnight, and even some industries that previously couldn’t adapt found a way to do so.
Employees often prefer working from home, even if it’s just for a few days per week. This saves them a lot of time commuting and is usually less stressful than working from an office. Although many employers are against it, remote work can lead to some major savings, especially in the form of lower utility bills.
2. Generous PTO/Vacation Package
People hate feeling constrained with their jobs. Although there is little that employers can do about workload, they can provide various wellness perks to reduce stress. Among others, they can create generous PTO/vacation packages.
According to Glassdoor.com, paid time off is the second most popular work benefit. In fact, 37% of employees claim they would much rather have a nice, paid vacation and additional free days than having a bigger paycheck. The trend is especially noticeable when it comes to stressful, demanding jobs. Be sure to have an effective PTO tracker to better manage your organization’s operations.
3. Parental Leave (For Mothers and Fathers)
Parental leave is often a source of controversy. Although it has become a common practice, not all companies offer this perk.
To an extent, this makes sense for companies. Maternal and paternal leaves are long, and they can cost a company a lot of money. What’s even worse, it forces them to seek new employees whenever a current one takes a leave.
But, as time changes and employees have more options, many of them are reluctant to work for companies that don’t have this benefit. Spending the first few months with your baby is a magical time for both mothers and fathers. If we’re talking about mothers, in particular, they usually need extra time to recuperate from pregnancy, so the last thing they want is to go back to work.
4. Performance Bonuses
While all these benefits are great, most people simply want to know one thing: how much they can earn performing a particular job.
Nowadays, companies sometimes offer a lower paycheck with the option of earning extra revenues through bonuses. In other words, everyone is trying to stimulate high performance.
Although a performance bonus is not always necessary (as a company can simply offer you a bigger salary), ambitious people like having an option to earn something extra on top of their regular paycheck. Performance bonuses create a win-win situation for both employers and hard-working employees.
5. Healthcare Package
Having a quality medical, vision, and dental package is a necessity for many employees. Unfortunately, many companies are unwilling to offer healthcare protection due to its enormous costs. Some businesses offer limited insurance, while others would omit it altogether.
In the last 20 years, there has been a discussion about what optimal healthcare should look like. Among others, many employees believe that this is a benefit that companies should cover. Not only should you get a decent medical package, but you also need proper dental and vision insurance.
Although this is a major expense, a lot of companies are making an effort to improve packages as a way of retaining talent. Depending on the size of your business, these costs can be more or less manageable. For example, small businesses have the option of paying just one part of the premium.
No matter whether you are just getting started as an employer or you are a pro in the field; it is necessary to use the traditional benefits that were given to the employees even in the past. However, you cannot skip taking some extra steps or offering some extra perks to the employees in order to compete against other companies that belong to your industry. Using those extra and unique employee perks, you cannot only attract new employees but also retain the old ones as well.