Hiring and retaining quality employees is every employer’s goal. However, in today’s competitive job markets, it’s easier said than done. According to a study by Glassdoor, benefits are one of the top pieces of information job seekers look for when researching a company and 48% of job seekers say an attractive benefits package is a key factor in deciding whether to apply for a job. Offering additional perks to the standard benefits package can sometimes tip the scales in your favor!
So, what’s the difference between a benefit and a perk? Benefits are usually thought of as non-wage compensation whereas perks are considered as nice-to-have additions to the traditional benefit offerings. Some perks have no monetary cost to the employer at all but go a long way in promoting company culture and employee retention. Below are some ideas of low-cost perks that can help you stand out to potential job seekers.
Floating Holiday/Personal Days
Allowing employees a choice in selecting what days are important to them, such as birthdays, cultural or religious holidays, or a much-needed mental health day, goes a long way in promoting a healthy work/life balance.
Flexible Work Schedules
Giving an employee the freedom of choosing their own work hours/schedule can relieve the stress of not fitting into the traditional 9-5 workday. Employers have much to gain by their willingness to take into consideration the obstacles their employees face and working together to find solutions that work for both parties.
Gym Memberships or Discounts
Keeping your employees in top physical shape can only work to your advantage! Contact gyms in your area to see if they offer group discounts that can be added to your company’s wellness package.
Whether it’s the company holiday party or the annual chili cook-off, setting aside time to relax with employees and their families is a win/win for all involved.
Donation Matching Programs
Your employees often give back to their communities by donating to various non-profit organizations. By offering to match donations made to such organizations, you build employee appreciation by supporting what’s important to them.
Much like the Donation Matching Program listed above, Volunteer Days allow an employee time to participate in functions that help support their community or program to promote the greater good.
Company Town Hall Meetings
Listening to your employees creates a better workplace. By soliciting employees’ ideas and addressing their concerns, you build trust and loyalty which leads to greater job satisfaction.
Professional Development Programs
Encourage your employees by helping them develop their skills through online courses, company sponsored seminars/workshops or consider creating a program to shadow their fellow employees to promote teamwork and comradery between departments.
Want to engage an employee? Ask them about their pet! Adding pet insurance to your benefit package hits them where their heart is.
Discounts to area businesses or events
Your local Chamber of Commerce may already have a program in place to stimulate the local economy by promoting local businesses. Ask them for a list of companies that offer group discounts or promotions that can be passed to your employees.
The ability to communicate with your employees keeps them in the know about upcoming events, deadlines and other subjects of interest. Providing Benefit Statements is also a great way of letting your employees know how much you value the contribution they make to the team!
The traditional perks of free coffee and blue jean Fridays are no longer enough to spark interest from new prospects or to keep existing employees engaged. Take time to review the perks you already have in place or be inspired by the list to create your own new and exciting ways to attract and retain quality employees. Ask us how we can help you communicate and promote your company’s perks by highlighting them in your next benefit statement.