In a recent study by the Goldman Sach 10,000 Small Business Program, participants said the biggest problem facing them today is attracting and keeping employees. Hiring great employees is essential to the success of any business. We cannot help our clients without the support of our team.
So, how do we attract and keep a good team? Human resources professionals know that offering competitive benefits is key to attracting and retaining the best employees. This article will discuss some of the benefits employees are looking for today.
11 Benefits New Employees Want
1. Health Insurance
Offering health insurance is one of the most important benefits you can offer your employees. It shows that you care about their well-being and want to help them stay healthy. This is especially important after the pandemic. Even employees who once thought of health insurance as a nice to have, now see how fast their health condition can change.
2. Retirement Plans
Even for young employees who aren’t even considering their retirement, a retirement plan is a great way to attract and retain employees. It shows that you are thinking of their future even if they aren’t at that point yet.
3. Child Care
Child care is a benefit that is becoming more and more popular with businesses. It shows that you value families and understand the challenges they face. One model we have seen is a small, in-house daycare that is for emergency situations. The days when schools are out but there is no childcare available or on days when the nanny doesn’t show up. This takes the stress out of your employees’ lives and keeps them coming in.
4. Flexible Hours
The pandemic changed the way people think about work. During the lockdown, employees were able to work when and where they chose and they enjoyed it.
Offering flexible hours is a great way to attract employees who have families or other commitments outside of work. It shows that you are willing to work around their schedules and that you value their time outside of work.
5. Paid Time Off
Everyone needs a break from work occasionally and offering paid time off is a great way to show your employees that you understand this. It also shows that you are willing to invest in their leisure time and help them stay balanced.
Some employers are finding success with an unlimited paid time off model. Interestingly these employers say that employees don’t abuse it and may not even take off as many days as they would otherwise.
6. Gym Membership
A gym membership is a great way to attract employees who are health-conscious and want to stay fit. It shows that you value their health and want to help them lead a healthy lifestyle.
Some employers are calling this a cultural bonus. Employees can use it for a gym membership, to join a recreational league, or even for tickets to the theater. It’s a nice bonus that fits your employees’ lifestyles.
7. Employee Assistance Program
An employee assistance program (EAP) is a benefit that can help your employees with personal or work-related problems. It shows that you care about their well-being and are willing to help them through tough times.
Employees who have an employee assistance program are able to retain their employees. For example, during the pandemic, we saw moms leaving the workforce in droves. Companies with an EAP were able to find ways to help these moms and keep them from leaving. Retention is important for all companies but especially so for small companies as training a new employee can be expensive.
8. Tuition Reimbursement
Offering tuition reimbursement is a great way to attract employees who are interested in furthering their education. It shows that you value their intellectual growth and are willing to invest in their future.
9. Pet Insurance
Pet insurance is a benefit that is becoming more popular with businesses. Pandemic puppies are a real thing and people took great comfort in these new additions to their families. Providing pet insurance shows that you understand that pets are family members and that you want to help employees take care of their furry friends.
A health savings account (HSA) or flexible spending account (FSA) is a great way to attract employees who are interested in saving money on healthcare costs. It shows that you are willing to help them save money and that you care about their financial well-being.
11. IT Support
IT support for your employees may seem like more of a benefit to you than to your employees but employees say one of their biggest frustrations is the technical problems they face when working remotely and the lack of support they get for making the correction. An outsourced IT department like Gryphon Consulting can help keep your employees up and running and eliminate major frustrations. Gryphon Consulting can help with this.
These are just a few of the many benefits you can offer your employees to attract top talent. By offering these benefits, you will show your employees that you value their wellbeing and their contributions to your business.