Best Employee Benefits Your Business Should Offer to Attract and Retain Talent

Provided by Derek Cockrell

As reported by MIT Sloan, the pandemic has brought about a major shift with regards to how job seekers evaluate companies. The requirements of individuals have become more comprehensive and include flexible working hours, good pay, and a work environment that allows them to grow and achieve professional goals. This shift towards additional benefits has become so prevalent in a short span of time that companies are failing to retain talent even after opting to increase wages, according to CNBC.

“...companies are failing to retain talent even after opting to increase wages, according to CNBC."

On the flip side, companies that have adapted to this change can experience an inflow of motivated and talented individuals who can take them to new heights. To help your business attract the best talent from the market, we at Contemporary Benefits have curated a list of innovative employee benefits which you need to start providing your current and prospective employees!

Remote Work

The biggest change the pandemic has brought about is the popularity of remote working. Even with its challenges, the majority of employees prefer to work remotely as it gives them greater control over their time and helps save on expenses. Integrating remote working as a part of the job will greatly boost your prospects and provide greater work satisfaction to your employees.

Health Insurance

While health insurance has been a staple employee benefit even before the pandemic, it has become more important with current circumstances. Health benefits are one of the top requirements job seekers are looking for in an employer. Having insurance coverage will provide employees peace of mind regarding their health and will help you retain them for a prolonged period.

Sports Tickets

There is bound to be a sports fan or two in your team. Even if they aren’t, they surely will have a family member or friend who supports the local sports team. By using websites such as TickPick you can buy tickets in bulk and provide them as a benefit to employees. For instance, if you’re based out of Houston, you can buy Astros tickets, which allow your employees to attend regular-season games plus spring training.

Employee Development Fund

Having an employee development fund allows you to invest in the personal and professional growth of your employees. The fund can be used towards reimbursement of employees’ tuition costs, expenses of attending conferences, earning online certifications, and any other event or programs employees choose to partake in.

Reduced Work Hours

While some companies have started to adopt a four-day workweek, you can work towards implementing a similar system in the following ways:

Mental Health Days: Allow employees to take a day off once a while to recharge their mental batteries. Avoid including these days as part of their assigned paid/sick leaves.

Volunteer Work: Reward your employees for being active in the community by counting their volunteer hours towards accumulating leaves. For instance, every 20 hours of volunteering can be redeemed towards a half-day off work.