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!
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.
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.
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.
Taking a page out of the education industry, choose to offer senior employees a sabbatical after a set period of time. For example, on completion of 15 years in the company, the employee will be given a four-week paid sabbatical. Benefits like these portray the value you have towards individuals who stick with the company for a long period. For new employees, watching their seniors avail such benefits can motivate them towards giving their best, as they know their efforts will be appreciated in the present and the future.
In addition to the above-mentioned benefits here are a few more which you can consider:
● Proving subscriptions to prominent entertainment services such as Netflix, Hulu, Audible, Spotify, and more.
● Subsidized cell phone and data plans for employees and their families.
● Discounts on memberships to local gyms, sports clubs, theaters, etc.
● Matching donations made by employees to their charity of choice.
By providing these benefits you’ll be able to have an edge over your competitors and have a satisfied workforce. To stay on top of benefits that employees would like to have, periodically take feedback and conduct market surveys. Based on your findings, adjust your offerings accordingly.
Derek Cockrell may be reached at (575) 769-3965 x101 or Derek@ContemporaryBenefitsLLC.com
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