Knowing how to find, and most importantly, “keep,” great people for your business is rarely an easy task. No matter what industry you’re in, you’re likely to face a highly competitive hiring landscape, with other businesses like yours vying for the attention of highly qualified job seekers.
However, there are some effective ways you can help your business stand out from a crowd of organizations. Having a structured benefits package to offer employees can be an important differentiator that not only helps you gain more interest in your job postings but can also help you to improve your staff retention rates long-term.
But when creating a benefits package that will motivate job seekers to take action, it’s important that you consider what types of benefits are likely to get more interest. Below, we’ll cover some effective strategies you can use to keep your offerings unique and high value.
Creating More Work Flexibility
Times have changed when it comes to modern employees’ expectations of a typical working day. Traditional 9-to-5 models have slowly begun getting replaced with much more flexible arrangements that fit employees’ lifestyles while still providing businesses with the necessary productivity required to run their operations.
You’ll now find that many businesses are now offering fully-remote or hybrid working arrangements for their employees as part of the benefits of working for them. This allows employees to shape their working schedules around other responsibilities they have, such as picking up kids from school, going to a doctor’s appointment, or carrying out other personal obligations. It also gives them more flexibility to scale their operations by outsourcing benefits administration, accounting processes, or even their sales and marketing efforts.
Because these types of working arrangements are quickly becoming a new standard in modern workplaces, evaluating your business’s ability to provide similar arrangements can be a valuable addition to the benefits you offer. Think about the feasibility of allowing your employees to set their own hours or allowing them to work from home a couple of days a week. This helps to show your flexibility as an employer and that you value your employees’ personal needs.
Rethinking Traditional PTO Formats
All employees expect to get some form of paid vacation when applying for new roles. In most cases, businesses will usually include one or two paid vacation weeks a year. However, many businesses recognize the importance of allowing employees to take time away with their families and are offering more than the legally required minimums.
Rethinking traditional PTO formats can actually be considered a great employee perk. For example, instead of capping PTO days, you could potentially consider offering unlimited days off. While this concept might seem like a recipe for disaster, you might be surprised by the number of businesses that have successfully implemented this format with their employees.
The primary benefit of adopting an unlimited PTO policy is the level of trust it demonstrates in your team to manage their time wisely and not take advantage of the business. Although this type of format may not be a viable solution for your business, it doesn’t mean there aren’t other ways you could show you’re more flexible with PTO arrangements.
For example, you could allow employees to accrue and roll over PTO days as needed. This can allow them to plan longer family trips from one year to the next and give them more flexibility when deciding what length of time off is right for them.
Adding More Healthcare Coverage
When employees are weighing their employment choices, oftentimes, healthcare benefits are a primary deciding factor on where they’ll apply. This is typically why most businesses make this type of benefit a staple in their packages.
However, with numerous businesses offering standard healthcare coverage to their employees, it’s essential to find ways to differentiate your business. One way to achieve this is by offering more unique coverage options that provide employees with greater flexibility in configuring their premiums and selecting the type of coverage they need.
By offering more flexible options, it helps to appeal to a broader range of talent, especially those who have families or unique circumstances that require more specific forms of coverage.
Offering Childcare Assistance
Depending on the size of your business, you’re likely to have a wide range of employees, all with different backgrounds and family situations. As you begin to hire younger employees, there’s a good chance that they’ll have or will be planning on starting their own families and have younger children.
Unfortunately, many health plans don’t always cover childcare expenses, which can be really challenging for working parents. However, many businesses are starting to recognize this need by making specific provisions in their benefits offerings that include different childcare solutions.
Offering childcare assistance to your employees can be a really valuable perk. It allows employees with children to have more sustainable options when balancing their careers and family life, while also being able to afford quality care for their kids during work hours.
Prioritize Employee Health and Wellness
Over the years, there has been increasing awareness of the impact of long-term stress on an individual’s health, which can be particularly prevalent in workplace environments. It’s essential to find ways to encourage employees to take the time they need to remove themselves from high-pressure environments and focus on their mental health.
Offering health and wellness perks can be a great way to demonstrate your appreciation for your employees’ ability to prioritize their well-being. Instead of limiting your benefits to strictly standard healthcare coverage, consider holistic options that help employees care for all areas of their health.
This could be as simple as providing free access to mental wellness subscriptions, offering discounted gym memberships, or hosting in-office yoga sessions or outdoor retreats. All of these can be viewed as valuable perks for your employees and demonstrate that you care about their well-being.
Present Employees With Stock Options
One unique perk you can offer to your employees is the opportunity to purchase company stock. This is a popular strategy commonly used in startup businesses to help reward employees for sticking with the company long-term.
Employee Stock Purchase Plans (ESPPs) can be a valuable way to offer your employees additional financial security while fostering a sense of investment in the business and its overall success.
In addition to providing a good financial investment, offering this type of benefit can help demonstrate your confidence in the business’s direction and its potential for high profitability.
Although setting up an ESPP requires some careful thought and financial planning, they’re definitely a high-value add to your offerings if they’re a viable option you want to explore.
Bring in More Qualified Talent for Your Business
With the amount of competition your business faces when trying to attract and retain top talent, it’s important to look for ways to help your brand stand out from the rest. The type of benefits you provide to your employees can make all the difference in attracting and retaining them long-term. By following the strategies discussed, you’ll make sure all your employees feel valued while creating a more positive working culture going forward.
Author Bio: Frank Mengert
Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm, a leading provider of employee benefits solutions. Frank has built the business by bridging the gap between insurance and technology driven solutions for brokers, consultants, carriers, and employers nationwide.
