Originally published in European Business Review July 29, 2023
With unemployment rates higher than average, you would think it’d be easy for employers to find qualified candidates. But unfortunately, that is not always the case. In fact, many employers have had to think of creative ways to get applicants to apply, let alone get them to stay long-term. That’s where employee benefits come into the picture.
One way to set your company apart from others is to offer unique employee benefits that set your company apart from the rest. Luckily, there are several employee benefits that you can offer to not only attract new talent but to improve company culture, increase employee satisfaction, and improve retention rates.
Flexible working arrangements
The typical 9-5 workday doesn’t work for everyone. Many prefer a more flexible schedule that allows them to balance their work and personal life better. Offering flexible working arrangements is a great way to attract talent, especially millennials, who value work-life balance.
Some companies offer employees the ability to choose their hours, while others allow employees to work from home on certain days or even full-time. Whatever the case, offering flexible working arrangements shows that you are willing to work with your employees to ensure they are happy and productive.
Unlimited paid time off
While most companies offer some form of paid time off (PTO), unlimited PTO is a rarer perk. However, it is a perk that can go a long way in attracting and retaining top talent.
Unlimited paid time off shows that you trust your employees to take the time they need without keeping track of how many days they have left. Although many companies might worry that employees would abuse this perk, studies have shown that employees with unlimited PTO take less time off than those with a set number of days.
Why is this the case? Employees with unlimited PTO feel more trusted by their employer and, as a result, are more likely to use their time off wisely. They also tend to be more productive at work because they don’t constantly worry about using up all their days.
Still, offering unlimited PTO is not for every company. If you are worried about abuse, you can always start by providing a set number of days and then reassess after a certain period. Testing the waters with this benefit gradually can be a great way to see if it is suitable for your company.
Medical insurance
In today’s day and age, medical insurance is a must for most employees. In fact, many people will not even consider applying to a company that does not offer health insurance.
While offering medical insurance is a given for most employers, you can set your company apart by providing unique coverage options during open enrollment periods. For example, some companies now offer unlimited sick days, telemedicine services, and even fertility treatments.
By offering comprehensive medical coverage and providing information on available healthcare options, you show your employees that you value not just their health but also the health of their families. This can go a long way in attracting top talent.
Child care assistance
Most traditional healthcare packages do not cover the cost of child care. However, more and more companies are beginning to offer this benefit to employees.
Offering child care assistance helps show your employees that you understand their challenges in balancing work and family life. This can be an excellent perk for working mothers or fathers, who often have difficulty finding quality, affordable child care while at work.
There are several ways to offer childcare assistance, from on-site daycare to subsidies for off-site care. Whatever the case, adding this perk to your company’s benefits package may be the deciding factor for some employees when choosing between jobs.
Personal health and wellness benefits
The last few years of pre- and post-pandemic working conditions have been a wake-up call for many people regarding their health and wellness. From mental health days to meditation apps, there is a growing focus on taking care of oneself.
By offering personal health and wellness benefits, you can show your employees that you value their health and well-being. These benefits can be anything from gym memberships to mental health counseling.
The personal health and mental well-being of your employees should never be overlooked. By offering these benefits, you can help ensure that your employees are happy, healthy, and productive, whether in or out of the office.
Employee stock purchase plans
An employee stock purchase plan (ESPP) is a benefit that allows employees to buy company stock at a discounted price. This can be a great perk for employees, enabling them to feel like they are part of the company’s success.
Offering an ESPP also shows your employees that you are confident in the company’s future. This can help attract and retain top talent, as employees will feel like they are part of a winning team.
If you are considering offering an ESPP, there are a few things to remember. First, you must decide how much stock you want to offer and at what price. You also need to determine if the plan will be open to all employees or those who are part of the company’s executive team.
No matter what you decide, offering an ESPP can be a great way to show your employees that you value their contributions to the company and want to reward them long-term for their efforts.
Professional development opportunities
Many employees are looking for more than just a paycheck. They want to feel like they are growing and developing professionally.
You can show your employees that you are invested in their future by offering professional development opportunities. These can be anything from paid tuition for job-related courses to mentorship programs.
Offering professional development opportunities shows your employees that you want them to succeed at their current and future jobs. While some companies might assume that their employees will move on to other opportunities after a certain amount of time, offering these employee benefits helps ensure the proper return on investment for your company.
Employee discounts
Depending on your company type, you can offer employees discounts on products or services. This can be a great way to show your employees that you appreciate their business.
For example, if you own a retail store, you could offer employees a discount on merchandise. If you run a restaurant, you could offer them a meal discount. Offering employee discounts can also attract potential new hires, especially if you are a well-known brand. You could even offer a holiday bonus, such as an extra week of vacation time or a gift card during the holidays.
When offering employee discounts, be sure to set some guidelines. For example, you may want to limit the value to specific items or exclude clearance items from the discount. You should also decide how much of a discount you want to offer. For example, a 10% discount may be generous, but a 20% discount could start to eat into your profits.
Start attracting more talent today with employee benefits
Benefits go a long way in attracting and retaining top talent. If you are not currently offering any employee benefits, now is the time to start. By providing personal health and wellness benefits, employee stock purchase plans, professional development opportunities, and employee discounts, you can show your employees that you value their contributions to the company. These benefits will help ensure that your employees are happy, healthy, and productive while helping your business stand out from the competition.
