If your company is looking to attract new talent this year, creativity will be needed to pique the interest of job seekers. Retaining solid, productive, and happy employees is a challenge many employers are currently facing. Given the dearth of qualified candidates; employers must offer more attractive and out of the box benefits to differentiate themselves from other businesses that are also seeking similar staff.
Here are some of the top benefits candidates are looking for while in pursuit of a new position:
With the continuing pandemic, comprehensive healthcare is an increasingly important workplace benefit. In the past, many younger employees feeling invincible did not concern themselves as much with healthcare. It has now become one of the most sought-after benefits to be supplied by an employer.
Given the many levels of healthcare coverage, it can be very confusing to potential employees and it is important for employers to explain thoroughly what their healthcare package covers. Mental health coverage and telehealth should also be taken into consideration when choosing benefits. Convenience and ease of use are also key in this process.
Workers are also looking for pet insurance as health concerns grow for their pets and the cost of veterinary care rises. According to Nationwide, pets require varied care, including vaccinations, visits to health care practitioners and, as they age, they may need more extreme measures to combat issues. Pet health care can be expensive, especially if surgery or special medications are necessary, and it can be stressful. This benefit acknowledges the importance that pets play in many people’s lives and comes at a time when quality-of-life issues have played an increasing role in how people select their employers.
PTO (Paid Time Off)
This is a benefit that is expected and includes vacation/sick time often lumped together as PTO.
Family Leave/Parental Leave
Beyond the basic PTO usually provided, job candidates are also looking for family leave to care for children, elderly parents, and even pets. This could include time off during and after the birth or adoption of a child. As all benefits should be, this needs to be specifically defined at the time of hiring and should be detailed in an employee handbook.
Working children or spouses are being called upon to render assistance to elder family members in need of help and support. Much of this requires time off from work for transportation to doctor visits, grocery shopping, household chores, and more. A much-needed benefit that is becoming more attractive is the granting of Elder Care Time Off (ECTO) to perform these tasks.
As more and more families have both parents working full time, qualified child care is a much sought-after benefit. Offering quality care for the employees child(ren) and the flexibility to interact with the child during the day is a very attractive benefit when recruiting parents of younger kids.
Flexible Hours/Remote Working
As the pandemic has shown us, not everyone needs to be tied to a workstation onsite in the company office to accomplish their duties. Flex Time and working from home have become the norm for many workers and the inflexibility of the “9 to 5” is not attractive as it may have once been. Also, for those employees that have a far commute to the office, the flexible work schedule allows them to spend more time with their families and less time commuting, saving their time and money, as well as the company.
Under the category of time, comes a plethora of subtopics. Time off to do charity work or volunteer work away from work. An hour or so to catch some rest in a company-sponsored “nap room” or gym or recreation/game area.
Education benefits can be a wide-ranging package providing coverage of student debt to paying ongoing costs of higher education to specific job-related training. Employees today tend to appreciate continuing education to be a part of their careers. There’s always something new to learn and implement, and they can bring their new/updated skills to improve their job performance.
Company-provided or subsidized meals have become more common than it once was due to the expansion of corporate campuses located well away from traditional dining areas like restaurants, food trucks, etc. Where employers formerly may have provided a coffee pot and maybe some donuts, now a cafeteria providing full-blown meals for employees serves two purposes. It is a benefit to the employee as savings to their food budget and it keeps workers from having to go out of the office for lunch which is also convenient.
Although a “job for life” is no longer the career goal it once was, employees do need to see clear paths of advancement from their entry-level jobs. No matter at what level they join the company; employees always want some defined career paths even it involves lateral shifts to other areas, which could increase their personal value as well as worth to the company.
Surprisingly, money is not always the number one priority of most young professionals. One reason may be that financial incentives are taxable whereas most of the above benefits are not. Non-taxed benefits are especially attractive these days. Common are 401(k) savings plans with a company match, an employee stock option plan (ESOP), or a performance bonus.
Some jobs entail a lot of travel and when it does, items like travel planning or assistance through agencies, and travel insurance supplied by the company make travel much easier and less stressful. Having the company pay for employees to be pre-checked if flying by air is also a big benefit that can be offered.
As the world changes and the competition for good employees grow, many companies are expanding the number of “perks” offered. While traditionalists may see these as unusual, they are becoming more commonplace every day. Keeping workers close to work is easier if personal services are located onsite. Some corporate campuses for those working on-site now include dry cleaners, hair salons, car washes, theaters, and electric car charging stations.
Not necessarily viewed as a benefit, but as a basic requirement, is the need of a worker, above all to feel valued. The employee needs to understand that he/she contributes to the company’s worth and that they are valued as an employee and as a person. Being a “cog in the wheel” is no longer an acceptable career. Companies have found a variety of ways to encourage or foster camaraderie or team spirit among employees including social events, interesting presentations, or celebrity guest speakers.
Get In Touch
Overwhelmed by the extent of benefit possibilities? Unsure which will best suit your company? Allow us at Klein HR Solutions to assist you in evaluating the local market with the needs of your business to help design competitive benefit programs to attract the very best talent.
Contact Klein HR Solutions:
Call (305) 775-5640