Today, employee benefits are a given. Options like health care, time off and retirement matching aren’t just perks — they’re expectations. With the bar permanently raised, honing your competitive edge to attract and retain top talent requires some unconventional thinking.
Leaders nationwide are taking note of this need. More than half of the employers interviewed by MetLife, an insurance company, said benefits will grow more key to retention over the next three to five years. And in a report from Willis Towers Watson, another insurance provider, 83% of employers said they wanted to enhance the overall well-being of their workforce, but just 41% of them felt they had the accommodations to do so.
Pinpointing the right fit for your employees will likely take some experimentation, as well as reliable benefits administration software to easily manage plan changes. After all, offerings that work for another business — or even a competitor — may not strike the same chord with your staff.
And that’s okay! Fine-tuning a package that truly speaks to your workforce helps build the culture of trust necessary for retention. From telemedicine to charitable giving, these are just a few rising and out-of-the-box benefits to help strengthen your recruitment and elevate your workforce.
Wellness
Prioritizing your employees’ health is about more than insurance. Per a survey from national care provider Aetna, 36% of workers said their employers offer a physical health resource, like fitness apps or online classes. Encouraging routine, midday exercise helps incrementally improve your staff’s quality of life. And family-forming benefits — such as fertility programs and adoption — show your staff that you’re prepared to support them through an important step in their lives.
Recent challenges have compelled many to reconsider the importance of mental well-being. Giving your employees access to counseling and personal coaching helps elevate their focus and confidence — not to mention improve the quality of their lives overall.
Taking this a step further, giving your workforce the tools to boost their financial health could also help lower detrimental stress. Budgeting courses are a popular option, and new innovations like self-service payroll give employees the insight and understanding they need to make important decisions in advance.
Philanthropy
Recent research shows that top candidates aren’t only concerned with what you could give them, but how you empower them to give back to the community.
In a survey of 1,200 employees by Fidelity Investments, 66% of respondents felt it was important for their employer to support different causes, and this figure grew to 75% among millennials. Giving employees a chance to volunteer or raise funds helps address this rising desire while enhancing the public perception of your business.
Professional development
Training isn’t an obligatory part of the job — it’s an opportunity for talent to develop meaningfully. Likewise, an effective development strategy enhances the quality of your operations.
Upskilling has shifted to the forefront of many employees’ minds. In a study conducted by the Society for Human Resource Management, virtually all workers felt professional development was important, but only 32% felt their employer was able to meet this need with their current offerings. And 21% suggested this lack of learning opportunities was reason enough to quit.
Reevaluating and enhancing your learning management strategy helps show candidates and employees your investment in their growth. Taking a broader approach to development — through seminars, conferences and other educational group outings — allows you to cast a wide net over the skills top talent seek to sharpen.
And a full-spectrum learning management system that delivers a seamless, intuitive training experience demonstrates that you care about your workforce’s development, as well as how it’s presented to them.
Are you ready to enhance both your retention and recruitment? Read our guide for even more unconventional benefits! And learn more about how Paycom’s single software makes every aspect of employees’ work easier here.
DISCLAIMER: The information provided herein does not constitute the provision of legal advice, tax advice, accounting services or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional legal, tax, accounting or other professional advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation and for your particular state(s) of operation.
