One of the valuable assets for any business is its people. If you are a company owner, it’s crucial to understand that your employees need more than just their monthly salaries. You will need to provide more play cards to keep them engaged and happy. This is where company benefits or perks come in. Such offers are among the top considerations for most individuals when applying for a job or accepting an offer.
If you want to appeal to the best talent in the industry, you will need more than just a salary to move the needle. Keep your current workforce intact and appeal to new talent by offering these benefits and perks:
1. Retirement plans
One valuable perk to offer to your employees is retirement accounts such as 403(b)s and 401(k)s. The program you’ll offer will depend on the type of your business, where it be not-for-profit or for-profit. Generally, for-profit businesses opt to contribute to retirement plans through profit sharing. Some employers can also match 50% of employee contributions for the first 6% of the salary that their people contribute. Others opt to provide a straight 100% match up to a specific limit.
By considering this benefit, you can not only boost employee satisfaction, but they will also appreciate you for helping them plan for the future. Help them retire comfortably, and they’ll certainly give back the favor by working harder.
2. Performance bonus
Aside from salaries, providing a monetary incentive like a performance bonus is appealing to most professionals too. This monetary reward keeps your employee fueled to work harder and better and provides them with a sense of control and ownership. They can have a tangible ownership stake in their position and more motivation. In fact, these incentives are also associated with increased performance and engagement.
However, take into account that this kind of incentive requires proper monitoring, implementation, and assessment. You can only benefit from it and ensure you’re not losing unearned money if you can do it correctly.
3. Wellness programs
It’s quite obvious that most office employees nowadays spend most of their time sitting and working in front of their desks. This then leads to negative long-term health issues, including chronic conditions such as Type 2 Diabetes and risks of cancer and cardiovascular problems. By offering a well-planned wellness program, you can promote healthier workplace culture and employee behaviors without hassle.
Some inclusions to consider are health assessments, biometric screenings, and personalized health coaching. Offering these does not just promote stress-management, mental well-being, financial fitness, and optimal nutrition. You are also helping your employees detect more serious health problems. For instance, they can then seek a higher level of treatment for Hashimoto’s disease, chronic fatigue, type 2 Diabetes, and other health issues.
4. Paid vacation leaves
Probably, one of the attractive perks your company can offer is paid vacation leaves. This is your chance to give your employees a precious gift to rest and enjoy life without a cut from their salaries. Such perk is also said to contribute to employees’ long-term happiness and improved productivity.
Having an open or unlimited vacation policy does not necessarily mean your people can take time off half of the year. It’s more of providing them with as much paid time off they require to recharge as long as they produce great work or meet the deadlines.
5. Flexible schedule
A flexible schedule is no doubt among the top things that professionals or talent look for. This perk offers an employee the opportunity to balance a myriad of their professional and personal responsibilities include family duties. In reality, workers with kids need to juggle multiple responsibilities to get through the day.
In addition to that, flexibility is also proven to result in a better quality of life and higher work engagement. And the best part? It won’t cost you money when your employees move their hours. Your people will also have more urge to work harder, if you give them the option to work 10-hour a day, from home or not, so their week is just four days long.
As more and more professionals look beyond salary, businesses and organizations should aim to deliver desirable benefits and perks that talent won’t be able to resist. Offering great packages will enable you to recruit the best talent for your company without having to go through a challenging hunt. You can even keep your existing workforce happy and satisfied, boosting employee retention. Which in turn can also save you money and effort in the long.