Talent is the lifeblood of any business. It’s what allows businesses to innovate, create new products and services, and grow. Without talent, your business will eventually shrivel up and disappear. That’s why it’s so important for businesses to offer competitive benefits to attract and retain the best talent. The best employees can help a business achieve its goals and objectives, while also helping to create a positive work environment.
Businesses that want to be successful need to focus on attracting and retaining the best talent. Offering competitive benefits is one way to do that. Here are some of the most popular benefits that you can offer:
Remote Working Arrangements
The COVID-19 pandemic has forced many employers to allow their employees to work remotely, but there are advantages for both the employer and employee in doing so. Working at home allows employees to save time, energy, and money that would have been wasted by a commute, which is usually 20 minutes to one hour for most workers in America (or twice that for employees in the most congested cities of the world). On the other hand, this also benefits employers by letting them hire teams without the limits of space and equipment. Of course, many positions will still require onsite presence — which would present challenges for organizations adapting from a collaborative workplace paradigm into a distributed one. However, as Harvard Business Review observed way back in 2015, productivity thrives in co-working spaces compared to traditional offices. There is some benefit to letting people work where they want, not where you want. Remove working arrangements are a benefit that many employees loved having at the onset of the pandemic, and now that staying at home is no longer required, it is one thing that many employees refuse to concede; CNBC reports a finding from Kastle, an office security firm, that 64% of employees would rather resign than return to the office full-time.
Paid Time Off
Paid time off is an important benefit from both the employees’ and employers’ perspective. From the employees’ perspective, paid time off allows them to take a break from work and relax. This can help them recharge their batteries and come back to work refreshed and motivated. Paid time off can also be used to take care of personal responsibilities, such as taking care of a sick family member or attending a funeral.
From the employers’ perspective, paid time off helps them retain employees. When employees know that they can take a break from work without worrying about losing their pay, they are more likely to stay with the company for a longer period of time. Paid time off also helps employers save money, as employees are less likely to use their vacation days if they don’t get paid for them.
During regular times and especially during a pandemic, healthcare is critical to workers. In fact, in a study done by Glassdoor, 88% of employees said they prefer roles with health benefits. With healthcare costs rising by 5% this year, it is completely understandable that employees see this benefit as one of the most important.
Given the circumstances that COVID-19 created, with people working at home and their children staying in with them, being flexible became more important than it had ever been—and this level of freedom is something that many employees do not want to let go of, now that they (and their employers) know that businesses can still function despite the lack of rigid working hours. Letting people work whenever they want, as long as they fulfill their required hours or deliver their needed output, also shows that companies trust their employees—and being trusted is a feeling that keeps employees from leaving, as PayScale discovered in a study.
Four-day work weeks
Many companies nowadays let employees have four-day work weeks, including Basecamp, Panasonic, Kickstarter, Blackthorn, Treehouse, and hundreds of other companies. Microsoft Japan conducted an experiment in 2019 in which they let their employees work four days a week while continuing to pay them for five. The company found that not only was productivity increased by 40%, but there were also savings in electricity and printing costs. To make up for the lost time, Microsoft encouraged cutting meetings to 30 minutes and limiting attendance, thereby saving more work time.
From the employees’ perspective, retirement plans are important because they allow employees to save for their retirement. This can be a great financial security blanket for employees when they retire, especially now—according to the 2022 Global Benefits Attitudes Survey by WTW, 69% of employees think they are not saving enough money. Retirement plans also allow employees to take a break from work and relax. This can help them recharge their batteries and come back to work refreshed and motivated. This is so important to employees that 68% of job hunters consider a retirement plan a necessity for them to take a job, while 62% of employees would not hesitate leaving a job that doesn’t have it.
From the employers’ perspective, retirement plans are important because they help retain employees. When employees know that they can save for their retirement while working for the company, they are more likely to stay with the company for a longer period of time. Retirement plans also help employers save money, as employees are less likely to retire if they don’t have a retirement plan. Whether you have a big company or a small business, 401(k) plans make a difference.
The pandemic has been incredibly hard on gyms and yoga studios. Apart from forcing fitness centers to close, the pandemic forced people to stay indoors, live sedentarily, and cope with anxiety in unhealthy ways, leading to a sharp increase in obesity cases. Fitness perks are useful for employers, too, in that they can help entice employees to come back to the office and reduce the occurrence of weight-related health problems appearing among employees. Employers gain from having employees who are healthy and active.
Free food and snacks in the office pantry
From the employees’ perspective, free food in the office is a great benefit because it allows them to save money on their lunch expenses. In addition, having free food available at the office helps employees to stay productive during their break times, as they do not have to leave the office premises in order to find a place to eat. This also eliminates the need for employees to waste time travelling to and from restaurants. This perk leads to a lot of employee satisfaction—in a study conducted by PeaPod in 2015, 67% of employees who have free food perks say they are happy in their company.
In conclusion, it is evident that employers should offer a variety of benefits in order to keep their employees satisfied and productive. Some of the most popular benefits include flexible hours, four-day work weeks, fitness perks, and free food in the office. Offering these types of benefits can help businesses save money while also increasing productivity.