As you work to hire and retain the talent you need to grow your business, knowing what employee benefits to offer can be challenging. Different benefits may attract and engage different kinds of employees, while offering benefits that don't engage your employees can be a costly waste of your limited resources. Here are some suggestions for benefits that may appeal to your employees — present and future — without breaking the bank.
While it can be challenging to offer flexibility, employees who work a flexible schedule or who work remotely have been shown to reward their employers with higher levels of productivity and engagement. As Forbes explains, when you let people align their work schedules with the times during the day when they feel most able to think clearly and focus, productivity can improve.
While you may not be able to compete with your larger rivals when it comes to offering higher salaries, you may be able to hire top talent away from them if you offer the scheduling flexibility more and more workers demand. For some workers, flexibility about when and where they work can be more important than salary or any other benefit. If you're not sure, ask the employee in question and be ready to tailor solutions.
Paid Time Off (PTO) and Vacation
Offering PTO is a great way to maintain engagement, especially among millennials, who see PTO as a productivity-boosting way to recharge their batteries so they're ready to tackle business challenges with fresh perspectives when they return. Businesses that allow (and even encourage) employees to regenerate are often the ones that most effectively engage workers. In a recent survey cited by NPR, 39 percent of marketing and advertising executives claimed that they believe their employees would actually be more productive if they took more time off for themselves. When drafting PTO policies, consider any federal, state or local paid time off rules that my impact your business.
We're confronting a retirement savings crisis in the United States, so helping your employees save for retirement can be a massively appealing benefit. More than half (51 percent) of employees surveyed by Gallup said they don't believe Social Security will be able to pay them when they retire, let alone pay them enough to retire. Again, offering a good retirement plan might be an engagement home run.
When considering which employee benefits to offer, think about what your employees value, as well as industry standards and any mandatory requirements. What do employees or ideal job candidates care about? Customizing your benefits package to the needs and wants of your employees — and the kinds of employees you're looking to attract — can help you drive engagement, productivity and retention.
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