Most Sought After Employee Benefits
Studies show that attracting and retaining employees is continually one of the biggest challenges facing Human Resource departments today. As a result, attractive benefits packages have become more important than ever. While health insurance, retirement plans, and paid time off still lead the ranks of most desired benefits, employers are racking their brains to come up with creative new ways to attract and retain talent. In this article, we’ll discuss some unique benefits that have given employers an edge when it comes to recruitment and retention.
More Flexible Hours
Whether it to accommodate one’s children, have flexibility when it comes to scheduling personal appointments, or just the freedom to break up the typical 9-to-5, a greater work-life balance ranks as one of the most sought after benefits by employees and job seekers.
In a survey conducted by the Harvard Business Review, 88% of respondents indicated that a lower-paying job with flexible hours would have an edge over a higher-paying job with fewer benefits, if they had to choose between the two.
Offering a flexible schedule is a fantastic way for a company to attract and retain talent without having to break the bank.
Student Loan Reimbursement
With the average Class of 2018 graduate leaving school owing nearly $30,000 in student loan debt, some companies are stepping forward to help ease worker’s financial burdens by providing student loan reimbursement as a perk for their employees. PricewaterhouseCoopers, Natixis Global Asset Management, and ChowNow were among some of the early adopters; using the perk to both retain current employees, and attract new talent. A recent survey revealed that nearly 50% of college students and recent graduates would prefer student loan help over health benefits or a 401(k) plan, so expect more companies to explore including this perk in their benefits package in the future.
Company Provided Vehicles
While some employers simply offer some form of mileage reimbursement to their road warrior employees, many progressive companies have found there to be few other benefits as effective at increasing employee morale and productivity as a company-provided vehicle. In fact, according to Automotive Fleet Magazine, industry surveys show that prospective employees view a company vehicle as being a benefit on par with health care coverage or pension benefits.
Additionally, a 2014 study conducted by GE Capital revealed that 64% of company vehicle drivers said that they would be less likely to leave their current job due to their company’s vehicle program, and 87% of company vehicle drivers said that they would not consider performing their current role at a company that did not provide them with a company vehicle.
Unlimited Paid Time Off
The standard two weeks vacation per year is becoming a thing of the past as an increasing number of companies are beginning to experiment with more flexible paid-time-off policies, including unlimited PTO. Though many organizations may be hesitant to adopt such a seemingly radical approach, companies such as Glassdoor, LinkedIn, Hubspot, Netflix, and General Electric have been pleasantly surprised with the results.
According to Mariah DeLeon, a manager at Glassdoor, employees actually end up working harder and more efficiently to meet deadlines before taking off for vacation or a long weekend because they do not want to let the team down or abuse the policy and ruin it for others. You also arm yourselves with an incredibly powerful recruitment tool for candidates who may be on the fence. Flexible PTO also shows your employees that you trust them and their judgement.