Article written by: Mike Alexander, Jr. / ABM Insurance & Benefit Services, Inc.
The workforce is entering a transitional period of change. As more and more millennials become well adjusted to the workplace and establish their positions alongside gen X and boomers, we see a cultural shift in priorities. What used to hold value in the workplace is quickly changing into a secondary thought.
Those looking for jobs or hunting for new ones have never had more access to job postings than they do now. Thanks to the internet, job seekers are able to see hundreds of postings for relevant positions with just a click of a button. And with this increased competition, the power dynamic has shifted into the hands of the employee. Since potential candidates have the opportunity to be picky with where they land, a healthy salary is no longer the only driving factor when making that decision.
Millennials, more than any generation, value work-life balance over an actual salary. In order to stand out from your competition and hire the top performers for your business, you’ll want to focus your attention on a unique and generous employee benefits package. Consider the following benefits to form your package for future and existing employees.
Comprehensive Health Packages
In the wake of the pandemic, studies have shown that employees are now looking for more emphasis on strong healthcare packages. The cost of healthcare has become an extremely stressful pain point for a lot of Americans, so it comes as no surprise that candidates value a company that will offer generous coverage.
But opting into a comprehensive package is only the first step. If you want to stand out from your competition, consider partnering with a company that helps lower out-of-pocket costs for drug prescriptions. A great example of this is GoodRx, which is a free solution and offers thousands of drugs for under $10. Even those with good insurance might find themselves paying extremely high premiums for their drugs, and this is a great solution for your employees. If you need help creating and / or revamping your employee benefit program, call Mike Alexander, Jr. at 800-362-2809 or visit us by Clicking Here
Flexible Work Schedules
Gone are the days that employees are expected to clock in at 9 and clock out at 5. Workers value life outside of work and offering a flexible schedule to allow employees to tend to their weekly errands and tasks is a great benefit to attract employees. Some people find themselves much more productive outside of the office since they are eliminating a lot of the normal distractions. And if we’ve learned anything from the global pandemic, it is that effective work can still be performed from the comfort of your own home. By offering a flexible schedule and a healthy mix between coming into the office and working from home, employees will be more susceptible to stay long term. When they’re able to work according to their schedules, you will be more likely to retain employees.
Generous Paid Time Off
Many employees will only value a nice salary for so long. No matter the amount of money they are paid per year, employees will value their time over money if they are worked too hard. One study from Glassdoor even proved that employees would prefer more time off than a salary raise. For this reason, it is imperative for your business to implement a strong paid time off policy. Taking time off is important for employees to relax, recharge, and return to work in a productive manner.
Whether you are implementing summer Fridays off or an unlimited vacation policy, consider researching some of the most popular paid time off plans to keep your employees engaged and in control of their workload.
Performance Bonuses
As we’ve discussed, monetary benefits are only one key factor to creating a well rounded and productive work environment. However, a monetary incentive can go a long way in the workplace while also leaving your employees feeling valued for their work.
Implementing performance bonuses, employee of the week programs, or offering a bump in your paycheck if you achieve your monthly metric goals are a great way to directly award employees for their hard work. Not only will they feel like their work is valued in the office, but it will continuously give them motivation to work harder each month.
If your company is not in a stable enough position to offer money as an incentive for hard work, consider other creative prizes that the employees can still enjoy. Perhaps that looks like an Amazon gift card, an extra work from home day, free movie tickets. or more paid time off tacked on to their paycheck.
Paid Sick Days
As we transition out of a tumultuous year in the wake of COVID-19, health has become one of the most important factors in the workplace. Employees want to know that outbreaks and sicknesses are taken seriously, and that they will be covered if something happens to them and they need to stay home.
Paid sick leave operates very similarly to paid time off and vacation days, but they are days built into their paid leave that are dedicated solely to their health. Up until recently, it has been commonplace to think that staying home due to a sickness was a sign of weakness from the employee. However, a workplace that implements time off dedicated to feeling better indicate that your company values your worker’s health. Staying home when you are under the weather, especially in this day and age, can go a long way in the eyes of your employees. Plus, encouraging contagious employees to stay home mitigates the risk of bringing an infectious disease into the office and infecting more people.
And paid sick leave does not have to stop with physical illness. There are several benefits to offering your employees built in mental health days. This allows them to step back from the work that is stressing them out and encouraging them to relax and recharge.
Tuition Reimbursement
It’s no secret that tuition costs have grown exponentially in the last few decades. Students are graduating with their bachelor’s or master’s degree with upwards of 100k in debt, and no end in sight in terms of paying it off. By offering tuition reimbursement or opportunities to attend school debt free while also working is regarded as highly valuable for employees. It alleviates an enormous amount of stress regarding finances, and allows employees to feel in control of their finances. Plus, it will not make them feel like they have to choose between one or the other. Especially if the area of study is directly related to their position in the workplace, advancing their education is beneficial for all parties involved.
The Bottom Line
There are tons of creative ways to add benefits in the workplace that will leave your employees feeling valued and understood. And when employees feel valued, they are more likely to produce better work, remain loyal to their employer, and recommend the job to other strong contenders. No matter the phase of life your business is in, you can always afford to implement different benefits, even if you are not spending a single dime. Want to attract, retain and motivate the top talent in you industry, CLICK HERE for a FREE copy or download of my book or call me, Mike Alexander, Jr. at 800-362-2809, Ext 225