While massages and games like ping pong tables are nice perks, are they benefits that employees really want? Recent research revealed that just 5% of employees felt that office games added value to the work experience.
But other benefits are highly desirable and may help a business retain strong staff members.
Must Read “9 Types of Employees any Office Has“
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Assistance Paying Back Student Loans
Student loan debt is a big financial burden for many that can result in high-stress levels that not only have a negative impact on personal lives but professional lives as well. Companies that offer assistance in paying student loans are likely to stand out among the rest, with a better ability to attract great talent right out of school. Many that provide this perk will match their employee’s student loan payments, kind of like a 401(k), with a varying yearly cap. Some offer a small sign-on bonus that can be used toward existing student loans.
Flexible Work Arrangements
Flexible scheduling and the ability to work remotely are a very attractive perk to most. In fact, many employees say they’d be willing to take a pay cut to be able to work from home at least half the time a survey from Dice.com found. Companies that offer telecommuting and remote options, even if it’s just part-time, are likely to land more great hires. Netflix takes this to the extreme – the employees at its California headquarters have no official work hours or vacation days. None of that is tracked, the company only measures what actually gets accomplished, so as long as employees do their work, it doesn’t matter how long or when they’re actually in the office.
Paid Family Leave
One of the most coveted employee benefits is paid family leave and an increasing number of employers are recognizing this. Whether it’s taking a trip to your Cincinatti condo to visit a family member or taking a vacation to the Bahamas, employees need paid time off to be happy. Employee Benefit News reports that the percentage of employers offering paid maternity leave increased 9% between 2017 and 2018, while paid paternity leave increased 8% over that same period. Providing leave for surrogacy, fostering a child and adoption have also increased.
Company outings and events, like an annual beach day or picnic, can go a long way towards allowing employees to reset, refresh and enjoy the camaraderie that can make the entire team more productive without costing a lot. If that’s not an option, bringing in special treats or lunch occasionally can also help foster a more positive work culture.
Placed high above flashy wellness benefits is healthcare coverage, which remains the most important benefit for the majority of employees. A survey by Clutch revealed that nearly three-quarters of employees received benefits of some kind, and more than half indicated medical insurance was the most important in terms of job satisfaction. Providing reasonable coverage options is a must to retain strong staff members. Researching what competitors in the same industry provide to learn what’s expected of an organization the similar size can help ensure benefits are competitive.