It does not matter if you are running a startup or a decades-old corporation. The benefits and perks included in your compensation package can sway potential employees toward saying “yes” to the job. Glassdoor’s 2015 Employment Confidence Survey revealed that benefits are a major factor in a future employee choosing your company. Further, 80 percent of employees would prefer add-on benefits over a pay raise. Consider the top five benefits employees check before anything else: healthcare insurance, paid vacation, performance bonus, sick benefits, and 401(k) plans.
After looking at these stats, it may be time to update your company’s offerings. To get you started, here are some examples of unique, generous, or simply hard-to-resist benefits and perks. Which of these could you add to your company’s offerings?
1. Tuition Reimbursement
Starbucks treats you like a human being, according to a former barista. You can enroll at the Arizona State University and get an online bachelor’s degree — on the house. The coffeehouse chain guarantees it will reimburse your full tuition.
Other companies have a partial tuition reimbursement program for employees seeking degrees that enhance their current work position. The benefit for the employer? Employees who take advantage of tuition reimbursement tend to stay with the company longer. In addition to improved employee retention, the employer may have more employees who are easily promotable, saving them money on recruiting new employees. (Source)
2. A Wellness Stipend
Eventbrite wants its tribe healthy and thriving. It provides its employees with a monthly wellness stipend worth $60, which can cover a VIP membership in some gyms. Plus, it dishes out catered lunches and healthy snacks in the workplace. It is hard not to stay on top of your game if your company is looking after your health, too.
3. 401(k) Matching
The United Services Automobile Association (USAA) matches 100 percent of contributions up to eight percent. While USAA gives generous incentives, it also encourages all of its workers to take charge of their retirement savings plan. The general contribution from an employer is usually 3 to 6 percent of an employee’s pay. And having a 401(k) program at all, especially with a level of matching, is becoming an expected benefit in the workplace. There are also options for the smallest businesses to offer this to their team.
4. Partially-Paid Sabbatical / Unlimited Vacation
Deloitte allows its employees to take a sabbatical. If you need time away for whatever reason, you are free to go on a one-month sabbatical, without pay. If you want to pursue a personal or professional growth opportunity, Deloitte will let you go for three to six months while paying 40 percent of your salary throughout that timeframe.
While the sabbatical option may be unusual, offering unlimited vacation is a growing trend. Allowing employees to take off as much time as they choose, while still getting the job done, creates a focus on producing great results, rather than just putting in the hours. (Source)
5. Strong Employee Assistance Program
Southwest Airlines shows genuine care for its people through an employee assistance program called Clear Skies. It assures them that Clear Skies is available twenty-four-seven and observes 100 percent confidentiality. Included in the program are the following: immediate telephonic counseling and up to five face-to-face counseling sessions, access to convenience services, and access to specified legal assistance services.
6. Paid Parental Leave
IKEA boasts a strong company culture, and part of it is its paid parental leave terms. Employees can enjoy up to four months of this benefit, as long as they have been with the company for at least a year. Parental leave applies whether they are working part-time or full-time, at a retail store or the headquarters.
7. On-Site Amenities
Genentech takes things to the next level with its unique on-site amenities. As a Genentech employee, you can finish errands without having to run from one establishment to the next. You can get a haircut and a car wash at work. You can visit the dentist, relax in a mobile spa, and even take your kids to the child care center.
Employees nowadays are looking for a work-life balance. The employers who determine they want to be a part of the movement to help their employees in their quest for a healthy, fulfilling life, are garnering attention of future employees and the loyalty of current ones.
Even if you can’t build the next Google campus, many business owners are deciding on office locations that are closer to shopping and restaurants, knowing that simply convenience and access to civilization can be a perk.
8. Flexible Schedule and Remote Work
Swiss Re, a global reinsurer empowers its people to own the way they work. It created a program called “Own the Way You Work,” which employees can take advantage of with ease. It allows them to work from home on a regular basis “when it makes good sense.”
If you are considering overhauling, or starting, your employee benefits program, we can provide assistance. Contact our team for a brief conversation to see which of our services would best assist you in this process.