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Statistics show that the "great resignation" is over and job quits have returned to pre-covid levels. Less than 3.5 million workers in the U.S. voluntarily left their positions in 2023, showing that businesses are finding new ways to attract and retain talent. A common challenge for many companies is finding the budget to offer competitive compensation packages that reflect their employees’ value. As a result, many companies are exploring alternate ways of rewarding their employees.
7 unique ideas to enhance your employee benefits package
Providing unique employee benefits is a great way to stand out from the competition in order to attract and retain the best employees. Offering substantial benefits packages builds employee loyalty, which is especially important during the nation’s current labor shortage.
Not sure where to begin? Here are 7 out-of-the-box ideas to offer for employee benefits:
1. Flexible work options
According to a Deloitte survey, approximately 94% of employees want their company to offer flexible work options permanently.
These options can include flexible work hours, working from home, or even working in the office on weekends in exchange for a couple of weekdays off. This way, employees can balance their work and personal lives and increase productivity, which will make them more likely to stay with your company.
Allowing this type of flexibility shows your employees that you care about their well-being and are willing to help them achieve a work-life balance. It can also be more accommodating for employees who are dealing with personal or family issues. Overall, flexibility helps prevent employee burnout and improves morale.
2. Mental health resources
In a time of so much uncertainty for millions of people globally, it's easy for employees to feel overwhelmed, stressed, and anxious. Adding more mental health resources to your employee benefits package can help support your staff during these stressful times.
Mental health resources may include psychological counseling or even access to meditation apps, which can help your employees reduce their stress levels and improve their overall productivity. These benefits also show your employees that you care about their quality of life, which can reduce turnover and improve optimism within the workplace.
3. Additional training programs or a professional development fund
Training and professional development are great ways for your workforce to improve their skills so they can thrive in their careers. However, many employees don't have the resources to invest in their own professional development.
Offering training programs or a professional development fund to your employees is a great way to help them reach their goals. It can also help you attract and retain top talent, as employees who are given opportunities to improve their skills and pursue their career goals are often more satisfied in their jobs.
4. Dependent care options
As more people return to working in an office, parents are forced to find childcare options for their young kids, which can be difficult and cost-prohibitive. In fact, the lack of dependent care options is often a significant barrier for parents who want to return to work.
Adding dependent care to your benefits package is a great way to help your employees overcome this issue. Options can include on-site childcare or even a subsidy for high-quality care, which can reduce the financial burden. As a result, more parents will be willing to return to work, which will improve your workforce productivity and retention rates.
5. Wellness reimbursements
Wellness is an umbrella term used to describe a variety of programs, activities, and initiatives designed to improve your employees' health and well-being.
One type of wellness program that is particularly beneficial for employee benefit plans is wellness reimbursement. A wellness reimbursement is a paid benefit that your employees can use to pay for health-related expenses such as gym memberships, personal training sessions, health screenings, medications, and more.
This is a great way to help your employees lead healthier lives, reduce their health-related expenses, and reduce their overall stress levels.
6. Employee reward programs
Employee reward programs are designed to recognize employees for their hard work and dedication. Rewards offered through these programs can include anything from cash bonuses, paid time off, gift cards, and more. This can be a great way to make your employees feel appreciated, boost their morale, and improve their overall job satisfaction.
7. Tuition reimbursement
Another effective way to improve retention is by helping your employees pay off their student loans, or by covering their tuition if they are pursuing an advanced degree. This can make a big difference for employees who are struggling to repay their debt or who are looking to further their education and advance their career.
Build a strong, employee-centric brand with help from the BBB
Your employees are the backbone of your organization. They keep your company running and play a big role in your success. The best way to keep your employees happy and engaged is by offering them a wide range of benefits. This not only shows them that you value their hard work but also that you understand their unique needs and aspirations.
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BBB of Southern Piedmont and Western N.C. contributed this article.