The Employee Perks That Actually Work for Hiring and Retention
The current economic climate has forced employers to look more closely at employee benefits trends and which ones resonate with top talent. While we all love a good ping-pong table, beer on tap, or paid team lunch, we can think of a few other more attractive perks that make a longer-term difference in your hiring and retention strategies.
Though desired perks vary as much as individuals, we’ve identified a few employee benefits trends that are consistently outpacing others in today’s still hot market. Let’s examine those more closely today and why they matter to both employers and candidates.
Why Getting Benefits Right Matters
According to the Bureau of Labor Statistics, employee benefits account for about one third of employer compensation costs. We firmly believe that if you’re going to invest that much into benefits, you should first do your research into the ones candidates are looking for in 2022. The good news is, we’ve made your work easier by providing a few of the top-ranking perks below.
1) Competitive Health Insurance
Recent years have turned the spotlight onto community health and by proxy, individual health. And now that the pandemic has highlighted mental illness symptoms, applicants are looking for employers who can take care of that form of wellbeing, too – whether that’s therapy or even massage and holistic medicine. Competitive health insurance boosts your inclusion efforts too because it attracts more diverse ages and abilities into your workforce.
2) Paid Time Off
For candidates who want work-life balance in the office and out of the office, employers are offering an increasingly generous amount of vacation time.
Not every employer can provide benefits like unlimited PTO or two weeks of sick time per year, but employees will notice your effort to be more flexible. For example, if your current staff is used to getting 10 days off per year, they’ll be delighted to learn you’re giving them an extra paid week starting next year – this trending employee benefit could even motivate them to stay if they’re considering an opportunity.
For getting top talent to join your company, consider the market. Which time off benefits are most companies like yours providing – of your size? In your city? In your industry?
3) Flexible Work Options
The definition of flexibility varies based on the individual worker, but generally, people are hoping more than ever that their employers will help them achieve a healthier work-life balance.
For many, this means telecommuting, either part or full time. The pandemic has shifted our view of time by allowing us to navigate uncertainty closer to home. This trending benefit isn’t going anywhere, as more than half of U.S. workers prefer a remote setup, and even larger numbers prefer to work from home at least part of the week.
Others might prefer shorter hours, a four-day workweek (even if it means 10 hours per day), birthdays off, or an additional week to add to the holidays of their choice. Employee benefits surveys will provide you visibility into your team’s priorities and ideas, so keep sending them and internalizing the feedback.
3) Professional Development Opportunities
Many employers are acknowledging the idea that challenging their employees to follow their interests could pay off exponentially with worker loyalty and retention. With professional development, employees can obtain certifications or even degrees to either get promotions or “grow in place” and obtain higher pay.
Employers are answering a demand for extended learning by providing reimbursement that people can use for an approved course or as they see fit: Many of these professional development paths start with an approval process to ensure that coursework follows employee’s projected career track at the company.
Start Hiring Better Today With WideNet
At WideNet Consulting, we’re here to help you find the the talent you need for both short and long-term projects. We’re here to empower you to make your next IT and technology hire with confidence. Contact our team today to get started.