The main challenge that employers are facing across the world is retaining workers. Since the global pandemic, we have seen a surge in people leaving jobs and starting new jobs. I’m sure many of us have noticed the constant notifications of “Congratulate (insert name) for starting a new position” on LinkedIn. There’s no denying that we’re in the middle of a Great Resignation.
This past April, 2.7% of Americans quit their jobs, the highest rate on record. And according to a study by Microsoft, over 40% of the global workforce would consider leaving their jobs this year.
So, what can employers do to help retain staff and encourage new joiners?
At TalentHub, we speak to hundreds of job seekers on a weekly basis. Recently, we have noticed a common trend occurring, people are very interested in understanding employers’ benefits and packages. People are less interested in just knowing the salary, they want to know what other perks are involved.
Let’s take a deep dive into what employee benefits are and a list of benefit idea’s that can help you attract more talent.
Employee Benefits are the indirect and non-cash compensation paid to an employee. These benefits are given to employees over their salaries and wages. They are also called fringe benefits that are offered to attract and retain employees.
Employers can offer a range of health insurance packages, including preferred provider organization, point of service, health maintenance organization, indemnity and health savings account plans. Each policy’s purpose is to reduce an employee’s out-of-pocket costs when paying for medical procedures or expenses.
Companies generally give employees paid holidays such as Christmas and New Year’s. They might also give employees a set number of days to use for religious holidays or a certain number of personal hours per year.
Full-time employees typically receive 20-24 days of paid holiday time off each year. Some companies offer more or unlimited vacation time. Employees may gain days holidays the longer they work in the company.
Companies are required by law to give employees up to 12 paid weeks off for the birth of a child or a serious medical condition. These requirements vary by state.
Employers can offer various retirement plans, but all involve saving a set amount of your earnings for retirement.
Since Covid 19, offering flexible working hours has almost become a given. A company might allow employees to set their own hours rather than work strictly from 9 a.m. to 5 p.m.
Another benefit that was accelerated due to Covid19 is remote working. Most companies now give their employees the flexibility of working either 100% remote or a hybrid model of both WFH and in the office.
There are tonnes of office wellness initiatives that an employer can provide. These may include policies and activities designed to keep employees healthy, such as free gym membership or mental health workshops.
Employers might support their employees’ professional development by paying for a certain amount of their continuing education tuition. Typically, companies set restrictions on course types, ensuring the courses taken relate to their role at the company.
A company’s benefits might include pay raises or bonuses based on good performance or goals and milestones met.
This is a benefit that is essential if you want to attract talent from other regions. Offering to pay for the likes of flights which can be a heavy expense is something that is very appealing to job seekers from abroad.
Other benefits and great ones if you are looking to get people back into the office are benefits such as; free meals, gym memberships, pets at work, child care, company cars, employee retreats and free massages.
People love benefits. If you want to keep your current employees and attract great new talent, then offering employee benefits may be the answer. It’s a simple equation:
Employee Benefits = Increased Job Satisfaction = Increased Productivity and Retention