Have you ever wondered what employees value most at your company? Is it flexible hours? Or maternity and paternity leave? In today’s job market, things are a little challenging as there are five diverse generations in the workforce. Each generation values different types of employee benefits, and the preferences also vary by gender. For this reason, employers have the job to create benefits packages that are a mix of standard and unique employee benefits to appeal to a broad range of candidates.
One study by Fractl found that other than healthcare benefits, the most desirable employee benefits are relatively low cost. To help your organization create a great employee benefits package, here are some unique and low-cost employee perks.
Better Health, Vision, and Dental Insurance
Nothing matters more than good health, vision, and dental insurance. This is the #1 employee benefit that workers look for in a company. Skilled candidates now have the advantage and are shopping around for the best health benefits. The study by Fractl showed that 88% of the 2,000 respondents said that they would give this benefit a heavy consideration or some consideration when evaluating a job offer.
Flexibility at Work
Flexibility is important to employees. Having the option to work remotely, have flexible hours, and work on a part-time schedule, can be a great way to boost their work/life balance. There are different types of flexibility workers crave from their employers. They include:
- Part-time: employees want to have the option to work part-time.
- Remote work: employees want to have the flexibility to work remotely.
- Unconventional hours: employees want to work unconventional hours. This unconventional schedule can boost their productivity and performance.
- Location variety: employees want to have location variety. They want to be able to work at a place of their choosing for some portion of their time.
- Minimal travel: employees want to have minimal to no travel.
More Vacation Time
More vacation time is another item on the list of unique employee benefits. According to the 2017 State of the American Workplace Report, 53% of employees said that it’s highly important to have a job that offers them greater work/life balance.
Companies like Kronos and Netflix decided to implement unlimited vacation time and received a number of benefits, including:
- Employee happiness. Workers can achieve equilibrium in the different aspects of their lives.
- Attracting and retaining top talent. In this highly competitive market, companies that will offer the most unique benefits will be those who will attract and retain the best employees.
- Lower costs. A traditional paid time off usually results in accrued unused days off at the end of the year. If the employee quits or retires, the company will have to pay out these unused days. This is not the case with an unlimited vacation time policy.
It can’t hurt to try. Your employees will be grateful.
Student Loan and Tuition Assistance
The war on getting the best talent is raging on. Today, hundreds of companies are offering student loans and tuition assistance to their workers. This is a new and very important benefit that is going to grow rapidly over time.
This perk is the number one benefit that’s being talked about at job and recruiting fairs. When a company introduces a program that differentiates it from the others, it’s a great way to attract new talent. Nearly 3% of companies offer student loan assistance, but 52% provide graduate educational assistance.
A survey by SoFi showed that 95% of professionals under 30 with student debt would be more willing to accept a job if it included a student loan repayment. These unique employee benefits have been shown to lower stress and anxiety and improve employee work performance and engagement.
Paid Maternity and Paternity Leave
Today, fathers taking paternity leave is not as unusual as it used to be in the past. Organizations like Facebook, Johnson & Johnson, Ikea, and Hilton Hotels and Resorts have all expanded their paid parental leave. Nearly 18% of U.S. organizations offer paid maternity leave and 12% offer paid paternity leave. This benefit matters greatly because America remains one of just three countries without paid maternity leave.
Recently, Walmart announced that it’ll offer better parental leave than most U.S. companies. The reason behind this decision is that Walmart found that when employees have stability at work, they can thrive at home. When workers thrive at home, they’ll have better work engagement, performance, and productivity. Walmart’s view is that better paternal leave can make a business stronger.
Will your company follow?
Free Wellness Classes
Free wellness classes are another item on the list of employee benefits. Employees prefer working at companies that provide wellness facilities and support. If your company has an unused office space with some fitness equipment, employees will regard this as a sign that you care for their wellbeing.
Many employees have said that they prefer working at a company that offers free gym membership and free yoga/fitness classes. Companies that will go the extra mile to promote health, happiness, and productivity, will have a more engaged and satisfied workforce.
Companies like Asana, Accenture, and Google already provide all-encompassing wellness programs to their employees. Will you be one of them?
Free Food
Having access to healthy meals, snacks, and beverages can increase the well-being of employees. Today, companies like Facebook, Google, and Twitter have been offering free food at their campuses. This is a good recruiting and retention strategy in an industry where there is high attrition and strong demand for the best talent.
Free food comes with a number of benefits, including:
- Reduces the number of people going out for lunch.
- Improves team cohesion and morale.
- Encourages company loyalty.
Why not give it a try?
Conclusion
These unique employee benefits are the road to happy and satisfied employees. Especially in today’s competitive market, you should make an effort to give employees what they care most about. This will undoubtedly lead to a more engaged and productive workforce, lower retention rates, and competitive advantage.
In a nutshell, the most desired types of employee benefits include:
- Better Health, Vision, and Dental Insurance
- Flexibility at Work
- More Vacation Time
- Student Loan and Tuition Assistance
- Paid Maternity and Paternity Leave
- Free Wellness Classes
- Free Food
