5 Perks and Employee Benefits that Attract Talent
While many people select employment based on salaries, it's not the whole story. Here are five practical and rewarding benefits you can provide to attract top talent.
More than Just a Salary
According to research from Glassdoor, six in ten job candidates say perks and benefits play a major role in their decisions to accept or decline a particular job. What's more, this same research showed that 80 percent of employees prefer additional benefits over actual pay raises.
There are several cost-effective ways you can lure in top talent, including:
Offer HSA Contributions. Funded using pre-tax income, Health Savings Accounts are used to pay for qualifying medical expenses. As an employer, you can set up HSAs for your workforce and even make regular contributions if you wish. Fully tax-exempt, HSA funds can be a big selling point, since they accrue interest and can ultimately be used to invest in mutual funds.
Offer credit assistance. This doesn't mean co-signing on an employee's car loan; it means offering insight into key borrowing factors and protection against potential issues. Many companies provide access to credit monitoring services to help keep tabs on credit scores, while insuring against identify theft.
Offer childcare perks. While you may not be able to offer on-site childcare; you can provide some relief to workers who must shoulder the burden of parenthood. Some companies offer paid leave to new parents, while others offer monthly childcare stipends. Other businesses work to establish deals with local daycare facilities, which often provide discounts for bulk referrals. If this doesn't fit within your budget, consider a more flexible approach that will allow key workers to telecommute at least part of the time.
Create opportunities. No one wants to work at a dead-end job. Consider investing in professional development programs that will allow your workers to ascend within your business. This is a great way to attract young talent, while cultivating your existing talent to make your company stronger.
Offer customized financial guidance. With so many Americans suffocating under credit card debt, there's a high demand for personalized financial guidance. While you are technically only responsible for paying employees, you can cultivate goodwill by helping them better manage their money. Many companies bring in outside financial guidance counselors to provide optional financial guidance to employees. Some of the more popular topics include personal budgeting, investing strategies, savings techniques, retirement planning, home buying and debt repayment.
Which Perks Attract the Best Talent?
While they may not be practical for every company, there are some specific benefits that attract American workers. According to Glassdoor's survey the most valued of these include:
Paid time off
Bonuses for performance
Paid sick days
Retirement or pension plans
Telecommuting and flexible scheduling
Office perks, such as casual dress days or free meals
On-the-job training and employee development programs
Wellness programs or gym memberships
Adoption assistance and maternity leave
Although your company may not have the financial resources to leverage some of the most popular employee perks, they can inspire you to generate your own unique ideas.
Cultivating a More Productive Culture
However you decide to do it, it's important to make your staff feel valued. According to research from the American Physiological Society, 93 percent of employees say they are more motivated and engaged when they feel valued at work. Another survey found that workers are far more loyal to their employers when they are satisfied with their perks and benefits. With this research in mind, it's clear that companies can boost productivity by investing in their human resources.