3 Desirable Employee Benefits You Can Offer To Improve Staff Retention
In today’s current job marketplace, it is highly competitive for both employees and employers. New hires are growing increasingly enticed by employee benefit packages that go above and beyond pay packages and bonuses. Whilst leading companies such as Airbnb and Netflix offer unique employee benefits, such as unlimited holiday days and allowances for travel and exploration, most businesses can’t offer anywhere near that scope and instead need to be a little more realistic.
It’s not always easy to know which benefits to offer and, if you want to encourage workplace happiness and staff retention with your current team, then it’s worth looking into which benefits could work for both you and your employees. With that in mind, let’s take a look at 3 desirable employee benefits you can offer to improve staff retention.
Flexible Working Hours
In recent years, the ability to work from home has become highly valued by employees. It offers a scope of flexibility not typically available before the pandemic and it has shown employers that, with the right team members, work is just as efficient. Alongside this, flexible working hours are also seen as highly desirable, so that people can fit in their day-to-day life errands around their work.
Technology now makes it easier for employees to work at a time that suits them thanks to remote systems and network access. Whether it’s making sure that all employees are contactable between certain hours, or allowing earlier starts for earlier finishes, scope out what kind of flexible working hours would suit your team and whether this can be achieved.
A lot of companies offer private health care to employees as a perk if they have been there for a certain length of time, and this can often help to reduce the cost of health care. Promoting health and wellness in your workplace is always encouraged, whether this is through a cycle-to-work scheme, gym membership or private health care, but one thing that employers often forget or don’t think about offering is private insurance.
In a recent study by Harvard Business Review, it was found that 88% of people said that private health insurance would be a considerable factor when accepting a job offer. Other types of insurance, such as key person insurance for managers and CEOs or shareholder protection for those employees higher up in your chain of command, can all be seen as an employee benefit. Even better – some can be claimed back as tax relief, lowering the cost for your business. For more information on the best premiums, it’s worth speaking with a business life insurance broker who can get the latest deals.
Paid Training and Development
Some companies offer grants or expenses so that their employees can attend training days or take exams and certifications to help with their professional development. In certain industries, regular training is encouraged as a result of constantly changing guidelines and regulations, whilst in others attending large scale networking events can be seen as essential. By offering paid training and development, you are encouraging your team to grow and expand their knowledge, which only means good things for your company. Consider offering this benefit if you think the right training is available for your employees.