The days of attracting new employees based on salary alone may very well be behind us. According to a recent study, 48% of surveyed professionals stated that the availability of company benefits is one of the deciding factors when choosing a new job. In another, 78% of respondents listed their benefits as a primary reason for not leaving their current position. If you’re hoping to bring top talent to your company and keep them, it may be time to reevaluate your benefits plan. In the following post, we discuss 6 employee benefits that professionals are looking for in modern workplaces.
While the past year forced many companies to make the sudden jump to working remotely, it also highlighted just how many industries can continue to function outside of the traditional office space. That being the case, the trend of working from home is likely to continue well after the pandemic has subsided. The results of a recent FlexJobs survey found that 65% of professionals expressed a desire to continue working remotely full-time even after the situation improves. An additional 27% said that they would even be willing to take a 10-20% cut in pay for this privilege.
Part of this push for more remote work opportunities also includes the desire for flexible scheduling. As anyone who has had experience managing a remote team knows, enforcing a strict 9-5 workday is often not the best approach. Many companies have seen employee productivity increase by allowing individuals to work during their “peak” hours, so long as their work is completed in a timely manner. Flexible schedules are so popular in fact that 81% of the professionals interviewed in the above survey said that they would be more loyal to their current employer if flex hours were allowed.
More Paid Time Off
One of the most highly-valued employee benefits is the number of paid days off allowed per year. Once an unimaginable concept, more and more companies are beginning to do away with vacation caps and offer unlimited paid time off. Most commonly found in tech-focused companies, it has become an attractive recruiting tool for particularly in-demand positions.
On the surface, unlimited PTO may sound implausible, but many employers have found it to be a win-win situation. Employees are allowed to take as much time as they need to rest and recharge, so long as work obligations are fulfilled and business is not impeded. As a result, they often report feeling more well-rested and productive at work. From an employer perspective, offering unlimited paid time off may sound expensive, but studies have found that it may actually save money. Without a finite amount of vacation days to accrue, there is no need to buy back unused time when an employee leaves the company.
Break Room Snacks
Free snacks might not sound like an in-demand benefit, but it is quickly becoming a staple of young, modern companies. Providing healthy snacks for your employees not only keeps them fueled throughout the day, but goes a long way to boost morale and create a strong sense of office culture as well. In fact, in a survey conducted by grocery delivery service, Peapod, 67% of employees of companies that offer free snacks rated their work satisfaction level as “very” or “extremely” high. Companies such as Google have even found that employees stepping away from their desks and gathering in break areas has led to an increase in innovative thinking.
Employee Wellness Programs
Today’s young professionals are more focused on health than ever before. Visit the office of any startup and you’re likely to find just as many standing desks and balance balls as you will office chairs. No longer content to sit all day, the best way to keep your employees happy, healthy, and motivated is by creating wellness programs. Sure, not every company has the budget or space for an onsite fitness center, but there are countless wellness initiatives that companies of all sizes can implement. Discount gym memberships, smoking cessation programs, or weekly yoga lessons in the conference room are easy ways to show your team that you care about their well-being.
As an employer, you naturally want the most knowledgeable, highly-skilled employees you can find for your team. Unfortunately, the financial and opportunity costs involved prevents most young professionals from pursuing additional education. That being the case, many companies are now investing in their employees through professional development programs.
A recent survey from Instructure highlights just how important these development programs are. Second only to compensation, lack of learning and growth opportunities was the most commonly cited reason for employees leaving a company. Whether it be through in-house training courses or tuition reimbursement for individual learning, professional development benefits are an easy way to boost productivity and increase employee retention rates.
Not so long ago, young professionals had to choose between starting a family or focusing on their career. Thankfully, the growing focus on a healthier work-life balance has seen to the expansion of benefits geared towards new parents. Once commonly referred to as simply “maternity leave”, companies with competitive benefit plans are now offering paid leave to both parents in the event of a new birth or adoption. Going one step further to woo family-minded professionals, some companies have even begun to offer childcare subsidies, or in extraordinary circumstances, onsite daycare centers.
Today’s modern professionals are looking for more than just a good salary. They want the company they choose to invest their time in to also invest in them. Adding benefits that show you care about them as individuals and not simply as employees is a great way to increase team morale and ensure they stick around for the long haul. If you’re looking for talent to add to your team, get in touch with us to learn how we can help.