Let’s face it; one of the biggest challenges we have as employers is finding and keeping quality talent. You know the type: loyal, hardworking, and knowledgeable individuals.
And the competition to hire these workers is greater than ever.
Now, we know that benefits play a role when a person is considering a new job. As Glassdoor’s 2017 employee benefits guide illustrates, nearly 60% of candidates noted that perks and benefits are among their top considerations when accepting a job.
But benefits also play a significant role in reducing turnover. In fact, one study shows that over 70% of employees who are satisfied with their benefits are less likely to leave their current role.
So how can you create a benefits package that is so rich that people will be attracted and loyal to your organization? The answer may lie with non-traditional perks. As many employers are starting to find, perks centered around productivity, professional development and a work/life balance are in-demand.
Fortunately, many of today’s most sought-after perks will not break your bank. In fact, most of these beloved perks are fairly affordable and simple to implement. The end result of providing these types of perks can help you attract and keep quality talent in today’s competitive job market.
Here are 6 in-demand perks that employees love that won’t break your budget!
1. Unlimited Vacation Time
This seemingly newer perk is beginning to grow more popular for employers. Many of today’s most well-known companies have integrated unlimited PTO policies.
And for good reason!
Many businesses are finding out that the value of this perk is more about what it says to the employee rather than what it actually does. One CEO tested unlimited vacation for an entire year and learned that employees take roughly the same amount of PTO days as they did before the policy.
Overall, this benefit tells your workforce that you trust them to do what’s best for the company, their work, and themselves.
Even though this perk can empower employees, this perk can quickly become abused. That’s why it’s important to consider implementing guidelines and rules around the policy, similar to what ZenPayroll has done.
2. Fitness stipends
Prioritizing the health of your population is always important. Doing so can result in lower insurance costs, stronger mental and physical health, and more overall savings for both you and your employees.
A study in 2015 found that sitting too long at work increases the likeliness of developing negative long-term health effects, which includes cancer, Type 2 diabetes, and cardiovascular problems.
This doesn’t mean you need to create an onsite gym. You can copy what companies like EMC are doing. EMC offers gym stipends to their employees. This perk promotes a healthier lifestyle and communicates to your workforce that you care about their health and wellbeing.
3. Commuter Benefits
Over 2 million employees currently receive commuter benefits. The current annual amount spent for an employee on commuting to work is $2,600 a year.
As an employer, you can soften this expense by helping them pay for this annual expense. This can be done by providing a monthly stipend or providing your workforce to a commuter flexible-spending account (FSA).
The best part is that an FSA is tax deductible.
Not only does this perk help your employees with the rising commuter costs, but the tax benefits can be significant.
4. Free Food
One of the easiest and most overlooked perks you can provide are snacks. At McGohan Brabender, we provide free snacks in our breakroom. These snacks include fruits, nuts, and bread. And it is one of the most beloved perks at our company.
One study by the Harvard Business Review found that the average employee consumes several meals plus snacks during the workday. By providing food, you can have some control of what your workforce is consuming. The end result will also be a healthier, happier workforce.
5. Paid Volunteer Day
Odds are great that the members in your workforce are passionate about something. Providing your employees with a set amount of hours to volunteer for a cause they care about can prove to boost morale. In fact, employees who volunteer are happier on the job than those who do not.
Here at McGohan Brabender, we provide our employees 8 “MB Gives Back” hours. These hours allow for each individual, team, or group to volunteer at a charity of their choosing.
Not only does this benefit the employees, but it boosts teamwork in the workplace and helps strengthen local community ties.
6. Professional Development
The final in-demand perk that cannot be overlooked revolves around professional development. High performers are always looking to grow their skills and knowledge. They also care about benefits that help them become successful. A lack of further development could potentially cause these individuals to seek a new job where they can continue growing.
By offering additional training and development opportunities, you are communicating to your employees and candidates that you care about the future of your company. You also communicate that you want the best employees working for you.
As the employer, there are a plethora of benefits. For starters, you will have a workforce that is knowledgeable and up-to-date on all of the latest industry trends. In turn, these employees can take what they’re learning and begin implementing it in the workplace. Investing in your workers will improve the quality of your products and services.
It’s important to implement additional training in order to attract and keep the top performers in your organization.
Overall, these 6 low-cost perks are both high in-demand and becoming increasingly popular for employers to implement. By implementing any of these perks above, you will not only be able to attract talent to your organization, but you will be able to reduce turnover by keeping your workers happy with perks they care about.