6 Ways Companies Can Offer Enticing Benefits Packages
Thanks to the COVID-19 pandemic, the professional landscape looks quite different these days. Having an “office job” doesn’t always mean sitting in a cubicle. Today, employees have options. They can choose to work remotely or split their time between home and the office.
To an increasing extent, potential employees can call the shots on how they want to work. So how do you entice talented people to work for you? How do you set yourself apart from every other company looking to hire the best people? Consider a compelling benefits package — one that makes a possible hire say, “Wow!”
If you’re looking for ideas, search no further. Keep reading below for six examples of benefits you can offer that will elevate you above the competition.
1. Make International Paydays Easier
You’ve no doubt heard this before — it’s a global economy. That stretches beyond your international business transactions. There’s a good chance you also have employees who live in other countries. These multiple locations can make it tricky to pay them correctly and on time.
To make paydays much simpler for your international employees, consider global payroll services. No matter where your employees live, these services ensure you’re compliant with the country’s employment laws. Employers, handle taxes and other payroll deductions. If you employ contractors, a global payroll service can manage their invoices and recurring payments as well.
2. Grant Maximum Time Off
Yes, your potential new hire is looking for a job. Let’s get real, though. They’re also very interested in how much time they can take off. The more you offer, the more likely they might be to accept employment with you.
Paid time off can take lots of forms. The standard two weeks vacation is looking increasingly antiquated. A growing number of companies are offering unlimited vacation time. The idea is that employees will work more efficiently when on the job, maximizing their office time. During the summer, you can double down on this idea by turning Fridays into half-days. Everyone appreciates a long weekend when the weather is nice!
You can also consider unlimited sick days. Doing so solves a couple of problems. First, it prevents employees who’ve run out of sick days from working while they’re ill, potentially spreading infection. Second, it likewise eliminates resentment linked to burning a vacation day when an employee is lying miserably on the couch.
3. Value Mental Health
Burnout is a huge buzzword right now. It doesn’t matter whether your employee is a teacher, doctor, customer service manager, or restaurant server. Everyone is dealing with stress, and the depression rate among younger workers is rising. When life gets overwhelming, people start to shut down, and productivity takes a nosedive.
Show your potential employees their mental health matters by including ways to protect it in your benefits package. Offer free subscriptions to mental health apps that give your employees access to licensed therapists. It’s convenient, and it lets your workers nurture their mental health privately. In-office or virtual mindfulness meditation or yoga classes can also give employees a chance to recharge during the day.
4. Support Future Family Planning
A growing number of younger workers are opting to postpone starting a family. The choice may be a double-edged sword for some. It could be great for their career, setting them up for more financial stability. However, it could also mean they face more challenges later if they want to have children. As an employer, you can help support their decision.
Many people who have trouble conceiving turn to in vitro fertilization. At around $15,000 per cycle, though, this approach carries a hefty price tag. Covering this service in your benefits package can make you a more attractive employer. Offering coverage for egg freezing goes a step further for your female employees, too. It shows you value and respect both their family and career choices.
5. Promote Physical Health
As an employer, you want maximum productivity from your workers. That doesn’t mean they must be at their desks constantly, though. In fact, to be more efficient and dynamic, your employees should be physically active, too. Give them ways to fit more exercise into their day, and you’ll be a more sought-after workplace.
If your company has the space, put a gym onsite. Your employees can work out before or after work, as well as at lunchtime. What about your remote employees? Reach out to either a locally owned or franchise gym and work out a membership deal. A benefits package that includes a gym membership can be tempting to top candidates.
6. Contribute to Financial Wellness
You’re already offering a steady paycheck and matching 401(k) contributions — what else can you do to support an employee’s financial wellness? As it turns out, you can do quite a bit. When you provide financial planning benefits, you show your employees you’re invested in their future.
As you’re designing this part of your benefits package, there are several options you can include. Give your employees access to financial advisors or other planning resources. Help them learn better money management through financial literacy programs. Your employees will appreciate your assistance as their nest egg grows.
Attractive Benefits Are Key to Recruitment and Retention
Nationwide and worldwide, the number of companies chasing scarce talent is growing. Consequently, it’s getting harder and harder to set yourself apart. Still, you need to be sure you’re attracting and hiring the best people. Offering an enticing benefits package can give you a leg up on the competition.
Consider the various options above when you’re deciding what to provide for your workers. Think outside the box. If you choose benefits that meet their needs, you’ll have happier employees who are more likely to stick with you.