When we hear about recessions and layoffs, it does not mean that businesses don’t have difficult times finding employees with the right qualifications. Through my many years of working in HR, finding and keeping talented employees was always an important task.
Jeanne Sutton spoke about employee benefits strategies at this season’s Society for Human Resource Management (SHRM) Talent conference. Jeanne Sutton started her presentation by explaining that a typical job candidate has about 2 to 3 job offers and can compare the benefits each company offers.
And since companies can’t afford to lose their integral employees, here are the top benefits to offer to retain your workforce.
Companies that offer health benefits to their employees are more likely to retain their valuable workforce than have resignations on the HR tables. Many companies offer additional benefits for employees that are referred to as fringe benefits to fight the ‘great resignation’ and keep their talented employees motivated. Although many of these benefits were geared toward offices, they now include the reimbursement of bonuses and other benefits, allowing employees to use the benefits even working in remote locations. remote work environment.
What is the reason a company would want to provide fringe benefits? In 2015, Glassdoor’s employment Confidence Survey revealed that four out of five employees would prefer receiving benefits or perks over a pay increase. Employees of younger generations also identified well-being as their top workplace priority.
Instead of giving allowances up front instead, you can offer reimbursement to employees for medical and wellness expenses. As opposed to a wage increase which will automatically be credited to an employee’s paycheck, you are in total control over the eligibility for reimbursement. This way, you’ll be able to ensure that your employees are spending their allowances on rewards.
In addition, if employees do not use the entire amount, you’ll be able to keep the balance, helping to improve your financial health.
Some modern benefits to adding in Health benefits are:
- Reproductive health care. It’s hot currently – Some organizations have changed their policies to cover reproductive health care services like IVF (IVF) or abortion. Your business must determine what option is right for your business.
- Treatment with psychoactive substances – Alongside reproductive health, many companies are considering psychedelic therapy as an alternative to conventional drugs to offer employee benefits. Psychedelic therapy is being researched as a possible treatment for anxiety and depression. With a focus on wellbeing, health, and mental wellbeing, some organizations like soap manufacturer Dr. Bronner’s offer millions in dollars for this treatment.
Full attendance is a dream of a business owner at the workplace. But this isn’t logical nor possible in reality. Since life can happen to anyone and one may not be able to show up at work for whatever logical reasons, a group of paid leaves should be allotted to the employees.
Also, keep in mind that I am not suggesting that every OFF should not be paid. But assess the situation and try to accommodate the employee’s benefit here.
One aspect that will increase in importance more than ever will be remote working. The Bureau of Labor Statistics determined that in the United States, 11.1 percent of workers had been entirely at home in 2021. Although that might not sound like a lot, it represents 17.3 million people across the U.S.
In addition, potential employees are searching for remote work opportunities, with 9 percent of job listings on Indeed including remote-based positions. Companies like Twitter, Slack, Salesforce and Microsoft permit users to collaborate remotely. This is because 97 percent of employees, as Forbes reports, do not desire to be in work full-time.
Employers who work remotely on an alternative model are sure to keep them satisfied. By reducing commute time and the cost of transportation and gas, as well as giving employees the freedom to live wherever they prefer, They’ll be more efficient and committed to their jobs.
Although remote working is an excellent bonus, make sure to provide additional benefits to employees who work remotely. If employees work from home, they usually utilize their own internet connection as well as cell phones for work. In some instances, workers cannot afford an internet connection with a higher speed to boost productivity.
TechRadar states that 67% of those who participated in the HighSpeedInternet survey would like their employers to cover the internet cost while working at home.
Additionally, the results of an Oxford Economics survey in 2018 revealed that most companies offer a stipend to cover costs for mobile phones for employees who use their mobile devices to work.
The small work stipend can help employees pay for their phone and internet charges when working at home. This helps ensure that employees can work from home with a stable internet connection.
One of the first thoughts that pop into your mind when you think about students’ debts is that they are a concern for aspiring young people and have ample time to pay off their loans. Sutton stated she addressed the increasing amount of student debt they incurred due to parents who took out money to help finance their education. This kind of debt could cause problems for a person’s budget.
Also, thanks to the recent advancements in technology, you can access an almost endless supply of learning resources for free from content curators such as YouTube, as well as other providers of online courses.
But, the necessity for continuing education or university isn’t going away. In today’s competitive job market, it’s important to seek higher education to obtain executive-level positions.
The benefits of education associated with the highest satisfaction levels include tuition reimbursement programs and paid training on the job. Nearly 40% of employees believe paying for job training is “very significant” for their happiness. 90% of employers have an education benefit or tuition reimbursement plan in the first place.
Concerning finances, certain people may be thinking about various retirement options within their retirement plan. The possibilities could range from easy, like returning after specific years or slowly stepping from retirement over the period. Companies can retain workers by permitting them the opportunity to talk candidly about retirement plans.
The motive behind this list isn’t to say that you need to consider these benefits or lose applicants or employees. It’s to encourage us to think about the primary purpose behind the employee benefits program, which is to retain and retain workers. If your current plan isn’t working, It’s probably time to look at what would provide employees with a sense of satisfaction.
Another aspect to think about. Making changes to employee benefit plans isn’t easy. Employers should consider hiring experts to assist them in the process. I’ve written several articles before regarding the ” implications of benefits plans that are no longer in use” and ” things to take into consideration in removing benefits plans.” This article could provide insight.
As the business landscape changes, employee benefits will likely shift with the evolving business environment. The advantages offered by the company should be in tune with the company’s style of operation. What do the benefits you receive say about your overall organization are they up-to-date with the current fashions?