In the current competitive job market, it is no longer enough just to attract and recruit employees, there is also the need to work towards retaining them. One of the most viable ways of doing that is by issuing incentives in the form of perks and benefits. Research shows that employee perks play a huge role in boosting employee morale and happiness. In fact, Glassdoor surveys confirm that 57% of highly sought-after professionals consider employee perks as a vital criterion for choosing their prospective employers. Moreover, in a random group of employees, four out of five individuals prefer perks to the good old pay raise, so if you are seeking to maintain your esteemed staff, here are five perks that will get the job done.
1. Health Insurance
In recent times, research shows that health insurance is the highest valued employee perk. Healthcare costs are on the rise and will likely not come down anytime soon. For this reason, employees consider health insurance benefits an essential aspect for determining whether or not to stay in or join a particular company. Most of them often perform a health insurance comparison to determine which employer is better.
So you need to offer a comprehensive yet affordable healthcare plan for your employees. Go for the employer health insurance plan, which is slightly cheaper than the government-issued insurance programs with broad coverage. Healthcare and dental insurance perks will demonstrate to your staff that you care about them. This boosts their morale and productivity.
2. Flexible Schedules
Most employees often feel that the usual 9 am to 5 pm work schedule imposes too much pressure on their social life. This is true especially for parents who have to maintain their various households. Providing work flexibility for your employees might just be the best way to earn their loyalty.
While doing that, you don't have to interfere with the stipulated 40-hour work requirement. Come up with a creative way of fixing employee schedules outside the regular hours. Allowing remote working is one way of going about it.
3. Office Perks
Employees work best in a fun environment. Since they spend long hours at work, it is only right that you make the workplace more enjoyable. Therefore, introducing office amenities such as a pool or ping pong table, a gaming lounge, free coffee and snacks, and a beer fridge is essential. However, it is important to determine the work rate of your employees before installing a luxury amenity. A poor choice may be detrimental to their productivity. Besides that, make sure go for offerings that are within your budget range. You may also allow an employee celebrate his/her birthday at work to promote team culture.
4. Paid Time Off
Employees spend most of their days working. Being human, they burn out at some point. Therefore, there is a need to allow them some time to cool off or unwind. Introducing a PTO in your organization can impact positively on your employee morale. A paid vacation is an excellent place to start. Once in awhile, you can offer your staff with a stipend and a few days off when they go abroad on a business trip for instance.
5. Reimbursement of Employee Tuition Fees
Tuition fees have often proved to be a burden to young employees, particularly the millennials. Most companies, therefore, have made tuition reimbursement a significant benefit. By providing your employees with incentives that allow them to repay their student loans or take part in graduate or professional programs, you can make a huge impact in their career. This perk also provides young employees with an opportunity to learn new skills and expand their knowledge base. This way they will be happy and better-equipped to perform their duties diligently.
All these perks are not only viable but can become realistic if they aren't already. Therefore, you can easily implement them in your business to help promote your employee morale and long-term happiness. While some may appear resource-intensive, they deliver high ROI if you apply them correctly.