Finding and retaining skilled employees for your business is a crucial element in supporting your long-term growth. The real challenge, though, is helping your business stand out from the hundreds of other businesses all trying to achieve the same goal.
One of the most effective ways to bring more interest to your company’s job listings is by also putting together a competitive employee benefits package. Still, having benefits alone won’t necessarily be enough for your business to stand out. This is why it’s essential to carefully consider the type of offerings your employees truly desire, as this will give your business the opportunity to truly shine.
Below, we’ll cover a range of benefit options you can explore to create a comprehensive package that not only improves your chances of hiring great employees but also helps them stay long-term.
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Hybrid and Remote Working Schedules
For quite a few years now, the traditional 9-to-5 format found in business environments has been gradually changing in favor of more flexible scheduling options. As more businesses outsource parts of their operations and explore hybrid or fully remote working structures for their employees, this level of flexibility is becoming the new standard, as job seekers look for potential employers.
Offering more customizable work options for your employees can be a great way to attract a wider talent pool, especially among younger generations. In fact, many employees entering the workforce are happier to take a lower take-home pay knowing that they have the flexibility to work from home.
Depending on how your business is structured, the way you choose to integrate flexible working schedules may vary from other organizations. However, most companies choose to start by at least offering hybrid scheduling, which allows employees to be in the office two or three days a week and work remotely for the remainder.
Additional Paid Time Off
Most new employees will expect a certain amount of paid time off (PTO) to be provided by their employers. However, while you may be bound to certain legal requirements depending on where you live to offer a minimum amount of PTO, there is nothing that states you can’t exceed this amount as an added perk for your employees.
Increasing the amount of PTO you provide shows your employees that you value their ability to recharge their batteries by taking time away from the office to spend with their families. When you offer more than the bare minimum amount of PTO, it helps your business stand out from others and can attract more applicants.
Another strategy that some businesses are using to help gather even more interest from potential applicants is offering unlimited PTO. In these situations, employees don’t have a specific cap associated with the number of days they can take off, and are given more freedom to plan their working schedules that are best for them.
Although this may not be a feasible option for all businesses, when additional PTO is extended to employees, it can really help to solidify the trust that should exist between businesses and their employees, not to take advantage of the provisions given to them. This helps to build stronger relationships internally and can help benefit your brand reputation.
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Flexible Health Insurance Coverage
For most employees, health insurance benefits aren’t a nice-to-have - it’s a necessity. When creating a benefits offering for your employees, ensuring you have this type of coverage is important to meet this employee requirement. However, the level of coverage you provide can make all the difference when high-quality job candidates compare your business with others.
Offering more flexible coverage options that allow employees to tailor the amount of coverage to their unique needs can be a significant standout perk to new job seekers. This can be great for employees with specific family or dependent needs and may have preferences regarding the amount of coverage and associated premiums or out-of-pocket expenses they pay.
Childcare Assistance Options
While traditional healthcare coverage can vary based on the provider and the level of investment the employer makes, many of them, by default, don’t cover much in the way of childcare assistance. Because of this, the benefits you offer to your employees can be considered much higher value if you explore options to include this type of coverage.
There are a variety of ways you could consider incorporating different forms of childcare support. For example, your business might be in a position to establish an on-site daycare facility or partner with nearby services. You could also provide additional financial aid to employees who need to pay for daycare expenses out-of-pocket by providing access to a flexible spending account or stipend arrangement.
Stock Purchasing Programs
Another perk you can offer your employees is the ability to take part in Employee Stock Onwerships Plans (ESOPs). With ESOPs, you provide your employees to take part in purchasing shares of the company at reduced prices. These are commonly used in startup businesses and are a great way to help keep employees more connected to the short and long-term success of the company.
Offering this kind of benefit to your teams can also help to set the right done for your business. It shows that you’re confident in the direction it’s going and its ability to be profitable over time. This can make it much easier to attract new job applicants and help keep employees more loyal to the brand over time.
Attract More Talent to Your Business
Employee benefits are an important company perk that can help your businesses stay competitive with other organizations. However, by considering the benefits that “really” matter to your employees, you can successfully increase the amount of job applications you receive with giving your team more reasons to stick it out for the long haul.
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Paismo simplifies your tasks with its core HRMS, timesheets, and attendance management, as well as biometric attendance, payroll automation, and leave management system.
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Contribution By:
Frank Mengert
Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm, a leading provider of employee benefits solutions. Frank has built the business by bridging the gap between insurance and technology driven solutions for brokers, consultants, carriers, and employers nationwide.
