What are the corporate perks that can win over the best employee talent? Learn from the top companies with the best benefits.
Recruiting, hiring, and training talented employees is a major cost for business owners. With the unemployment rate down, many businesses find themselves engaging in a war for talent with other employers, fighting to attract and retain the best.
Today’s top talents are interested in more than just a salary. They want employee perks that make work meaningful and aligned with their lifestyles. The good news is that you don’t have to blow your benefits budget to offer great incentives for employees. Taking a look at what several companies with the best benefits do can help you discover some ideas to keep your employees happy and show potential new hires that you value them.
Work-Life Balance
Employees spend the majority of their week at their workplace. They want that space to feel comfortable, not like a place they dread showing up to. Some of today’s top employee perks are about fostering work-life balance. These break down into five main categories:
- Paid Time Off
- Flex-Time
- Work Environment Perks
- Corporate Perks & Discounts on Other Services
- Health Insurance and Other Traditional Benefits
Paid Time Off is a Strong Employee Incentive
Talented employees work hard and play hard. They are happy to devote time and energy to the company’s goals, but they have goals of their own. Many of the best places to work offer more paid time off than the formerly standard two weeks of vacation.
Glassdoor and Virgin Group are among big-name companies that offer unlimited time off. That may sound strange, but this perk actually discourages employees from taking vacation days because there is no “use it or lose it” incentive. Company culture about not abusing a benefit also keeps the perk in check. Your employees enjoy the flexibility and tend to only ask for time off when they want to use it.
Adding extra days off doesn’t cost you a lot and is perceived well by your employees. For example, Metis Communications gives staff their birthdays off, and after five years of employment, staff earn vacation days on Fridays during the summer.
Parental Leave and Leave for Hobbies and Personal Growth
Flexible leave for life events, such as the birth or adoption of a child, or to pursue life goals is highly desired by top talent. Both part-time and full-time employees with at least one year of experience at the company earn up to four months of paid parental leave at
Deloitte offers employees two types of sabbatical programs: a month of unpaid leave taken for any reason, and a three-to-six month leave to pursue professional or personal growth at 40 percent pay.
Flex-time is another popular benefit. Staff appreciate creating their own schedule to accommodate their life and routine. Allowing employees to work four 10-hour days, to work from home on certain days, or to start and end their days earlier or later than typical business hours can go a long way to keep employees happy.
Work Perks On Site
Spending so much time in the office means that certain errands or healthy habits are harder to schedule. One way to help employees address those challenges is by offering Employees also appreciate being pampered sometimes: Allow a massage therapist or nail technician to come on site to offer their services.
Pet-friendly workplaces and on-site fitness centers are other oft-cited incentives. Free food at the office always goes a long way to fostering an environment of community. Some companies have . Companies know that if they make the work environment more comfortable, staff will enjoy every moment of the workday, leading to greater productivity.
Corporate Perks
Making partnerships with other businesses to offer discounts to your employees is another great employee perk. Some companies negotiate for discounts on cellular phone services, gym memberships, or for common home or auto expenses. These kinds of corporate perks can cost you very little, but are valued by top talent.
Traditional Benefits Packages
Just because you’ve added casual Fridays and bring-your-dog-to-work, doesn’t mean you can overlook traditional benefits packages such as health and dental insurance, life insurance, profit-sharing, stock options, and retirement savings. Most top employers have excellent benefits packages; to win the war on talent you should consider these and some of the above highly desired employee perks.
Readers should consult their own attorneys or other advisors regarding any financial or business strategies mentioned in this article. These materials are for informational purposes only and do not necessarily reflect the views or endorsement of Santander Bank.
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