You’ve worked diligently to hire the best employees, and your hard work has seemed to pay off. Your company has seen profitable growth and your team has doubled in size during that time as well. Now it’s up to you to keep your team working hard for you. Attracting and retaining top talent is a challenge that every business faces, but offering up a robust benefits package can go a long way towards keeping morale up and employees satisfied.
“A higher salary is not always the hook to keep an employee on board, but most employees seek comprehensive and generous employee benefits…By offering generous benefits, companies give employees a reason to care about their work and remain loyal to their employer,” writes the Talent Management and HR blog
There’s a good chance you’re already providing your employees with a standard benefits package that includes offerings like health insurance, dental insurance, vision insurance, paid time off, and some type of retirement plan. While that is great, and the importance of building a foundation with those essential benefits should not be undermined, you really do need more if you want to attract and retain the best employees out there.
Want to attract the best? Employee Benefits You May Not Have Considered
Not all employee benefits need to break the bank. There are many different smaller add-on benefits you can provide that will go a long way with boosting employee loyalty and barely make a dent in your bank account.
- Flexible work arrangements – Now more than ever, employees are valuing and prioritizing work/life balance, and if they feel you don’t support them in that endeavor, they will find an employer who does. Consider allowing employees to have days that they can work remotely, or shut down the office at 1p.m. on Fridays during the summer.
- Wellness benefits – A wellness offering, like a gym membership, can be mutually beneficial because as employees get healthier, you may see health care costs go down, employee retention increase, and a reduction in sick days.
- Identity theft employee benefit – Every two seconds, someone in America has their identity stolen; it will happen to you or your employees eventually, if it hasn’t already, and the results can be devastating. According to Willis Towers Watson, a global advisory firm, identity theft was offered by 35% of employers in 2015, but could double to nearly 70% by 2018. Prioritize offering an identity theft employee benefit now and you’ll be ahead of the curve.
- Paying student loans – Student loan debt is huge anchor for many of your employees, especially those that are Millennials. More and more employers are offering to pay a certain amount of student loan debt to show employees that they care. For example, PricewaterhouseCoopers pays up to $7,200 in student loan debt for employees, handing over $1,200 a year for up to six years.
- Family benefits – Juggling work and a family is hard, so give employees a helping hand with perks like paid maternity/paternity leave, extended maternity/paternity leave, or a child care benefit.
Your annual holiday party isn’t a big enough perk to get your employees to stick around year after year. If you take the time to invest in your employees and create a robust benefits package, you will undoubtedly see an increase in employee retention and you’ll save a great deal of money in the long run.
As of 2016, the IRS allows a tax deduction to employers for identity protection. Contact IdentityForce to learn more about our identity theft employee benefit and how we can help you boost your benefits package.