It’s hard to overstate the importance of a quality benefits package to attract top talent to your team. Not only do unique employee benefits help you land highly qualified workers, keeping employees happy long term reduces turnover. This saves you time and money.
Traditional benefits – like health insurance – are of course an important component of building a benefits package. However, keep in mind many other businesses offer these kinds of perks. If you’re looking to stand out from the crowd, there are plenty of non-traditional benefits worth considering, many of which don’t cost your company that much extra money.
In fact, some surveys show as many as 72% of employees say having more work benefits would increase job satisfaction. Not only that, 75% of employees say they’re more likely to stay with their employer due to a quality benefits package.
Below, we’ll breakdown how to go beyond the basics and create a benefits package sure to entice top talent.
See this as a way of investing in your employees. Reimbursing certain expenses, even ones unrelated to work, can make for a happier and more productive workforce.
Consider covering some of the following:
Invest in your employee’s education. Many companies offer to reimburse the cost of tuition for job-related education programs, like an MBA, in exchange for a contract requiring them to stay in the company for a certain number of years after completing the program.
In addition to things like maternity and even paternity leave, you can help parents out by offering reimbursement for the cost of childcare.
In a world that’s going increasingly remote, it’s more and more enticing to cover the cost of related expenses for full-time employees. Whether it’s wi-fi bills or equipment like laptops and monitors, technology reimbursement is a major perk for many work-from-home employees.
The cost of getting to and from work can add up fast. Some companies offer to reimburse a certain amount of gas costs, or even offer things like bus passes or free Lyfts/Ubers.
It may sound a bit extravagant, but more and more companies are offering pet insurance as part of a unique employee benefits package. Pets can have a positive effect on people’s physical and mental well-being, but vet costs are on the rise. For avid pet owners, the possibility of reduced vet costs might entice them to take an offer at your company over a competitor.
One way you can give employees extra financial help is educating them about financial planning. Consider offering some of the following:
- Financial literacy programs
- Assistance with student loan repayment plans
- Presentations on taking advantage of health benefits to keep out-of-pocket costs low
- Courses on retirement planning
This is a particularly good perk for companies with younger employees, who may be new to financial planning.
Gym Memberships or Fitness Classes
Employees hoping to stay physically fit will definitely be enticed by the possibility of a free gym membership or fitness classes. Many companies are even able to keep gyms in the office for added convenience. Not only does this perk attract top talent, regular physical activity can boost employee morale and productivity.
Unlimited Sick Days
Especially in the age of COVID-19, many employees worry that prolonged illnesses will affect their paycheck. Offering unlimited sick days does not cost your company much money and is a great way to entice applicants.
Free In-Office Massages, Meditation, or Yoga
Stress can easily build up during long work days. Activities like yoga, massages, and meditation all relieve stress. Paying for a masseuse or yoga instructor to stop by once a week can help keep employees relaxed and – ultimately – happier and more productive.
Mental Health Leave
Consider offering employees a set number of mental health days per year to help them rest and recharge in the event of increased stress, anxiety, or depression. Mental health leave can also include bereavement leave, which allows employees to take a prolonged paid leave of absence in the event of a loved one’s death.
On-Site Wellness Services
Even with good health insurance, people do not always have time to make necessary appointments. Offering on-site wellness programs can help employees stay healthy while at work. This can include smoking cessation programs, seminars on nutrition or weight loss, and regular biometric screenings.
Free Life Coaching or Career Counseling
One of the main reasons employees leave their jobs is a lack of opportunity to move up in the company. Having life coaching or career counseling services helps employees develop new skills, preventing them from feeling their career is stagnating.
Learning and Development Courses
Office subscriptions for services like Lynda won’t cost you much, but they can be a major incentive for employees to stick around for the long haul. Plus, they benefit your company by giving your employees a more diverse skill set.
You don’t necessarily have to invest in outside services to help bolster your employees’ professional development. You can use your existing resources to help your employees learn by having internal training programs in which employees teach one another their specific skill sets.
Lunch and Learn Sessions
Many companies have weekly lunch and learn sessions, which are voluntary meetings or training sessions that bring together people from different departments. These are great ways to utilize your existing resources to help your team develop professionally. It’s a unique benefit you can provide with very little extra cost.
Social Wellness Benefits
Unlimited Paid Time Off
Unlimited PTO is getting increasingly common in the workplace, and it can definitely be a major incentive for prospective employees. Unlimited paid time off isn’t just about extra rest and relaxation, however. It also means unexpected events – like family emergencies – don’t eat into valuable vacation time.
While free food and cake on your birthday can be fun, some employees might want to take the day off instead. Offering paid time off on birthdays is a nice gesture, and one that can boost company morale and incentivize employees to stay at your company long term.
Four Day Work Weeks
Some studies show employees are actually more productive with shorter work weeks, which is why four day weeks are becoming more popular. If you’re not ready to fully commit to a four day week, however, you can always test it out by offering one three day weekend per month and seeing how it affects office productivity.
A culture pass basically means giving your employees a free or discounted admission to places like museums, art galleries, plays, and concerts. This helps employees develop a quality work-life balance, and is a nice way to make your workers feel appreciated.
The Bottom Line
Enticing top talent will always be competitive, but offering unique employee benefits can definitely help. Unique employee benefits are one of the biggest things employees consider when thinking over a job offer. Therefore, it’s important to offer a quality benefits package. Offering some unconventional perks can definitely set you apart.
If you’re struggling to put together a benefits package, UBC Insurance Solutions is always here to help. We work one-on-one with every client to find the right package to match your company’s unique needs. Reach out here to schedule a consultation.