If you’re looking for ideas, here are some employee benefits that have brought other business owners’ success in attracting and retaining top talent.
Best Employee Benefits
You probably already provide your employees with the most common employee benefits, including health insurance, overtime pay, paid time off, sick days, tuition reimbursement, retirement plans, gym discounts, child care, transportation assistance, or work-from-home options.
But there are things you can do to take these standard employee benefits to the next level. Here are some of the successful policies other business owners have successfully used to increase employee satisfaction:
Normally, employees accrue PTO for every hour worked. This isn’t always useful since employees can get sick or need to take time before they’ve accrued enough PTO to do so. Unlimited PTO changes that. Employees can take off time when they need it, without worrying about a PTO balance. This is also an effective way of building trust. Not only does it give employees flexibility, but it also shows your employees that you trust them to get their work done and meet their goals while also taking the time off they need to take care of themselves or take a vacation.
Custom Benefits Package
This is something that larger companies may be able to offer. It allows every employee to customize what’s in their benefits package. Every employee is different and whether they’re single, married with children, taking care of elderly family members, or hoping to get tuition assistance, allowing them the opportunity to choose what will benefit them the most is a great way to make them feel appreciated.
Paid Parental Leave for All Families
Although this is changing, some benefits packages only offer family leave for traditional families. The definition of “family” has changed a lot in recent years and businesses should recognize that offering paid parental leave for same-sex and adoptive parents will attract a wider range of talent.
This refers to the idea of allowing employees to choose their own work hours, as long as they get in the required amount of hours. For example, if someone needs to be home in time to get their children after school, they can work a 7 am to 3 pm shift instead of the standard 9 am to 5 pm. Employees have the freedom to schedule their work hours around all of the other important things they have to do in their lives.
While this is a pretty traditional benefit, performance bonuses continue to be a benefit that employees appreciate. When employees know they will be rewarded for their hard work, they’re likely to work harder. It’s more than motivation. Performance bonuses also offer a feeling of control.
Show your interns how much you value their time and talent by offering them a salary as well as a competitive benefits package. Interns are the next generation of workers and if you want to be able to attract the best and the brightest, intern benefits are the way to go.
Putting a Good Benefits Strategy in Place
Before you start thinking about changing your benefits package, make sure you look at state and federal laws which may require you to provide certain benefits. For example, your business has to comply with workers’ compensation benefits, employees must be given time off to vote or perform jury duty, and you have to comply with unemployment tax laws and the Family and Medical Leave Act.
Next, take the time to talk to your employees. You will never know what they want or what is missing unless you do. Figuring out how to get your employees the benefits they want not only shows them how valuable they are to you but also makes them feel heard. Do not underestimate how much this affects your business’s ability to attract and maintain the best talent.
Take a look at your competitors and see what they offer as they’re your biggest competition for employees. Would you drop everything to work for them if you were an employee? And, if so, what can you do to change it?
Allowing employees the opportunity to customize a benefits package over using a standard one is always a good idea. Workers have a chance to prioritize their own needs is the best way to make the benefits you offer meaningful to everyone.