When a potential hire is evaluating your company against the other potential employers they’re talking to, the salary you offer is a major part of their decision, but it isn’t all of it. When your existing employees are considering if they’d be better off at another company, their salary is a big part of how they evaluate your competitors, but just as with candidates, it isn’t all of it. A significant portion of how your team members evaluate whether your brand is worth working for is tied to the benefits that you offer, which not only help make their lives easier and healthier, but have a massive influence on company culture.
But how can you know what benefits to offer? It’s true, each company culture is unique and has its own individual needs - but there are some things everyone likes (in addition to money). Offering more benefits, and making sure they’re upgraded whenever your company grows and can now afford it, is key to maximizing your retention rate. Here are some of the most foolproof and appreciated benefits you can offer to keep your employees in their seats, and fill up all those empty cubes:
Wellness Incentive Programs
Your health insurance plan is one of the most important benefits when it comes to convincing employees to join and stay at your company. Upgrading your healthcare plan is one of the most effective measures you can do, but what if your healthcare plan is already as robust as you can afford? Offer a wellness incentive program.
These programs, which offer rewards for employees making healthy choices, getting back into fitness and making permanent lifestyle changes, do more than just improve the general physical well being of your workforce (though they do that pretty well). They also serve to prove to your employees that you care about their lives even when they aren’t working, which will go far in improving your company culture.
By showing your employees that you want them to be healthy and live long, comfortable, happy lives, you do much to break down the transactional relationship that many employees and employers have. Simply put, if you show you care about your employees, it will be infinitely more likely they’ll care about your company, and feel loyal to it.
In that same vein, offering life insurance shows that you care about your employees’ families as well as their personal health. This takes it a step farther: after all, of course you don’t want your employees to be sick - then they can’t work! But if you care about their families as well, it deepens the bond and loyalty they feel towards your company.
Life insurance as a benefit will be most impactful if your workforce is made up primarily of parents, property owners and those with dependents. By taking away the financial stress of “what if something happens to me?” you’ll give them much needed peace of mind. That peace of mind means worrying less about making sure they make extra money to fill their savings account, and instead take that time to relax and recharge. Rested employees are more productive, and rested coworkers are friendlier.
Do your employees work from computers? Do they really need to be in the office? Does it really matter what time they do their work? Do all of their assignments need to be completed during the increasingly arbitrary 9am - 5pm timeslot? If you answered some or all of these questions with “no,” then it’s time to offer flex time.
This is by far the easiest benefit to offer, as it costs nothing to you and means the world to those who need it. Again, if you have employees with young kids or sick relatives they take care of, this could mean the difference between retention and them moving on. By simply allowing them to make their own schedule, you grant them the ability to continue on their career path while also attending those first baseball games, taking a sick child’s thermometer, and always being home for dinner. Those moments are often worth much more than a paycheck - but you can remove the need for them to have to choose between the two.