A generous benefits package can make a huge difference toward worker engagement and retention. Many people consider all of the benefits along with the salary offer when deciding whether or not to accept a job. And a survey done in 2015 says that about 80% of employees would choose more benefits over a pay raise.
Some companies are known for their over-the-top benefits packages. They offer things like onsite massages and haircuts. While many other businesses offer simple benefits packages including health insurance and retirement. But because benefits are so important to workers, it is important for HR departments and business leaders to consider additional perks.
Desirable Employee Benefits
Here are some ideas for interesting new employee benefits that may make a difference in retention and attraction of top talent. These benefits are offered at some of the top employers across the world.
Employees want to keep themselves and their families healthy. This means that excellent health, dental and vision insurance is an important benefit. It is even better when the company pays 100% of the insurance for the employee and their dependents. This is an expensive benefit for employers, but it does help retain employees who are looking to take care of their families.
People’s lives are busier than ever. They have families to tend to, as well as outside interests. Many employers say that they promote a work-life balance and letting employees work flexible hours proves this. Employees who can work when they need to and when they are most productive appreciate this type of benefit.
Unlimited Paid Time Off
Vacation time is a big deal for employees, especially those who enjoy travel, who have families who live far away or who have children with long summer vacations. Unlimited paid time off is a perk that has been popular for the last few years. The process usually requires a manager’s approval so it is not a total free for all. However, employees who can get managers to approve certain days or weeks off are more likely feel rested on vacation and to feel valued by their company.
Student Loan Assistance
The United States is in a student debt crisis. Students are graduating from college with the most debt we have ever seen as a nation. Many employers are helping to pay off student loans for employees. This perk shows that what students learned in college is beneficial and valued by the company. In addition, it means that employees are not just working to make money to pay off loans, but instead they are engaged and wanting to contribute to the job.
Paid Parental Leave
Paid parental leave is a huge benefit to both mothers and fathers. Some companies offer up to four months of paid parental leave for both part-time and full-time employees. Having a perk like this builds a great company culture because it lets employees know that families are valued. Employees who are allowed to take time off with pay to transition into parenthood feel committed to the company that they work for. And, when they come back to work, they are engaged and remember the amazing benefit.
Many companies now have gyms and fitness classes as perks for their employees. This allows people to easily maintain a healthy lifestyle and work out over their lunch breaks or before or after work. Not having to commute to the gym, but instead of being able to work out in the office, means that people will not write off fitness. These companies may also offer group fitness classes which helps bring employees together around healthy ideals.
If coming up with ideas for how to show employees they are valued and appreciated sounds like a fun part of the job, get started with the Master of Business Administration with an Emphasis in Leadership or the Master of Business Administration with an Emphasis in Strategic Human Resource Management degrees at Grand Canyon University.
About Colangelo College of Business
Business Buzz is a blog that features content written by faculty, staff and students from Grand Canyon University’s Colangelo College of Business. In addition to profiles about events, students and faculty on campus, you’ll also find insight and perspective on the ever-changing business discipline and current global business topics. Learn about the modern business landscape, and how business today continues to grow and evolve to meet the needs of organizations and consumers in the 21st century. Check in every week for the latest news from the business community and around GCU.