While compensation is a factor to consider, it’s not the sole motivator to attract talented resources to your organization. There is something else that millennial look for in their job search. Besides monetary benefits, they consider companies that offers incredible benefits and perks along with their regular income.
Recruiting and attracting workforce is not enough, organizations also need to focus on retaining their talent pool. Investing on your employees is equally important as investing in your business.
Perquisites and benefits are no longer just “nice to have” but they have become “a must have” component for every employee.
So what are the benefits that employees really care about?
- Medical/Dental/Vision Insurance
Health insurance continues to be a must have part of any employee benefit plan. With the health Care Reform, it is more critical for employers to provide their employees with affordable and beneficial plans. Make sure that you provide a different and better plan option than that of your competitors and your plans cover specialists and preferred physicians in the network.
Besides health insurance, employees also seek vision, dental and other disability insurances. Having vision and dental insurance along with health insurance is like adding value for the employees.
- 401k and Retirement planning
Organizations have multi-generation workforce and every generation has its own needs. Most employees, especially baby boomers want to have a secured future and retirement planning is a must for them. Thus, 401k offers financial security to these employees when their pension plan becomes nonexistent. Every employee may not have a strong financial planning. So they are highly interested in having retirement assistance with proper plans.
- Flexible Working Hours
One of the most important benefit every employee seeks for is the flexibility of time. Nowadays, in most families both the parents are working to provide financial support to their household. Hence, flexible work timing has become the key to attract the employees to your workplace. This doesn’t mean that the employee won’t meet the minimum working hours a week, rather they will have the privilege to manage their schedule outside the normal 9 to 5 work cycle.
- Paternity/Maternity Leave
Parental leave is the most expected and desired leave for every employee. It’s a difficult decision to make a choice between growing a career and starting a family. Along with maternity leave, companies must have wise paternity leave policy. This will not only retain employees but will also make them know that you understand the value of a family, health and happiness. Some companies also offer financial support during that time.
- Paid Time Off (PTO)
PTOs are every employee’s favorite! With most of the days working, paid offs can make all the difference. It allows the employees to take a break without any fear of losing pay which in return enhance their productivity on other working days. Many people value vacation over salary, and paid leave is a good way to attract them to work.
- Office perks and Celebrations
Since employees spent majority of their time at their work place, employers are trying hard to create a more enjoyable space as a means to keep the employees active, engaged and healthy. to make a more dynamic work environment, setting up extracurricular activities in premises can be a good option. For example, having a pool table/TT table, gaming room, gym facility, free coffee and snacks. Companies can also arrange celebrations including holiday dinners, annual office party, and many more.
- Performance Bonus, Recognition and Rewards
To boost employee productivity and output, companies should offer regular bonus or rewards to the employees. This bonus can be monetary or non-monetary. People join companies with a notion that they will grow within the organization. Every individual wants to be appreciated and recognized for their hard work. If the employees are not appreciated, they will end up leaving the organization. So, to engage and motivate employees, employers must always thank them for their hard work and dedication.
The Bottom Line
All these Employee Benefits are great because they not only attract new talented individuals but also helps in retaining them. These benefits promote a healthy working culture and are meant to appreciate and reward the employees for their contributions to the organization. It may not be possible to adopt all of these for every organization, but employer should always focus on employee retention and satisfaction. So, instead of considering these benefits as an expense, organizations should consider it as an investment and enjoy high return.