Often during an interview, candidates ask recruiters about the benefits offered by the company they’re interviewing for. The perks and benefits offered by a company to its employees make the salary packages a lot more lucrative. If your company offers good employee benefits, you will see a higher retention rate. Perks serve as add-ons on top of the salary and feel like freebies. That’s the reason most employees prefer having a secure job with an average salary but perks that cover their health insurance, fuel costs, and more. Here’s a list of ten benefits that you can introduce in your company’s salary package to maximize employee retention.
- Wellness Programs
Companies can run health and wellness programs on top of providing health insurance to their employees. Health insurance usually comes in handy when an employee falls ill. It’s a contingent perk and is only useful in times of ill health. In modern times, employees prefer having health and wellness benefits as part of their salary. You can include mental health support through sponsored counseling. Or you can arrange a periodic yoga retreat where your employees can visit, reset and realign themselves, and bond better as a team. This can not only help retain them, but it can also potentially increase the employees’ bonding, which is ultimately helpful with team engagement.
- Salary Add-Ons
You can also provide your employees with performance-based bonuses. In fact, in some roles like marketing and sales, bonuses are the norm. But even some of your team members do not directly help land a new client. For instance, you should celebrate the company’s win by handing out bonuses because it boosts morale and gets the team motivated to do even better for the company’s success.
- Offer Equity in the Company’s Ownership
You can also introduce equity plans to let your employees have a share of the company’s success. Offering equity to the company can help employees to perform better as well. If you have a remote business, offer remote-work stipends that they can use to upgrade their home office setup and perform even better.
- Offer Career Development Opportunities
Another major way you can help your employees stay motivated is by offering them learning courses and career development diplomas. There are plenty of employee coaching tools you can use, along with professional coaches and a curriculum. The idea is to keep the culture of learning alive and thriving within the company so that as the company grows, the employees grow with it.
- Flexible Hours for Family Duties
Offering flexible hours instead of rigid 9-5 working hours, parental or geriatric care leaves, and an overall flexible approach to billable hours is a step that most employees would appreciate. The truth is, people want to excel at their jobs, but responsibilities usually tie them down. Offering them some flexibility can help them work at their own pace and perform even better.
- Offer Out of the Box Perks
When Gen Z is added to the workforce now, the preferred perks look different. Consider offering Spotify and Netflix subscriptions to your employees, or a bring-your-pet-to-work day every week. You can also offer them their favorite movie ticket, or a dinner reservation for a month at a place of their choice; of course, your HR can look into it and provide you with options suited to each employee. This type of culture works best in startups and helps the team bond better.
- Retirement Funds
Consider offering a retirement fund to your employees and add a clause about it to the contract if they want the company to manage their retirement funds. You can offer retirement funds in terms of gratuity, provident funds, pension, and encashment, for instance.
- Set Up a Day Care
Depending on the number of employees who are parents at your organization, you can consider setting up a daycare program for the children to be taken care of within the work vicinity. It will give parents peace of mind, and they will be able to focus on work more.
- Generous PTO Policies
Increasingly, workplaces are adopting what they call an unlimited PTO policy or the trend of offering a generous number of leaves. This type of culture helps employees perform better because you’re not managing their time; you’re only managing their output. If they can execute their work duties, they can take as many days off as they want. This type of structure is especially appealing for the fresh crop of employees or recent college graduates entering the job market.
- Develop Their Career Pathways
Tailoring your company’s structure around its growth is vital. But it’s also important to keep the career pathways of your employees in mind. Help your team map out their career paths and offer as much support as you can to help them grow, and if an employee feels their growth is stunted, consider creating opportunities for them so they can grow within their role.
Conclusion
These perks and benefits are crucial when it comes to retaining employees in today’s fast-paced world. If you want the A-players on your team, you will have to make your workplace attractive enough to retain them.
