As more employee benefits become commonplace, businesses should look to do more than the bare minimum to both attract and retain top talent. Offering extra benefits and working perks shows that you’re invested in your employee’s happiness and satisfaction at work. And no, we aren’t talking about gimmicky perks like free branded merch and coffee.
If you invest in your employees the quality of their work and your company’s culture improves—two factors that every single person in the business benefits from. It’s well worth a company’s time and money to go the extra mile for their people. So, without further ado, here are the best and most popular benefits that not only help entice exceptional employee candidates—but retain that top talent.
1. Flex Hours
Flex hours are when you give your employees options to alter their schedule from the typical 8 to 5 work day. Between childcare, personal health, the ups and downs of life, and everything in between, this benefit can alleviate a lot of stress for employees. It also shows that you trust your employees to get in their full 40 hours of work in, even if it means them taking off early to pick their kids up from school and finishing up their work in the evening. The best part is, that offering flexible hours doesn’t cost companies anything—trusting employees and ensuring managers are communicating properly with their teams on their workloads and hours is all it takes to make this one of the most attractive and desirable benefits a company can offer.
2. Generous Time Off & Parental Leave
In the same vein as flex hours, offering generous PTO and parental leave is an immensely desirable benefit. Candidates who are planning on having a family definitely look into parental leave benefits, and even candidates who already have families or aren’t planning on having kids still often choose to apply to companies that have generous options for paid time off. While paid time off can seem like a costly benefit to companies, it actually benefits productivity more than nearly any other fringe benefit. According to Forbes, there’s scientific evidence that suggests employees are healthier and more productive when taking time off periodically throughout the year. We are simply more productive when rested—and happier too.
3. Commuter Benefits
One major barrier for companies hiring and retaining top talent is location. A difficult commute can be very deterring. Covering costs for buses, subway fees, parking, and compensating commuting time all can not only expand your radius for potential talent but also retain top talent, especially if a current employee decides to move to a neighboring town or suburb from your business.
4. Workspace Stipend
Offering stipends for new employees can help them not only be better equipped for their first day of work but make them feel welcomed and invested in. Offing a reasonable amount of money towards work equipment such as a comfortable desk chair or dual monitors is very common, especially for employees hired remotely. It’s a nice little perk that shows the company cares.
5. Longevity Perks
It feels like it should go without saying, but you should be recognizing employees’ hard work loyalty. However, you can take it to the next step by rewarding major milestones for your workers with exciting perks. Some popular rewards include multi-week sabbaticals, bonuses, and increased paid time off.
6. Professional Development Opportunities
Even if you’re considered an expert, there’s always more than can be learned. Most people are invested in their careers and want to be given opportunities to expand their skills. Offering professional development through the form of trainings, programs, seminars, conferences, or mentorships are just a few excellent ways to help motivate employees and help them take their expertise to the next level. It’s well worth the cost for companies that also reap the benefits of enhancing employees’ skillsets.
7. Half-Day Fridays
Really, how productive are you on a Friday afternoon? So many people take half or full days off for Friday, especially during the summer months or around holidays, that many times those afternoons end up being a wash anyways. For companies that have both in-office, work-from-home, or hybrid models, this benefit can be inclusive of all types of employees.
8. Free/Reduced Price Gym Memberships
Offering reduced prices or even free memberships to employees is an extremely popular benefit, as it helps employees save money on expensive gym memberships and also invest in their health and well-being. According to The CEO Magazine, incorporating physical activity can have a major positive impact on workplace performance. “Physical activity was shown to improve concentration, aid memory, speed up learning and lower stress.” Sitting all day at a desk for eight hours a day can be hard on even the most tenacious employee. Getting up and moving during the day or before and after work with gym access can not only improve employee happiness but also increase workplace productivity. It’s a popular perk that benefits the company too!
The bottom line is, that offering just the baseline required benefits isn’t cutting it anymore for most folks. Employees are expecting more from their employers. This is why increasingly more and more companies are offering attractive benefits and workplace perks to not only catch the eye of candidates but also help retain their best employees. It’s been proven over and over again that companies that invest in their people—show them trust and support through fringe benefits—have better workplace culture, attract exceptional candidates, and retain their best employees longer.
PayNW is the premier provider of a unified cloud-based human capital management platform for mid-size to growing businesses. Our client services team is ready to assist you via email or by calling us at 866-729-6920.