Is salary enough? The short answer is no.
In a Randstad study, 66% of workers said that a benefits and perk package was THE most significant factor when considering a job offer. What’s more, 61% said they would take a LOWER salary if a company offered a better benefits package.
Beyond compensation, here’s how companies are revamping benefits to attract and retain today’s employees.
1. Elevating the importance of mental health benefits
The pandemic has spawned an epidemic of stress, anxiety, and burnout. Employees expect their company leadership to prioritize mental health nowadays, and this can be accomplished through a variety of employee benefit options.
2. Caring about caregiving benefits—for children AND adults.
Even before the pandemic began, the need for family caregiving benefits was apparent. The pandemic has only highlighted the intense need for caregiving support.
Family caregiving for children, aging parents, and loved ones with special needs affects every working generation, from the newly graduated Gen Zs to Baby Boomers.
Furthermore, caregiving often negatively impacts employees’ mental health, distracts them at work, and even causes them to resign. Family caregiving benefits such as Dari by Homethrive simultaneously address the needs of employees, their loved ones, and the company.
3. Upgrading technological well-being
Tech fluency is an essential skill in today’s labor market. Moreover, benefits that enhance the technological well-being of employees—whether working in-office or remotely—help attract and retain employees. Furthermore, a Guardian study revealed higher employee satisfaction rates among highly digital companies.
4. Recognizing and rewarding exceptional employees their way
In addition to promotions or salary increases, today’s employees value receiving rewards and recognition based on their individual preferences. While some employees would enjoy box tickets to a ballgame, or a concert, others might prefer the opera. Similarly, some want their accomplishments shouted from the rooftop, while others prefer a handwritten note or a glowing LinkedIn review from their boss—or their boss’s boss.
Acknowledging the hard work of your team members, in the way that makes them feel most valued, is a great way to show your company’s appreciation.
5. Percolating new perks
Similar to rewards and recognitions, today’s employee perks include many options:
- Onboarding gifts
- Birthday day-off
- Free lunch
- Perks of choice from third-party providers
- Shopping discounts
- New training opportunities
- Ticket giveaways to movies, shows, or sporting events
- Work anniversary gifts
- Time with the boss (or time away from the boss)
6. Tilting toward life.
No longer are companies simply paying lip service to work-life balance. In large part, this is because millennials and Gen Zs demand it. Discover more about the transition from work-life balance to “life-work tilt” in a recent article penned by Homethrive’s VP of Human Resources, Lisa Bomrad.
7. Beefing up healthcare.
The Affordable Care Act incentivized corporations with 50 or more employees to provide affordable healthcare to full-time employees.
With stiff competition for talent, employers have begun to offer 100% employer-paid healthcare premiums. Furthermore, some large employers, such as Costco, Lowe’s, Starbucks, UPS, and Chipotle, are attracting part-time workers by offering robust healthcare benefits.
8. Flexing…everything.
Today’s employees want flexible work locations, time off, and hours—even flex holidays. For many workers, flexibility is not just a want – it’s a need. Meeting your employees’ unique needs with a sense of flexibility and understanding helps keep employees engaged and loyal, protecting your company’s bottom line.
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