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Company Benefits- Could you Be Doing more?

What makes you an employer of choice? Why would a candidate want to work for you? Is it the insurance you offer? The gym stipend? The culture? Could you be offering more company benefits to employees?

The Great Resignation has been talked about for a while. In the same breath, we are in a tight hiring market and companies are bleeding for labor so how can you make your company stand out to find great employees who want to stay?

Times have changed, both for employees and employers.

Employees are in high demand, which creates more competition for employers. But, what are employers doing to attract talent? I’m not even talking about top talent which is a topic I’ll debate all day long because I believe TOP talent is cultivated, not hired. I am talking about employees who want to be there, want to work, and stick around for the long haul.

Employers need to be offering more company benefits, now more than ever. Not only to attract their ideal employee but to show real appreciation for their teams, increase motivation, and encourage employee retention.

Here are a few interesting perks/benefits I’ve seen employers offering that I believe are really moving the needle:

1. Professional development programs

Something permanent and in stone, not just ad hoc. Match programs, performance-based, aligned to career development and progression, mentor programs, etc. A program that is truly aligned with your employees and how they want to grow in their careers.

2. Flexible work

This can’t be done all the time, but combining flex time with uncapped PTO and remote work offers flexibility for those that want to travel, do things during daytime/nighttime hours, play with their kids, and go to the doctor’s appointments, etc. If a company is able to provide this to their employees, it not only shows trust, but has been shown to increase employee retention, productivity, and overall a more positive workplace.

3. Wellness programs

Personally, this is something I think every company should offer. Gym memberships, fitness classes, Noom membership, mental health apps, or even a “Health Stipend” that allows employees to spend their monthly/yearly allowance on things like therapy, acupuncture, or their bi-weekly chiro appt. Having a wellness program shows that as a company you truly do care about the physical and mental health of your employees.

4. Creative individualized company benefits

Student loan debt repayment acceleration programs like Dolr, a Columbus, OH company helping solve this problem. Charity match donations, workplace equipment stipends, pet insurance, and child care assistance, just to name a few. This is where you can get creative and dig deep to see what you can really offer your employees that makes sense for your business.

While these are great potential company benefits, it does come down to understanding what employees want and having an expansive menu to attract a wide range of wants and needs. Not everyone has children or wants children, not everyone has student loans, and not everyone wants to save for retirement. Creating a menu wide enough to attract a diverse workforce is critical.

In closing, this doesn’t replace the need to have a culture that fosters teamwork and positive engagement. People want to be successful, not just be another number. Give them what they want, create an environment for them to thrive, and support them to be the best they can be.

What other non-ping pong tables/free snacks offerings are employees taking advantage of?

Ed Porter | Fractional Chief Revenue Officer