Recruiting and retaining talent is a challenge for every employer, especially in the red-hot economy here in the Bay Area. That’s why many employers are taking a fresh look at their employee benefits and asking, “Are these benefits really adding value?”
A recent article in Forbes explains how “forward thinking” employers are embracing a new theory of employee benefits. Instead of a year-end reward system that looks at big-picture performance, some employers are moving to a system of “ongoing rewards” that are tied to more regular performance cycles and that recognize “everyday achievements and successes.” The article discusses several specific recommendations:
Adopt personalized, every day rewards
Deliver simple rewards frequently and consistently. Thing like allowing an employee attend a conference or seminar they are interested in, giving them flexible start or end times, or acknowledging and thanking them during a group meeting or event.
Have a generous paid time off policy
Sure, all employees would love to have a month of paid vacation. But you don’t have to go that far. You can offer early finish times during summer months, for example. Or, close the office and pay your employees for the week between Christmas and New Year’s Day.
Offer benefits focused on health, well-being, and lifestyle
Invest in the health of your employees by offering flexible work arrangements, yoga classes, gym memberships, or even “quiet space” in the office for employee meditation.
Emphasize ethics and social responsibility
62% of millennials say that they would take a pay cut to work at a company that’s socially responsible. Design initiatives the allow employees to take a day off, with pay, to do charity or social work. Add a mutual fund or company to your 401k menu that invests only in socially responsible companies. Sponsor a table at fundraisers that focus on giving back to your community.
As this article makes clear, there is no “one size fits all” approach to employee benefits. Just spending time thinking about your benefits and asking “can we do more?” and “can we do better?” will put you ahead of your competitors.
You can read the full Forbes article here.