It’s no longer news that companies worldwide continue to grapple with unprecedented labor shortages. Under such challenging economic conditions, it might seem wise to reduce or eliminate employee benefits as a cost-saving measure. However, that’s merely a short-term “fix” that will lead to a long-term talent shortage as top candidates seek employment elsewhere.
Unfortunately, the high demand for qualified employees in knowledge- and skill-based professions means individual businesses must do everything they can to stand out from the competition. Ensuring your company offers job candidates the benefits they truly want is a surefire way to stand out in a crowded labor market.
Why Competitive Benefits Packages Are Essential for Attracting Top Talent
It’s important to remember that the best job candidates have options and will prioritize companies offering exceptional benefits. If all you have to offer is a high salary and fancy job title, you might miss out on top talent. So, here are five benefits you should consider adding to your employment package:
1. Flexible Scheduling
Employees rate workplaces with flexible hours above those with rigid 9-to-5 schedules. This trend was accelerated by COVID-19-induced hybrid and remote work. In fact, 72% of workers prefer flexible scheduling to in-office shifts, rating it as equivalent to a 10% pay raise.
Other companies are trying out 4-day workweeks to great effect. One study found that:
• Employees on an experimental 4-day schedule were more willing to forgo remote work in favor of coming into the office.
• Employee absenteeism dropped from 0.6 days a month to 0.4, with a slight increase in employee retention and recruitment.
2. Complimentary Lunches
It’s no secret that people love free food. Offering complimentary lunches is a great way to encourage staff members to socialize with each other and build camaraderie while they enjoy breaks from their daily routines. These lunchtime conversations can also help build strong bonds between employees and managers, which helps ensure alignment around company goals and objectives.
In addition, free lunches can help alleviate stress by allowing workers to recharge their batteries during breaks. This is especially important if your office operates on a 9-to-5 shift schedule with no designated lunch break. Without a designated time allotted for eating and socializing, workers may feel obligated to eat at their desks or rush through their meals to return to work sooner.
3. Clinical and Preventive Mental Health Services
Mental health issues severely detract from the quality of life and work performance. So, providing workers with in-office mental health care helps preserve your workers’ well-being. A 2019 survey discovered that 83% of employers believe their organizations’ health and wellness programs positively impacted employees’ physical and mental health. Additionally, 84% believe these programs directly boosted workplace productivity and performance.
4. Student Loan Repayment Assistance
One out of seven Americans is in debt with an average balance of around $30,000. Helping employees with loans is an excellent way to build a company culture that appeals to younger workers. Advertising student loan repayment assistance options in job listings is also a strategic way to reel in recent college graduates and entry-level employees because you’re promising them additional (and sometimes critical) financial compensation beyond their base salaries.
5. Company Outings
Workers are often cynical about teambuilding exercises, associating them with awkward, forced group activities and canned motivational speeches. In contrast, Yellowstone horseback rides, brewery or vineyard visits, and other outings are more memorable and powerful.
Corporate outings in fun settings promote team cohesion and staff morale, and they demonstrate how much leaders care and allow employees to bond and relieve stress. They’re also a convenient and effective way to ensure remote workers feel part of the team, improving their sense of connection to the company and their coworkers.
Benefits packages are often the first thing people consider when they join a new job—and the last thing they consider when they leave. That’s why reviewing your package regularly is important. Tried-and-true recruitment and retention strategies have their place, but thinking outside the box is necessary to keep pace with an evolving labor market. If you’re struggling to maintain a fully staffed business, then it might be worth investigating new avenues to attract top talent.
Patrick Sipp of Flying Pig Adventures has been getting his clients back into the outdoors, where the spray of the river, the warmth of the sunshine, and the immensity of the world around them are clear and present. The most recent trip included horseback riding and river rafting by Yellowstone National Park. Sipp is a family man who has turned his passion for the outdoors into a gateway for his guests to experience an adventure unlike anything else.