Most employers are feeling the heat when it comes to standing out and attracting top notch candidates. Now, the best talent expects employers to put their money where their mouth is with meaningful employee benefits and perks.
Offering a high-quality benefits package is crucial not only for attracting stellar candidates, but also for employee retention. With this competitive talent pool, small businesses can’t exactly afford to lose their best employees.
When we say meaningful job perks, we mean those that actually save employees money, time, and stress. Investing in your team is investing in your company: When you show them you care about their well-being outside of work and reduce some of those common stressors, morale and productivity will improve.
Check out the seven must-have employee benefits and perks to make your organization stand out and deliver the work-life balance people desire in 2022.
1. Retirement Savings Plan
A retirement plan may have been an optional employee benefit in the past, but today it is basically a requirement for private employers. After all, top candidates expect employers to offer a retirement plan. They have their future and that of their families to consider.
Not to mention, the current workforce will have to pay for their own retirement — help them do it! In this competitive job market, you can’t afford not to offer some kind of retirement package.
2. Employer Match Contribution
Close behind the retirement savings plan is an employer match for employees’ retirement contributions. Boost employee retention with an affordable way to show them you care about their financial well-being. Minimal matching contributions from you can make all the difference for an employee’s future.
3. Remote Work Expense Reimbursement
Thanks to the pandemic, we know that work-from-home, well, works! In fact, Apollo Technical reports that 4.7 million of us now work remotely. This means telecommuters have new needs and expenses to keep up an efficient, comfortable home office.
Set up your team for success by reimbursing them for:
- Office supplies
- Electronic equipment
- Internet (Ensure they don’t just have internet access, but high-speed internet access — no one can work efficiently on a garbage network nowadays).
- Apps, software, and tools applicable for their jobs
- Office furniture (bonus if it’s ergonomic!)
You can also provide them with a general work-from-home stipend to cover miscellaneous expenses. This employee benefit can also help bump up morale and eliminate some stress so workers don’t feel like they have to get approval for every office need.
4. Financial Wellness Education & Resources
Well over half of us have money on our minds. According to a BenefitsPro survey:
- 65% of employees are stressed about their finances due to the pandemic.
- Only 17% of workers rate their financial wellbeing as “excellent.”
- This financial stress negatively affects your bottom line, costing employers about $4.7 billion a week in lost productivity. Yikes!
Businesses can combat this by offering financial wellness tools as part of their benefits packages. In addition to a retirement savings plan, empower your employees with:
- Financial coaching: Partner with an expert who will guide your employees through the basics of personal finance and healthy financial habits.
- Emergency savings accounts: Set up payroll deductions similar to a retirement account that employees can pull from without penalty.
- Safety net insurance: Help low-income and uninsured individuals along with those on Medicaid get health care.
- Financial planning: Bring in an advisor to help employees in personal finance matters and advise them on investments, insurance, tax, retirement, and estate planning.
- HSAs and FSAs: Offer employees a way to save specifically for medical costs.
5. Seminars & Workshops
Eliminate silos and build relationships between team members who don’t interact regularly by having company executives and subject matter experts present internally. This is a great way to train all employees in different areas of your organization. Plus, they’ll gain an appreciation for the various roles and departments. Internal workshops can help everyone do their jobs better and with more passion.
Additionally, you can bring in outside speakers to discuss topics related to your company or slightly more general topics like mindset and leadership. This employee perk promotes professional development, interdepartmental relationships, morale, and employee productivity.
6. Mentorship Program
Create a formal mentorship program to partner new hires with experienced top performers at your company. A mentorship program ensures new employees have a reliable resource when they have questions and concerns — and that they are seen and heard. The mentor will help educate and train the new team member, who will be able to set goals and carve out their career path.
A bonus? It helps develop leadership skills among the mentors!
7. Animal Therapy Sessions
We’ve talked about offering a pet-friendly office space and pet insurance, but not everyone is able to own a pet. So, bring the animals to them! You can find organizations that bring therapy animals (typically dogs) to the workplace. Give your team a chance to take a break and get some love from furry friends.
Research shows that pets in the workplace can:
- Improve office morale
- Reduce absenteeism
- Lower stress and blood pressure
- Calm employees
- Boost productivity
Of course, before initiating this employee perk, ensure any allergic staff members work from home that day!
Check out our blog post on 21 additional unique employee benefits ideas. If you need guidance on putting new perks in place, the BlueLion team is here to help. We can even do a review of your current benefits package and help you find ways to stand out! Contact us today at 603-818-4131 or info@bluelionllc.com.
The information on this website, including its newsletters, is not, nor is it intended to be legal advice. You should contact an attorney or HR specialist for advice on your individual situation.
