These days, businesses of all sizes are facing a lot of competition. It’s not just difficult to raise brand awareness and get more customers, but it can also be challenging to retain top talent in your organization.
Therefore, you need to find ways to keep your employees in your company and attract top talent in the industry to further improve your business. A surefire way to do that is to offer your employees a range of attractive benefits. Especially those that others aren’t offering.
For starters, you need to offer your employees the basic benefits required by local laws and those given in your industry. After that, you can look into other options. Now, let’s have a look at both.
With the basic benefits, you have two separate categories: required by law and industry standards. When it comes to the law, you must comply or there could be penalties. On the other hand, the industry-standard benefits are not compulsory but you should offer them to stay competitive.
Required by regulations:
- Social security
- Workers Compensation
- Minimum wage and overtime
- Unemployment insurance
- Other benefits for companies with over 50 employees
Of these, workers’ compensation can be incredibly tricky because it kicks in only when your employees get injured or sick at work, and you might not do much about it until something happens. To be ready for any accidents at work, you should look into workers compensation management.
While the industry standards can vary, they generally include:
- Health insurance
- Family and medical leave
- Short-term and long-term disability
- Retirement savings
- Life insurance
- Paid time off
- Stock options
If you offer the basic benefits to your employees, you can have the industry average turnover rate unless your company has a better working environment, more growth opportunities, or does something else the competitors aren’t doing in the market.
However, there is always a war on retaining top talent in the market. To get a step ahead of your competitors, you can look into some fringe or extra benefits such as the following.
1. Wellness Programs
Wellness programs are incredibly common for employers to offer to their upper-level employees. These programs can make your employees happier and increase their productivity at work.
With wellness programs, you can offer gym memberships, access to therapists, nutritionist consultations, and a lot more. Some employees even try to meet the needs of the employees and offer additional things like ear piercing and spa gift cards.
2. Hybrid and Work From Home Opportunities
While remote working jobs started coming up a long time ago, they gained popularity after the pandemic. These days, most employees love any chance they can get to work from home.
Depending on your business, you can try to offer some departments work-from-home opportunities while giving others a hybrid working environment.
3. Relocation and Housing Assistance
If you’re looking to hire from outside the city or move employees between different branches, you should consider offering relocation benefits. This could include covering the costs of the movers as well as hotel bills for a few days while they find suitable accommodation. Alternatively, you can help them find a home before they move and cover the moving costs.