It all started with The Great Resignation, where many employees decided to resign or switch careers during the post-pandemic era. While it seemed to be a fleeting trend, all signs point to it being a permanent change in the employment sector. Job loyalty may just be a thing of the past.
According to a recent survey by Microsoft, 52% of young people polled (Gen Z and Millennials) said they were likely to consider changing employers this year. That’s up 3% from last year. The global survey of 31,102 full-time employed or self-employed workers, was not the only indicator that the Great Resignation is here to stay. Nearly 4.3 million people quit their jobs in January. Almost 48 million people quit in 2021, an annual record.
What does this mean for you as an employer when it comes to attracting and keeping quality employees? Unique benefits are key to retention and Chastain Otis is here to provide businesses some of the best benefits they can offer to increase job applicants.
Creative Benefits:
1. Flexible Work Hours
Flexible hours for employees promote a work-life balance. The majority of people reported in a study by Fractl that flexible hours could help give a lower-paying job an edge over high-paying jobs with fewer benefits. This benefit is increasingly important to both parents and millennials.
2. Work from Anywhere
Employees appreciate the flexibility to work from wherever. Many companies have continued to allow employees to work at home when needed. While other employers take it to another level and encourage employees to work from anywhere in the world for one month a year. The ability to work remotely is one employee benefit that is common and if not offered can be a turn off for talented employees.
3. Fund Professional Development
A win-win for all involved: employees feel valued when you invest in their development, and companies benefit from increasing their workforce’s knowledge base. Whether it’s tuition reimbursement or simply a development fund that employees can use to attend conferences, classes or just buy books, helping employees learn is a unique and attractive benefit.
4. Bring Your Pet to Work
Some companies have started to convert into dog-friendly offices. But, even if every day won’t work, letting employees bring in their best friend once a week or month can attract valuable talent.
5. Vacation Bonuses
Consider giving your employees a vacation bonus to spend on a trip of their choosing throughout the year. You can offer any amount, and employees get to take whomever they want wherever they desire.
6. Sabbatical
Taking time off that is outside the normal paid time off policy as a reward for longevity can help to retain employees. A standard to start with is having employees earn a four-week paid sabbatical after 5 years of service and every five years after that.
7. Paid Volunteer Work
Want to make a difference in the community? Your employees do! Some companies provide each employee 40 hours of paid volunteer time per year.
Expanded Standard Benefits:
1. Health Insurance
Offering valuable health insurance plans, such as medical, dental, and vision insurance, can not only attract more and better candidates but also boosts job satisfaction and leads to higher retention rates. Health insurance is a basic benefit that employees expect, and if you don’t offer it, you’ll have a hard time finding good talent.
To really stand out against your competitors, you’ll need to provide affordable health insurance. Unfortunately, health insurance can be the most expensive benefit for an employer to offer. Luckily there are other ways to make the premiums more affordable. Businesses can provide a portion of the monthly premium rather than shouldering the full cost to make their expenses more manageable.
2. Wellness Programs
Incentivizing wellness can give employees additional motivation and accountability for making positive changes in their lives. An effective rewards system will provide a mix of incentives, with both go-at-your-own-pace individual challenges and group competitions. Mixing up the incentives helps employees of every personality type find a wellness goal that is right for them.
3. PTO including Mental Health Days
While being physically ill with a cold, flu, or other ailment is a logical time to ask for a day off. But what about when employees are struggling with their mental health? Anxiety, grief, depression, and other mental illnesses can have debilitating effects. Instead of accepting that employees will use a sick day, consider providing mental health days. You may just have these included in the standard PTO pool of hours, but make sure you are encouraging employees to utilize these hours for mental health days when they are nearing burn out.
4. Group Life Insurance
Life insurance is a valuable perk for employees who are constantly on the go or have children at home. A LIMRA survey in early 2017 revealed that nearly 60% of those surveyed agreed that life insurance was essential to their work and not just important since it provides security knowing your family will be taken care of financially if anything were to happen.
Offering group life insurance as a benefit may be the one thing that gives you an edge over the competition. It can help employees feel more secure, even if they weren’t looking for it themselves.
5. Retirement Benefits
Offering retirement benefits for employees is a valuable asset to your company. The ultimate goal of all companies should be to provide the best possible employee experience and retirements are an important part of this. The cost of a 401(k) match is offset by the higher productivity and lower turnover that comes with it. In fact, according to a study conducted by Aon Hewitt, companies with an employer-sponsored retirement plan had less than half the voluntary turnover rate of those without one. This means that if you offer employees a 401(k) match–even just 50 cents for every dollar they put in up to 6%–your hiring pool will be much larger because many people will turn down jobs where there are no retirement benefits.
Regularly Educate Your Employees on Benefits
Do your employees know how their 401k works? What about their PTO hours? If you work in HR, the answer is probably yes. But for everyone else in your organization, it can be hard to remember every detail of every benefit. Some employees may have questions, especially if they’re experiencing a life change that might affect their benefits. Understanding a benefit is the first step to using a benefit, so it’s important for your organization to educate employees. Work with your retirement and health benefit providers to schedule quarterly Q&A sessions and invite any interested employee to attend.
Contact Chastain Otis Today
We know that your employees are the lifeblood of your business, and retaining talented employees is vital to the success of your company. While Chastain Otis doesn’t offer all of these options, such as setting up a 401K or other investments, we can help your business in a variety of other ways, such as health insurance and group life insurance! Please click here to fill out our secure quote form, and one of our independent agents will contact you within one business day to discuss the Employee Benefits options that are best for your company.