Hiring and retaining top talent has never been harder, for employers. Good news is, that not all employees necessarily want pay raises, but perhaps some simple perks. A survey conducted by Glassdoor indicated that nearly 80% of employees would prefer certain benefits, or perks. We’ll cover 4 perks in this article, that you should consider offering your employees.
One often over looked benefit that is one of the most important to certain employees is life insurance. Employees know that ‘group’ life insurance provided by the employer, tend to have less expensive rates, compared to policies that are owned individually.
Says Dean Blando of Diabetes 365 “many employees are well aware of the lower cost of life insurance with group owned policies. Getting life insurance with diabetes, or other chronic illnesses is much easier with a group policy. Since the ‘group’ is insuring multiple lives, the risk is spread out. IN some cases, a person’s only hope for life insurance is thru the group plan their employer provides. Most group plans don’t even require completing a medical exam, but rather have the employee answer a few basic health questions.”
Finding a life insurance carrier, who would offer plans to your workforce, has never been easier.Many companies will insure a group, with as few as 3 employees. Premiums can be paid by the employer, or you can pass the premiums onto the employees. Group Life Insurance is one benefit you do not want to pass up, on offering to your employees.
For come individuals, money is not the only factor that motivates them. Certain people want to feel appreciated, and incentive.
Employees want to know that their hard work will NOT go un-noticed and want to know that they can move up the ranks with promotions. This is very true with millennials.
These younger employees like to have the proverbial carrot dangled in front of them, to keep them on task. Knowing that their extra work could lead to a paid company trip, or maybe a day trip at the spa. Millennials want life at the work place to be enjoyable. These perks to those who hit their quotas can also motivate the ones who haven’t hit their goals.
Paid Time Off
It’s well documented, that the USA is far behind other countries, in terms of paid time off. This includes vacation time, personal days, and even maternity leave.
According to USA Today, nearly 58% of workers would take a pay cut, for more paid time off. As a business owner, this survey should grab your attention.
Generally speaking, the happier an employee is with their job, the more production you’ll get from them. Perhaps by just giving a few more days of paid vacation, or a couple more weeks of maternity leave, the better production you could get from your employee. In the long run, your company will benefit greatly from these business practices.
This type of perk also helps with retaining key employees. Being able to differentiate between your company, and a competitor, could be critical in keeping an employee. The better your workplace environment, the less chance you have in losing an employee.
Flexibility means different things, to different people. But according to a recent Forbes study, the two biggest perks for employees is flexibility in their schedule, and flexibility as to where they can work.
Being that it’s 2019, many people have the ability to do their work at home. Allowing the employees who can handle this privilege, and still get their work done from home, is a major perk. Knowing that you may not have to commute to work, 1 or 2 times per week, is something that nearly 50% of employees would prefer.
Employees are also looking for the opportunity to do their job, with a flexible work schedule.Meaning that the days of working 8-5 are not mandatory for most businesses. Employees would like the opportunity to reach their deadlines, using hours that fit their needs. Some examples include being able to work evenings, or even in late hours of the morning.
Depending on your industry, many jobs can be completed 24/7. For the right employee, who can handle this type of flexibility, it could be a perk worth offering. Not everyone will fit this mold, but as the business landscape changes, so are the hours that people work.