Crafting compelling and competitive compensation packages is crucial for attracting top talent in an aggressive market.
How appealing are your benefits offerings – really?
79% of employers believe offering benefits to employees is a critical component of attracting talent. Additionally, 83% of employers have changed their benefits strategy within the past three years. Click To Tweet
And, recruitment isn’t the only reason to offer attractive benefits packages. What about your current employees? Employee churn and turnover is a costly problem and retention should be a top priority to control costs.
83% of employers report that retaining employees is a top benefits objective. And, 75% of employees report that they're more likely to stay with their employer because of their benefits offerings. Click To Tweet
We know that benefits can be costly. In fact, benefits represent 7.6% of a company’s annual operating budget on average. That breaks out to an average of $8,669 per employee. And, the average cost per employee has increased by nearly $500 over the past three years – yikes!
So, how can your company remain competitive without breaking the bank?
Luckily, the options are almost endless when it comes to being creative and thinking outside of the benefits box to design appealing packages. With a little research and innovation, your company can incorporate unique compensation programs and perks that won’t hurt your bottom line.
Check out these unique employee benefits for every budget!
Health & Wellness
Health and wellness perks are not just beneficial for employees. Studies show that integrating well-rounded wellness initiatives into compensation packages can decrease the cost of health care, increase productivity and decrease absenteeism over time, all of which will save your company money. If saving money appeals to you, check out these creative health perks to keep your employees in tip-top shape.
1.) On-site gym
2.) Gym stipend or discount
3.) Office nap room
4.) Standing desks/desk cycles/etc.
5.) Pet insurance
6.) Sponsor 5k/10k/etc. participation
7.) Free smoking cessation program
8.) Premium reduction for wellness participation
9.) Host blood drives
10.) Flu-shot clinics
11.) Health & wellness stipend for equipment, health tech, etc.
12.) Host yoga classes, massage sessions, etc.
13.) Stock free healthy snacks
14.) Bike share allowance
15.) Employee assistance programs
16.) Virtual doctor/telemedicine
17.) On-site health screenings
Paid Time Off (PTO)
Paid time off is consistently ranked one of the most coveted benefits that a company can offer. Many organizations are shifting from programs that categorized time off into buckets, like “vacation” and “sick”, to comprehensive “paid time off” programs that can be used at an employee’s discretion. Additionally, companies are beginning to encourage taking time off to volunteer, celebrate birthdays or personal life events and even to build better mental health. Here are a few of different ways to work in more paid time off.
18.) Volunteer hours
19.) Unlimited vacation days
20.) Birthday PTO
21.) Summer Fridays
22.) Flex hours for family/child events
23.) Spring break
24.) Mental health days
25.) Sick days
26.) Paid holidays
27.) Company-wide service project day(s)
When compared to other countries, the United States doesn’t exactly have a great track record when it comes to offering benefits that support family life. With no requirements for paid parental leave, we fall way behind many more progressive countries that have embraced the importance of family. However, offering even modest family perks can really set your company apart. The market is ripe for disruption and the opportunities are endless when it comes to supporting your employees at work and at home. Here are a few family-related benefits options to consider.
28.) Maternity leave – paid or extended
29.) Paternity leave – paid or extended
30.) Shared maternity/paternity leave program
31.) Flexible return-to-work program
32.) On-site childcare
33.) Kid-friendly policy
34.) Office family gatherings (picnics, etc.)
35.) Home-loan assistance
36.) General loan assistance
37.) Childcare stipend or allowance
38.) Adoption assistance
39.) Fertility assistance
40.) Dedicated lactation room
41.) Family support programs
Travel has trumped personal purchases in recent years as younger generations prioritize experiences over “stuff”. While previous generations were busy saving for cars and homes, Millennials are busy planning weekend trips and vacations abroad. To support employees that have a travel bug and to encourage worldly experiences, consider working some of these unique travel perks into your benefits offerings.
42.) Paid sabbatical
43.) Vacation/travel stipend or allowance
44.) Work remote partnership (Remote Year)
45.) “Bleisure” travel budget during business trips
Consumer debt is at an all-time high as many Americans struggle to manage personal finances. Furthermore, recent graduates are being crushed by staggering student loan debt, which averages well over $35,000 per person. Financial burdens are one of the leading drivers of stress, which can negatively impact your employees’ work and personal life. Empower employees with the tools and assistance they need to take control of their financial future with these savvy programs.
46.) 401(k) or other retirement savings account match
47.) Tuition repayment assistance (Tuition.io)
48.) College savings program
49.) Financial wellness training
Looking to really spoil your staff? Successes should be celebrated, and every now and again splurges can really boost employee morale in the short-term and employee retention and engagement in the long-term. Whether you offer these generous benefits company-wide or to a select group of employees, here are a few ways you can really pamper your team.
53.) Company car
54.) Company phone
55.) Company retreat
56.) Company bonuses
57.) In-house chef/on-site dining
58.) Concierge service
Do you want to prioritize employee retention and promoting from within? If so, focusing on employee development should be on your radar. 40% of employees who receive poor job training will leave their position within the first year. And, 68% of employees report that training and development is the most important workplace policy. Arm your employees with the tools that they need to succeed with these personal development perks.
59.) Conference stipend or allowance
60.) Wardrobe stipend or allowance
61.) Mentor program
62.) Lunch & learns
63.) Stipend or allowance for industry organizations
64.) Employee referral program
65.) Book library
66.) Online course membership
67.) Leadership training or coaching
Are your employees excited to come to work every day? Though offering a keg and a ping-pong table won’t transform your culture overnight, strategically implemented and supported perks can make the workplace a fun and enjoyable place for everyone. Focus on nurturing and enhancing the culture of your organization with these generous perks.
68.) Remote work policy
69.) Flex time
70.) Relaxed or casual dress days
71.) Pet-friendly policy
72.) Theme days
73.) Giveaways & contests
74.) Indoor/outdoor workspaces
75.) Parking or transportation stipend
76.) Charitable donation match
77.) Employee recognition programs
78.) Birthday and holiday celebrations
79.) Area discounts for employees
80.) Free company swag – shifts, jacket, coffee mugs, cups, etc.
81.) Group events outside of work – happy hour, sporting events, concerts, etc.
82.) Team lunches – on-site or off-site
83.) Discounts on company products/services (where applicable)
84.) Game room
85.) Stock beer and/or wine
Do you need help developing and implementing a competitive benefits package? PlanSource proudly partners with more than 25 benefits carriers and HCM providers to help deliver and administer highly-customizable benefits packages.
Let Us Be Your Benefits Dream Team
Contact PlanSource today to see how we can help you build best-in-class benefits offerings. Schedule your free, no-strings-attached consultation today!