In today’s competitive job market, attracting and retaining top talent is a crucial priority for organizations looking to thrive and succeed. Those who do it well compensate employees beyond pay by offering inclusive benefits and workplace policies encouraging employees to advance within the company.
When considering driving equitable outcomes at your organization, reassess the benefits you provide employees. According to a Forbes Advisors survey,
- 40% of employers say they believe workers leave their jobs to find employment that offers better benefits.
- 54% of American workers are content with their current employer’s benefits.
- One in 10 workers would take a pay cut for better benefits.
Here are some of the most in-demand perks a company should consider offering to retain top talent.
Comprehensive Health and Wellness Benefits
A comprehensive health and wellness package can show employees that their physical and mental well-being is a top priority, helping to boost employee retention and engagement. In addition to traditional health insurance, dental and vision coverage, mental health support, and wellness programs such as gym memberships or fitness classes, healthy food options, or onsite wellness resources such as a meditation room are popular add-ons.
Additional benefits could include:
- Mental health days
- Paid subscription to mental health apps like Calm
- counseling services.
Offering a holistic wellness approach is about cultivating a culture of physical and mental well-being and creating a sense of belonging in the workplace–taking engagement to a new level so your employees can show up as their strongest selves.
Flexible Work Arrangements
The modern workforce values flexibility. Offering flexible work arrangements, such as remote work options or flexible hours, can significantly contribute to employee satisfaction and retention, helping employees achieve a better work-life balance.
Those who have caregiving responsibilities, health issues, young children, or are simply more productive outside of a traditional office setting can benefit from the following:
- Remote work hours
- Job sharing
- 4-day workweeks
Professional Development Opportunities
Invest in your employees’ growth by providing opportunities for professional development. This could include access to training programs, workshops, conferences, mentorship programs, or even tuition reimbursement for further education. Employees who see a clear path for growth within the company are more likely to stay.
Studies have found that opportunities to learn and grow are the number one driver of a great culture. Most team members do not want to feel stagnant. They want to develop new skills to push their knowledge and careers forward. Leaders must design agile, adaptable programs to stay ahead of the curve. In doing so, they demonstrate their investment in their staff and can positively affect retention.
Employee Recognition and Rewards
Recognizing and celebrating employees’ hard work and achievements can foster a positive and motivating inclusive work environment. Consider implementing an employee recognition program, offering bonuses, or organizing regular awards ceremonies to celebrate accomplishments.
Inclusive and Supportive Company Culture
Foster a company culture that values diversity, equity, and inclusion. Employees are likelier to stay with a company that respects and supports them. Create an inclusive environment where everyone feels heard, valued, and appreciated. The best way to demonstrate your commitment to DEI is to develop a strategic plan that prioritizes education.
Retaining top talent requires a holistic approach beyond competitive salaries. By offering a combination of these perks and benefits, your company can create an inviting workplace that attracts and retains the best talent in the industry. Remember, a satisfied and engaged workforce is crucial to long-term success.