When many companies think about benefits for employees, one of the questions that often comes up about specific options is whether it's a benefit or perk. Although this type of discussion has its place, the reality of the job market in 2017 and beyond is that most companies will continue to struggle with both hiring and retention. Given that surveys have found that over fifty percent of job seekers report benefits and perks as one of their top considerations prior to accepting a position, it’s easy to see why this is something companies need to give plenty of thought.
Regardless of whether your company uses the term benefits, perks or a combination of both, we want to share some tips on what you can offer that will capture and hold the attention of the type of talent you want to hire:
Over the last few years, one trend that has spread across the world of benefits is offering unlimited vacation. Although this is something that grabbed a lot of attention, it's important to note that many organizations have had less than ideal experiences with it. The reason is employees feel cultural pressure to minimize days off despite technically having an unlimited number available. That's why a more recent trend is companies requiring employees to take one real vacations a year and providing funds to help pay for their trips.
Netflix set a new bar when they announced they would give new parents a full year off. What was especially surprising about this announcement is it applied to both moms and dads. While this isn't something your company has to copy, you should definitely think about your policies for both maternity and paternity leave. Additionally, offering on-site child care can have a huge impact on retaining employees who would otherwise reach a point where they feel they have to choose between their work or family.
Millennials are a group that companies across many industries are very interested in hiring. It's no secret that student loan debt is a major burden for a large percentage of millennials. That's why a benefit being offered by a growing number of companies is helping employees to pay down this type of debt. This is generally being done by providing a monthly payment towards an employee’s student-loan principal. Since paying off loan principal reduces interest, this benefit actually has an outsized positive effect for employees.
Requiring employees to take vacations, providing generous time off for moms & dads and helping with student loan debt are all examples of very compelling benefits for employees. By evaluating these types of benefits and implementing the ones that fit with your company, you'll gain another method for both attracting and retaining great employees in 2017 and beyond.
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