There’s no doubt that one of the most effective ways to help encourage your employees to stick around longer is by offering them a competitive salary. Considering the amount of competition most industries have when it comes to new talent acquisition, making sure your employees feel valued can be really important.
However, “value” can mean a lot of different things to different people. While a great paycheck has a dollar value associated with it, so do the company perks you offer to your employees.
Below, we’ll cover a range of company perks outside of standard benefits offerings worth exploring to help you improve your employee retention.
1. Remote Work and Flexible Schedules
In most business settings, the traditional 9-to-5 working schedule is slowly replaced by a much more progressive structure. While not all businesses can operate outside of core hours, many are now extending more flexible arrangements for employees in and outside the office.
By allowing your employees to work either in fully-remote or hybrid working environments, you can provide a variety of benefits to both staff and the business as a whole. Allowing your teams to work offsite shows that you trust them to accomplish their assignments without direct supervision. This can be a great way to build more trust.
On the end of the coin, businesses can reduce the amount of investments they may need to make on physical office infrastructure or be able to outsource various administrative workflows to outside teams. This helps them to lower their total operating costs and creates a win-win situation for everyone.
2. Comprehensive Wellness Programs
When you think about the benefits options you offer to employees, such as premium healthcare coverage, it’s important to remember that “wellness” can cover many different categories.
Having an alternative wellness program in your business can be the perfect way to show that you value all of your employees’ needs, whether those be financial, physical, or emotional.
By offering company perks like subsidized gym memberships or easy access to different mental health programs, you can help your teams live happy, healthier lives while also reducing their need to look for alternative forms of employment.
3. Professional Development and Education
There are many different ways you can show your employees that you’re willing to invest in them. One strategy to achieve this is by helping them to find and fund various professional development opportunities.
You might decide to offer a structured tuition reimbursement with your company, helping employees to pay for specialized training or achieve different certifications relevant to the job they do.
These types of benefits can be much more valuable to employees than the dollar figure of the company’s support, as the lessons they learn will help them to elevate their careers and increase their chances for promotions down the road.
4. Enhanced Leave Policies
All employees have their own lives to go home to after clocking out. As an employer, recognizing this and supporting it in different ways can go a long way when trying to reduce staff turnover.
While all businesses have a variety of legal requirements they may need to meet when it comes to things like ACA reporting, tax withholdings, or paid leave amounts, this doesn’t necessarily mean they need to always operate based on the minimum standards.
For example, by extending paid vacation days or even offering unlimited days off, they can quickly build a much more satisfied workforce while ensuring teams stay more productive and engaged when back to work.
5. Employee Recognition and Rewards
Every employee wants to know that the work they’re doing is not only necessary but also acknowledged and appreciated by their employer. Employee recognition is a critical element for building more satisfied teams, and there are a number of ways businesses can introduce additional company perks that express it.
Employee recognition programs don’t have to be overcomplicated in a business setting. They could be as simple as having an organized approach to offering public team praise during team meetings, providing performance bonuses, or designing a platform where employees can celebrate each other’s wins.
The bottom line is, when employees feel that their contributions are seen and really valued, it creates a great working culture that people are proud to be a part of.
6. Company-Sponsored Events and Team Building
While hiring great talent with a wide range of skills and capabilities, there is more to building an effective team than what’s on a resume. The more connected you can get your staff, the more collaborative and cohesive they’ll be when working toward shared company objectives.
A good way to support this is by offering company-sponsored events throughout the year. These can be a wide range of formats, such as team lunches, social get-togethers outside of the office, or even volunteering together at a local charity.
Looking for different ways to build a sense of community with one another at work helps everyone to feel more comfortable in their environment and be willing to stick with the company for longer.
Successfully Reduce Your Staff Turnover
Ultimately, building a team that wants to stay comes down to investing in your people’s well-being and growth. By offering a good mix of both practical benefits and introducing various culture-building initiatives, you help to create a working environment that everyone is excited to be a part of.
Author Bio: Frank Mengert
Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm, a leading provider of employee benefits solutions. Frank has built the business by bridging the gap between insurance and technology driven solutions for brokers, consultants, carriers, and employers nationwide.
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