10 Innovative Employee Benefits for Recruiting & Retention
The best employee benefits can attract and retain employees, even in a highly competitive market. Traditional benefits might include financial bonuses, paid leave, medical and dental insurance, etc. But with an increasingly competitive job market, companies are developing new benefits and rewards for their workers that go above and beyond what has been traditionally available.
Here are 10 innovative employee benefits and unconventional incentives that companies are now offering to attract and retain top talent:
- 24/7 tech support
In today’s technology-focused work environments, having IT support available to help employees stay connected and productive is a great incentive. The best IT help desks offer assistance with all hardware and software needs and problems 24 hours per day, seven days a week. Some companies also extend tech support to the home.
- Free rides to and from work
Offering a free employee shuttle to and from their offices reduces stress, eliminates hassles and may allow employees to eliminate the need for a car or reduce public transportation costs. In certain areas this can be a significant perk.
Anyone who has ever had a back or neck massage is well aware of the stress release a good massage can offer, not to mention the many health and psychological benefits of regular massage. Many companies now offer onsite massages (think massage chairs set up in a private room during noontime lunch breaks) or massage credits as a performance reward.
- Pets at work
While this is becoming more common, it is definitely a benefit that is greatly appreciated by many employees. Many employees and their office mates express that they experience a more enjoyable day when their pet – or an office mate’s pet – is at work.
- Socialization time
Some companies are finding that providing employees time on Friday afternoons to unwind and socialize with free beverages, including beer and wine, can be a great time for relationship building, de-stressing and boosting morale.
- Parental leave with bonuses
Recognizing the importance of family bonding during the critical early weeks of a baby’s life, some companies are increasing parental leave (often paid) following the birth or adoption of a child. Typically, new dads can take up to 6 weeks of paternal leave while new moms can take 18 weeks after the birth of a child. Another parental leave trend helps with expenses like diapers, takeout and formula during their leave. After mothers return to work, free (or subsidized) day care (onsite or in local programs) can be a key retention benefit.
- Student Loan Repayment Programs (SLPs)
Student loan repayment (SLP) programs are especially popular with millennials, who report they would prefer this benefit over a 401(k). Student loan debt is increasingly a significant source of stress for younger employees; progressive employers are finding SLPs are a good recruitment and retention tool.
- Free exercise classes, gyms and intramural sports
The benefits of exercise are well-documented for health, stress reduction and increased productivity on the job. Some companies are taking exercise benefits to a new level with pools, gyms, intramural sports, free bicycles on larger campuses, yoga, spinning, mindfulness classes and more. Of course, having an accessible showers complete with free shampoo, conditioner and clean towels makes exercising at work possible.
- Concierge services
Concierge services are also becoming a popular employee benefit as a way to save time and expense for employees. Concierge services can handle things like shopping, errands, laundry, car rentals, car washes, oil changes, banking, bicycle repairs, beauty salon, barbershop services and much more.
- Free healthy meals and snacks
Having free food onsite saves employees time and money and if healthy options are available, helps them maintain a healthier lifestyle. Some employees find that eating onsite with colleagues helps with team-building, strengthens relationships and improves morale.
Attracting the best talent and ensuring their satisfaction are vital to the success of the company. Make sure your employees know you care about them – and improve your recruitment and retention.
MMA will help your company design a benefits package that addresses your priorities, reduces your risk and lowers your costs, all while considering your need to recruit, retain and maintain the morale of your employees. Contact MMA today to learn about our extensive range of plan designs.