Today’s professionals are no longer settling for underpaying jobs with no benefits. In fact, one Metlife report found that 73% of employees believe their employer has a responsibility to address their health and well-being. To attract the top talent to your company and reduce turnover, you’ll need to offer employee benefits that rival businesses are unwilling to provide.
Talent-Attracting Employee Benefits
When it comes to deciding which employee benefits to offer, you have plenty of options. Here are some of the most in-demand benefits that will have the industry’s top talent lining up outside your door.
Remote Work Programs
Amidst the chaos of the global pandemic, many professionals discovered a newfound love for working from home. For many, working remotely eliminated a time-sucking commute (the average of which is nearly an hour round-trip), and allowed them to jump right into work in the morning.
For professionals with families, working remotely also contributed to a greater work-life balance; ultimately increasing their productivity on the clock. If your company’s work can be done remotely, giving employees this option will attract many talented professionals.
Student Loan Repayment Plans
Nearly every modern-day professional has a college degree. As of 2019, the average student loan debt was $31,172, meaning even the most talented employees will be paying for their education well into their later years. Many companies have taken to setting up student loan repayment plans that will help their employees manage and ultimately pay off their student loans. By offering this employee benefit, you can attract professionals who attended the most prestigious schools.
Mental Health Support
According to The American Institute of Stress, 40% of employees find their jobs extremely stressful. Combined with other stressors such as finances, family, and relationships, it’s likely that many of your employees are at risk of becoming burnt out. As an employer, one of the most helpful things you can do is offer mental health support for those who need it. This can take many forms, including:
- Mental health workshops
- App subscriptions
- Facilities (such as a meditation room)
- Employee Assistance Programs (EAP)
By helping your employees prioritize their mental health, they’ll be well-equipped to perform at their best each day they come to work.
Retirement Planning
Whether your employees are nearing retirement age or not, proper planning for the next stage of their life is essential. Setting up a retirement planning program encourages your employees to stay with you until the end, and demonstrates your commitment to their future. Plus, offering benefits such as 401k-matching is one of the best ways to attract the top talent in the industry.
By offering employees any of the above benefits, you can create a team full of the top talent in the industry. And for more ways to make your business a productive place for employees, contact Palmetto Payroll today.
