Ever since the Great Resignation, competition to hire the brightest and most talented workers has never been tougher. And you want your current employees to feel happy too, so they don’t start checking out competing offers. A solid benefits package has always provided the key to attracting and retaining top talent, but companies have gotten more creative in the past year or so. Consider the following four out-of-the-box benefits to boost your hiring strategy.
Reimbursement for remote work expenses. Remote work, or work-from-home, has exploded in popularity since the pandemic. Workers have made their thoughts clear: Remote work benefits them, and many do not wish to go back to the office! In response, 31% of employers are reimbursing workers for common office supplies, electronic devices, and internet services; 8% have added a general stipend to cover WFH costs; and 17% are considering WFH reimbursements (according toInternational Foundation of Employee Benefit Plans).
Student loan benefits. It’s no secret that American workers are over-burdened by student loan debt, with the average debt amounting to nearly $40,000. The Consolidated Appropriations Act of 2021 allows employers to make a tax free contribution up to $5,350 a year to help employees pay off student loan debt. Take advantage of this opportunity to help your workers and increase workplace loyalty.
Financial wellness packages. Financial stress can take a serious toll on employee emotional health and well-being, and upon job satisfaction as well. This equates to a lot of lost productivity for employers. Those who offer financial wellness benefits as part of their overall benefits packages report happier employees and improved productivity. These packages include things like education and coaching, emergency savings programs, retirement savings plans, safety net insurance, financial planning, and emergency savings funds.
Sick leave and/or personal leave. In 2021, a record 38 million American workers quit their jobs, often citing “burnout” as a leading contributor. Employees need paid time off to recover from illness, care for sick children, or take the occasional personal day. Give it to them, and overall job satisfaction will increase.
Call us to discuss your employee benefits package, and we will help you decide upon additions that will boost worker satisfaction, productivity, and loyalty.