Finding and retaining qualified and skilled workers is difficult in today’s competitive market. Offering high salaries is no longer enough to attract professional talent. Extra benefits and exclusive perks mean you are more likely to ensure that your employees commit to staying with your company or attract talent for new projects.
But which perks are more appreciated by employees? How can you offer a range of monetary and nonmonetary benefits to incentivize your workers?
This article answers those questions by giving you the six best benefits you can use to secure new talent and reward the employees you already have.
Flexible Work Options
The increasing opportunities for remote work in recent years have given rise to more and more employees wanting to work remotely by choice. Remote work allows employees more freedom and a greater balance between their personal and professional lives. Studies have also shown that those who work remotely are more productive and less stressed. Working remotely can also lower certain company costs and workplace expenses by requiring less on-site office space.
Being able to offer your employees either the option of full-time remote work or a hybrid system where they can spend a certain number of days per week working from home shows them that you are confident in their results regardless of work location. It also demonstrates that you value their need for a more flexible and adaptive work environment.
If you cannot offer remote work of any kind, consider a more compressed work week or non-traditional work hours. Both of which are now widely recognized as improving overall efficiency.
Mental Health Support
The focus on employees’ mental and emotional health has become widespread as mental health awareness grows in our societies. Prioritizing your workers’ physical, mental, and emotional well-being will result in more satisfied employees and improve their day-to-day motivation.
You can offer many different mental health support options to your employees, depending on their needs and preferences. It can be gym memberships, yoga classes, or taking your employees to a wellness retreat. You can also include therapy and counseling sessions in health insurance benefits.
Other small but valuable steps in this area include improving the work environment, offering more break time, and having healthier snack and drink options in the break room.
Education Assistance
Studying while working is often stressful and time-consuming. By supporting your employees’ educational efforts, you show a willingness to invest in your workers’ career growth and development. It also allows you to upskill your workforce effectively.
Tuition assistance and student loan benefits can support your employees who are studying or training to improve their skills. You can also offer more accommodating work hours so that they can better schedule their study time.
If you cannot offer tuition assistance, maybe consider having classes to further train and educate your employees. This is another way you can assist in your employees’ professional advancement.
Additional Health Insurance
Depending on the country you’re based in, government medical insurance may not cover all aspects of an employee’s health needs. Many health coverage plans don’t include dental or vision. Adding these extra medical benefits shows your employees that you care about their well-being and long-term health.
This benefit can be especially attractive for employees who are parents, as children tend to have more dental and vision needs.
Paid Leave Incentives
Paid Time Off (PTO) is essential for any contract. It is not only a legal right for employees but also improves employee retention and morale. A robust PTO system is important in establishing solid employer-employee relationships while increasing the employees’ long-term dedication to the company.
Besides the minimum required annual time off, you can make your offer more appealing by having bonus time off as a reward for meeting deadlines or extending the number of annual leave days for those with longer tenure at the company.
Generous sick leave policy allowances also give workers the time off they need to recover from illness or injury to be more productive.
Referral Reward System
The advantages of gaining new workers from your current employees are many. Your current employees are already familiar with your company’s goals and culture. They are more likely to recommend someone who will match smoothly with the rest of the team. It also encourages current employees to stay with the company longer, as they will have someone else they also know in the same workforce. Getting referrals from employees also saves you recruitment time and fees.
You can even establish a reward system where employees receive monetary compensation if a referral leads to a successful hire. Other options for rewards include trip vouchers, extra time off, etc.
Improve Your Workforce Easily with INS Global
Handling the day-to-day responsibilities of managing your employees can be a long and tiring process. This becomes even more complicated for companies with overseas branches as cultural differences and local business practices must be considered.
You want your employees to be satisfied and committed to the company while not increasing company expenses or spending too much time on administrative tasks.
With INS Global, you can rest assured that all your employees are being taken care of, allowing you to focus on bringing the company closer to its market goals. We have experienced legal advisors and recruitment counselors that can help you find the best new hires and onboard them smoothly and in full legal compliance.
Our PEO and EOR services are available in over 100 countries worldwide, making us the premier partner for global expansion.
Contact our expert advisors today to learn more.
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