Attracting and retaining top talent is the cornerstone of an organization’s success. The Great Resignation proves employers must recognize employees are their most valuable asset. After all, when employees are provided with resources focused on their professional growth while balancing self-care, they'll thrive in the workplace.
Healthy employees are necessary for organizations to remain competitive, and providing holistic benefits ensures employees feel psychologically safe, which supports the development of a strong workplace culture. Thoughtful benefits can also lead to long-term retention, benefitting the company and its employees. The following contemporary employee benefits also increase employee productivity and satisfaction, leading to a happier and more engaged workforce:
Use these ten (10) creative benefit offerings to infuse innovative work-life balance and educational opportunities into your organization:
Quality of Work-Life Balance Creates An Empowered Workplace Culture
Home Office Allowance
Although the Coronavirus (COVID-19) pandemic forced many employers to transition to remote positions, working from home also responds to employees' need to balance work with their personal responsibilities. You can ensure employees have the necessary furniture and technology to perform their duties remotely by providing a home office allowance. If your state doesn’t require employers to reimburse for remote expenses, be proactive and include this trending benefit to increase your organization’s competitive advantage.
PPE Allowance
Often, employers purchase personal protective equipment (PPE) for onsite employees. Differentiate your company by providing PPE to your remote team. Extending PPE purchasing to include hybrid or remote employees helps them feel connected to the office and better protected – even in their work-from-home environment.
Vacation Stipends
Encourage your employees to travel while using their paid time off (PTO) by offering a vacation stipend. Paid vacations are the second most important benefit to offer employees after healthcare. The opportunity to relax in a new environment also helps reduce burnout, and when employees return to work, they'll be recharged and productive.
Housing Bonus
The average net worth for renters was $6,300 compared to $255,000 for homeowners. Attract more diverse candidates by offering housing bonuses such as down payment or closing cost assistance. Use this unexpected benefit to invest in your employees’ future and attract employees seeking long-term employment.
Expanded Bereavement Leave
Grief and mourning are individual experiences that your organization should respect. Address this need by creating a leave policy empowering your employees to celebrate the lives of their loved ones – whether they are a relative, spouse, friend, or pet. Many companies have already extended bereavement leave from 5 to 15 days to provide employees with ample grieving time.
Employee Resource Group Subsidy
Employee Resource Groups (ERGs), also known as affinity groups, are established by employees who share common interests or life experiences. ERGs may also provide career support and development, enhancing professional growth. Consider providing a bonus or stipend to group leaders and financially supporting the group’s efforts. Financial supporting ERG ensures the groups are aligned to the organization's goals.
Financial Literacy Development Program
54% of Americans believe their finances cause stress. Help relieve this stress by offering workshops focused on money management to support employees’ financial goals. Remember, when employees feel confident in their personal lives, they’ll build a resilient, productive, and supported company culture.
Educational Benefits Support Company Goals
86% of employees believed an organization’s dedication to professional development is essential to retaining employees. Remain innovative and competitive by equipping employees with opportunities to enhance their skills and competencies. Professional development, tuition reimbursement, and sabbaticals are benefit offerings that support employee engagement and ensure an educated workforce.
Professional Development Opportunities
Offsite professional development provides employees with opportunities to:
Meet industry professionals
Remain current on industry trends
Strengthen their interpersonal skills
Providing opportunities for employees to participate in professional development will support your organization’s ability to remain competitive. Remember, time away shouldn't come out of their vacation leave.
Tuition Reimbursement
In 2018, over 27% of employees resigned due to unavailable educational support. Tuition reimbursement isn’t a new trend, but it does enhance employees’ intellectual and professional capacity. A tuition reimbursement program is also advantageous because it reduces employee turnover.
Paid or Unpaid Sabbaticals
Employee burnout is a reality that organizational leaders can’t ignore. Offering educational or personal sabbaticals reassures employees that their productivity is rewarded. Lengthy breaks, such as sabbaticals, allow employees an opportunity to reset and recharge, returning to work motivated and engaged.
Providing your staff with robust benefits offerings is a transformative strategy to improve and maintain a motivated workforce. If you need assistance in developing creative benefit offerings for your organization, contact Abnormal Logic today at info@abnormallogicllc.com to learn more.