Four Benefits and Perks You Should be Offering

Looking for new ideas to retain your team?

Employee perks are changing. Incentives such as free lunch, gym memberships, and 401(k) matching programs are no longer sufficient enough for employees who are weighing their career options.  Millennials, who make up the largest generation in the U.S. workforce, are leaving their current jobs for better workplace benefits. Providing employees with unique and useful company perks is a major opportunity for employers to retain their most valuable assets.  Here are just four perks and benefits for employers to consider to help promote a healthy employee experience in the workplace environment.

1 - Student Loan Repayment Assistance - Student loan debt in the United States totals $1.75 trillion and grows 6 times faster than the nation's economy.  Employers who are looking to attract and retain employees should consider offering programs that provide assistance with student loan repayment.  There are several different ways to offer repayment assistance and help employees with their financial issues. Employers can make regular contributions through employee-assisted student loan repayment programs, or they can match a contribution equal to a percentage of the employee's own contribution.  Student loan counseling and loan refinancing support are additional ways for employers to provide repayment assistance.

2 - Childcare & Family Benefits - Employers have learned during the Covid pandemic that workers are placing a greater emphasis on family and work-life balance, especially women.  Between February 2020 and February 2021, 2.4 million women left the workforce.  Childcare reimbursement, on-site daycare, eldercare services, and infertility insurance are just a few benefits that employers can offer to assist with employee retention.  Check out companies like Tootris that offer employer sponsored childcare benefits. And what parent doesn’t want free diapers? A diaper subscription service is a unique perk employers can provide as an incentive to support employees and their families.  

3 - Mental Health Support - According to The American Institute of Stress, 80% of workers feel stress on the job.  Mental health challenges at work are becoming normalized, and the stigma of mental illness isn’t what it used to be.  Mental health workshops, subscriptions to mindfulness/meditation apps such as Headspace and Calm, and mental health days are benefits for employers to consider. 

4 - Flexibility - Employees want more sick time, more control over the hours they work, and more remote work options for a better work-life balance.  According to the Harvard Business Review, 97% of employees want flexibility, yet only 47% of employees actually have it.  Allowing employees the option to work from anywhere or choose the hours they work is a great way to entice promising candidates.  Employers who implement structured flexibility programs based on the needs of employees will find increased productivity and a reduction in employee turnover.

At Strategic HR Advisory, we believe your employees are your business.  Protect your growing business with a certified HR expert by your side.  Contact us today!