According to Inc., 60 percent of millennials expect to change jobs by 2020. With this statistic in mind, attracting top talent continues to be a very competitive process for businesses. Non-traditional benefits can help companies boost employee morale, increase retention, and also attract great new talent. With work-life balance becoming an ever-more important aspect of the lives of most workers, companies focusing on offering unique or non-traditional benefits to complement the traditional ones gain a competitive edge. Here are five company benefits that owners may want to consider to attract great talent, if they haven’t already.
Flex-work environment or work from home policy
A structured 9-to-5 schedule leaves little room for a proper work-life balance for today’s professional working landscape. More than ever before, work and life are blending together. According to a Stanford University study, working from home leads to a 13 percent performance increase in employees. Companies that foster flexible work environments create a relaxed and stress-free space where each employee feels his or her well-being taken into consideration. Flexible work environments also provide cost-saving advantages for employers such as rent, supplies, and utilities.
Student loan repayment assistance
For most professionals, student loans continue to be a pain in progressing toward financial freedom and stability. Employers who recognize this struggle for young professionals and create programs that help those saddled with student load debt gain an advantage in attracting young talent. According to American Student Assistance survey, 90 percent of young professionals would commit to a company for five years in exchange for help with repayment of student loans.
Comprehensive healthcare program
The fight for adequate healthcare continues to be at the forefront of society, and companies that offer a comprehensive program reap the rewards. A standard healthcare plan is almost required, however when offering a comprehensive healthcare plan for today’s professional, placing interest on preventative health is key to attracting great talent. Companies that offer gym memberships, fitness gear, and mental health options appear more progressive and resonate well with today’s professionals.
Maternity, paternity and caretaker leave
Paid leave for family and medical is becoming a key topic and attention grabber for policymakers in recent years. The issue with working parents and an aging population is the mounting pressure on American workers balancing caregiving responsibilities. It takes a toll on professionals. According to Pew Research Center, most working professionals feel that employers should support and cover the costs of paid family and medical leave. Employers that provide adequate leave see an increase in retention.
More holiday time-off
Keeping employees happy can directly contribute to increased productivity. Today’s professional wants to pursue life with enjoyment. Work hard, play hard. Companies that offer a good amount of time off to their employees create a carefree working environment that is both inviting and mentally rewarding for workplace morale. Some companies even allow unlimited time off for employees. This type of trust in workers allows them to take responsibility for their own time and workload, which creates a motivating atmosphere to make sure work gets completed.
This article was written by Marlena Turner for Small Business Pulse