As the job market becomes more competitive, employers are increasingly relying on cutting-edge benefits to help recruit and retain talented professionals. According to Assurex Global’s 2022 survey, employers are most concerned about their employee’s affordable access to healthcare. In addition, the need for mental health has grown due to the pandemic. More employers are seeing how coverage could be beneficial not only to the workers but to the organization as a whole.
One of the first ways you can identify your own company’s unique benefits is to think about your company culture. What do your current employees find attractive about your company? Is it your company’s values, mission, or work environment? How is your company different from other firms in this respect? Try to identify unique reasons why people would want to work for you versus another company across town and write it down.
In addition to your current company benefits, there might be some other ways to reward your employees without a huge price tag. A few of the factors that we see affecting employer choice for top performers include having a shared mission, providing opportunities for growth, wellness programs, and flexible work hours including a hybrid schedule. Keep reading to learn how you can incorporate some of these benefits into your own company culture.
If you are a small business and do not have a formal healthcare program that your employee can opt in, be sure to offer them a monthly allowance that will contribute to their individual healthcare program. This allowance can be impactful and will go a long way vs. having no healthcare option.
Cultivate a Shared Mission
When Blake Mycoskie first started TOMS, his mission was to start a company that would provide shoes to children suffering from injuries to their feet. The company’s concept grew into a global movement; donating a pair of shoes for every pair sold. Being able to work for a company whose overarching goal is to contribute to society is something that is very attractive to top talent and socially conscious people. For some people, having the chance to make a difference in the world is a benefit in itself.
Provide Opportunities for Personal Growth
Many high achievers that are considering a new employer look for companies that offer career advancement and personal growth opportunities. Worldwide Express, a global logistics company that handles package and freight shipments for small businesses, targets these types of individuals. In addition to offering a chance to work in a thriving business, they place a heavy emphasis on ongoing education and training programs. Their emphasis on career advancement, continuing education plans, and training programs make them an ideal prospect to candidates who thrive on learning and being exposed to new opportunities to expand their skills.
Wellness Programs
Many talented professionals aren’t just committed at work, they tend to bring their same passion and enthusiasm to areas outside of work. By promoting wellness programs or allowing employees to pursue their interests at the office, companies can really show support for motivated, active employees. If you don’t have a gym in your office building, consider paying for memberships at a nearby gym for your employees or bringing in a yoga instructor once a week.
Flexible Work Schedules
Thanks to advancements in technology, it is now possible for people to work just as easily from home as it is for them to work in an office. Allowing employees with long commutes or family obligations to work even two days from home a week can be a huge selling point for your company that doesn’t cost you much. Netflix takes this support to the extreme and doesn’t keep track of employees’ hours. Instead, the company only measures what people get done. As long as employees do their work, it doesn’t matter when or how long they spend in the office.
Every business has a story; sometimes you have to dig to find it out. If the story isn’t compelling or is not apparent – create a new one that matches the values you want for your organization. To attract top talent, your organization must offer benefits that are attractive. Not the traditional salary and medical benefits, but a chance to work in an organization that aligns with the interests of high achievers.
This post is an updated post in Part 5 of Naviga’s blog series on “Making Your Business Attractive to Top Talent.” Part 1 asked “Is Your Business Attractive to Top Talent?”, Part 2 described how to “Market Your Company and Positions to Attract Top Talent”, Part 3 outlined ways to “Cultivate Your Network to Attract Top Talent,” and Part 4 detailed “Lack Luster Employee Culture? Address It Now to Impact Retention“.
