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How are Employers Enhancing Benefits to Attract and Retain Workers?

Question

How are employers enhancing benefits to attract and retain workers?

Answer

As employers compete to attract qualified people for open positions benefits packages are being enhanced in interesting and meaningful ways.

Flexible work arrangements are an attractive benefit for job seekers and employees alike. This can include a fully remote option or a hybrid arrangement. When remote options aren’t possible, employers are considering flexible work hours including working non-traditional hours or working a compressed work week.

Paid time off is being increased to provide time beyond traditional vacation and sick leave to help employees achieve a better work/life balance. Some companies are providing an annual sabbatical in addition to the current vacation policy for employees to pursue personal interests, take a class, or relax and unwind. Other companies are establishing a minimum vacation policy that provides unlimited vacation days but requires all employees take a minimum number of days off to recharge.

Childcare has been a concern for many employees during Covid and some companies are providing a childcare stipend to help employees offset the cost of daycare. Some larger companies are providing back-up childcare or on-site childcare to support their employees.

Financial wellness is a new benefit assisting employees with financial literacy and offering financial planning services. This can help employees plan for their retirement, buy their first home, and more.

Education assistance is being expanded to include assistance paying off student loans. Typically, this is done through a monthly stipend that can be paid to the employee or directly to the loan provider. Tuition reimbursement programs are being expanded to include courses that may not be directly relevant to an employee’s position.

Mental health and wellness is a hot button issue and employers are finding creative ways to help their employees. In addition to services available through employer health plans, organizations are providing on-site yoga, meditation, and other mindfulness programs. Subscriptions to on-line meditation apps like Calm and Headspace are being provided at no cost to employees. Additional benefits include quiet rooms for meditation, gym memberships, and health and wellness coaching.

Other perks employers are providing include discounts toward phone plans or member clubs like BJs or Costco, discounts on company products or services, and free employer provided healthy snacks and/or meals.

If you are considering changes to your benefits package, contact us at asarver@elliebluhr.com or book a call at: https://calendly.com/asarver. We’re uniquely positioned to support small businesses with their HR needs. Let us help you create a sensible, robust, benefits package that will help you attract and retain employees.