Attracting And Retaining Talent With 8 Unique Employee Perks
What do potential candidates consider attractive benefits when they evaluate a job offer? While a good salary and health insurance are essential, they are also the bare minimum of what an employee needs to be convinced to work for a company. In this modern era of competitive benefit packages, businesses have started exploring the concept of "total rewards," which encompasses a combination of monetary and non-monetary perks that businesses can offer employees. In this article, we explore what a total rewards system means and 8 unusual perks that can be included in it.
What Is A Total Rewards System?
A total rewards system includes the total compensation an employee receives from their job, plus any rewards or perks that are not of a financial nature. Starting with an employee's compensation, we should remember that it includes their salary, and other financial benefits such as performance-based bonuses, commissions, and, in some cases, equity. Now, to remain competitive in the current condition of the job market, you need to add to the equation non-monetary perks such as health insurance, retirement plans, paid time off, career development opportunities, benefits that support work-life balance, etc. By combining these two categories of benefits, you create an attractive total rewards package that attracts more candidates to your company, fosters loyalty among your current workforce, and increases employee engagement in the long run.
8 Unusual Employee Perks You Can Add To Your Total Rewards System
1. Unlimited PTO
Unlimited or discretionary paid time off (PTO) allows employees to take as many vacation, sick, or mental health days as they need. This, of course, is done after getting clearance from their manager and depending on their overall workload. This perk gives employees increased flexibility and supports their work-life balance, as they don't feel pressured to come in sick to preserve their PTO. Furthermore, it boosts productivity, as employees can take time off and return to work feeling rested and refreshed.
2. House Cleaning Services
Imagine returning after a long day at work to find your home tidy and sparkling clean, without having to do it yourself. Sounds like a dream, doesn't it? Some businesses turn this dream into reality for their employees by covering the cost of professional house cleaning once or twice a month as part of their total rewards system. This benefit allows employees to truly rest and relax during their time off, whether after work or during the weekend, instead of spending that time cleaning.
3. Bonuses For New Babies
Welcoming a new baby into your family can be very costly, and businesses are starting to recognize that. As a result, some companies are offering employees monetary bonuses to help them manage the numerous expenses of bringing a newborn home. For instance, Meta gives its employees a $4,000 bonus to help them cover medical expenses and other baby-related purchases, such as cribs or car seats. This substantial support during a time of major change can be a great motivator for employees, helping business leaders retain valuable talent.
4. Extended Parental Leave
New parents need time at home to recuperate and take care of their newest member. The average parental leave in the US is ten weeks, forcing new parents to return to work just a couple of months after welcoming their baby. If you want to make your total rewards package more appealing, consider extending paternal and maternal leave by a few weeks to give your employees more time to adjust to parenthood. It's also essential to ensure that their jobs are protected during their absence and that their salaries will continue to be paid.
5. Paid "Pawternity" Leave
But what about fur babies? While bringing a new puppy or kitten into your life is very exciting, it can also be challenging. If your company has a pet-friendly mentality, you can follow the example of Brewdog. They offer employees one week of paid "pawternity" leave when they adopt a new dog. This unusual employee perk allows employees to help their new pet adjust to their new home, teach them some basic house rules, and take the necessary measures to manage any separation anxiety they may experience when the employee returns to work.
6. Budgets For Learning And Development
Employee development is essential for businesses today, equipping employees with the skills they need to keep up with the rapid changes in the business world. However, setting up an L&D budget can be beneficial for both employees and their employers. On the one hand, employees acquire valuable skills that can propel their careers forward while businesses upgrade their workforce and enhance their efficiency and productivity. In the long run, these opportunities for growth foster employee engagement and make your business an attractive employer.
7. Days Off For Volunteering
For many employees, particularly those in Generation Z, maintaining their hobbies and interests outside of work is essential. This might include, in some cases, social causes that benefit their immediate or larger communities. If you want to engage employees and foster a respectful work environment, consider supporting this by establishing days off for volunteering in your total rewards package. For example, you can offer employees one day off each quarter to volunteer at a local shelter or donate blood. This approach may also help you identify causes that align with your business's corporate social responsibility strategy.
8. Mental Health Perks
Burnout is a significant issue that employees struggle with, impacting their motivation, engagement, and overall productivity. Thankfully, businesses can reverse the negative effects of burnout and help employees regain their morale by taking action to support their mental health. This can include mental health workshops that teach employees how to handle stress, manage their time, or find additional resources. Some companies offer daily yoga or meditation sessions to help staff start their day feeling centered, while others subsidize therapy sessions. Take these steps to show your employees you value and appreciate them, and the positive effects on your business will be quick and noticeable.
Conclusion
Attracting talent and keeping it engaged is becoming increasingly challenging for businesses. A high salary is no longer enough, meaning that business leaders are turning to more creative solutions. This is where total rewards come into play to offer employees additional benefits that will make a business stand out further among the multitude of potential employers.
In this article, we explored 8 unique benefits that you can offer employees to make your job offers more appealing, covering issues such as work-life balance, mental health, growth opportunities, and more. Take the time to research which benefits, in particular, your current employees and the candidates you are trying to attract consider essential and enhance your total rewards system.
