By | Sierra Powell
One of the hardest parts of running a business is finding the talent you need. However, just because you managed to hire some good prospects does not mean you’ll be able to retain them for the long term. What is offered by your competitors may cause some of your best employees to leave for greener pastures. This is why you need to offer the right mix of benefits and perks to both attract and retain employees for the long term. Below are seven examples.
Retirement Options
One reason why employees leave a company eventually is that they don’t provide much incentive for sticking with that company for the long term. If there are no options within the company to help you build your retirement, sticking with that company for 20 years or more may seem like a wasted effort. This is one of the reasons why the term “dead-end job” exists. Instead, make sure you offer retirement options that provide an incentive to employees to stay with the company until they retire. Things like 401k plans, pension plans, IRAs, and more can be very attractive to the workforce.
Health Plans
It is expected that good employers provide quality health plans and affordable health insurance to full-time workers. This is often mandated by the law. If workers do not think their company’s health insurance is affordable, they’ll tend to look elsewhere. Health insurance is important for people and their families. Without it, savings can be easily wiped out and lives can be put in danger. Make sure the plans you offer are rather robust in what they cover so workers and workers with families can be confident that working for your company is the right choice for their livelihoods.
Dental and Vision
However, you should offer more than just a standard health plan. Dental and vision should also be covered. According to statistics, well over half of the population wears glasses or contacts. As such, the availability of vision coverage can be a big deal for many people. The amount of adults with dental issues is much higher than that. Many employees expect these benefits from serious employers.
Maternity Leave
Attracting capable women to your company should also be of concern to you. Without maternity leave, many women may end up leaving your business permanently. You can’t expect a mother to choose a job over her children. In this day and age, maternity leave for fathers is also offered in different states for dads who choose to take care of a baby while the mother continues working. Give it some consideration.
Work Flexibility
Certain employees have circumstances that others do not share. If you want to attract top talent, being flexible in regards to how you schedule work or where workers can clock in matters a great deal. After the pandemic, a lot of companies learned that allowing employees to work from home saved them money. As such, this can be viewed as a benefit for both the worker and the company.
Tuition Reimbursement
Certain employees have aspirations beyond their current positions. They may, for example, want to go back to school and advance their college education. When these degree programs align with your company’s needs, you can greatly benefit by helping to fund those educational aspirations. In exchange for reimbursing their tuition, your employees will learn new skills and knowledge that can take your company to the next level.
Paid Time Off
Paid time off, sometimes referred to as PTO, is one of the most sought-after benefits by modern employees. While work is important, people want to also be able to enjoy their life outside of the office from time to time. A generous amount of PTO can certainly do that. Make sure the vacation time and sick leave you offer are competitive for your industry. If it isn’t, you may not attract and retain the talent you need.
Benefits Matter
Overall, you need to offer benefits and perks that are competitive with what other companies in your industry are offering. If you don’t, you won’t be able to attract the talent you need to succeed. Even worse, the talent you do have may be tempted to leave you for your competitors. Put a good amount of thought into the benefits you offer your employees.
