Your company might be the greatest place in the world to work — but if you aren’t taking care of your employees, it’s going to be virtually impossible to succeed in the competitive marketplace.
In today’s hiring market, quality employee benefit packages are a necessity to keep workers happy and comfortable. According to a 2015 Glassdoor Employment Confidence Survey, roughly 60% of people report that employee benefits are a major factor in considering whether to accept a position at a new company. Additionally, the survey also found that approximately 80% of employees would choose additional employee benefits over an increase in pay.
The fact that most American workers would prefer stronger benefits packages rather than earning a higher wage should be ample reason for any business owner to revamp his or her benefits offerings. It’s important to start with base health insurance plans and dental packages, especially since 74 million Americans had no dental coverage back in 2016. However, you may want to consider offering much more creative benefits packages as well.
Google, for example, is famous for the incredible perks it offers its employees, including workplace lunches crafted by a professional chef, biweekly chair massages, yoga classes, and even haircuts. In the same vein, Twitter provides its employees with three catered meals a day, on-site acupuncture treatment, and improv classes.
For your company to stand out, you don’t have to reach the same level as Google and Twitter. Simply finding ways to offer flexible hours, paid vacation time, and work-from-home options — in addition to other essential benefits and perks — can attract high quality employees, subsequently leading to a more successful business.
Harvard Business Review consulted with 2,000 U.S. workers ranging from 18 to 81 and compiled a list of specific items of employee benefit packages that are currently most valued by job seekers:
- Better health, dental, and vision insurance plans
- More flexible hours
- More vacation time
- Work-from-home offerings
- Unlimited vacation
- Studen loan and tuition assistance
- Paid maternity and paternity leave
- Free gym membership
- Free daycare services
- Free snacks and coffee
While that doesn’t mean your business has to offer all of these benefits, it’s essential to give this matter some consideration if you want to attract the best candidates.