Why Are Benefits Important to Recruitment and Retention?
Offering benefits to employees is essential for several reasons:
Offering benefits can help you attract and retain top talent by making your company more competitive. With turnover being the top issue cited by 47% of HR professionals worldwide, retention is a critical concern.
Employees who receive benefits such as health insurance, retirement plans, and paid time off tend to be more satisfied with their jobs, leading to increased productivity and a lower turnover rate. Adding creative benefits and listening to your employees about their wants will improve loyalty.
Offering creative benefits shows employees that you value their contributions and care about their welfare, which can boost morale and create a positive work environment.
Some benefits, such as Social Security or pensions, workers' compensation, and unemployment insurance, are legally required. Failure to comply with the requirements in your location can result in legal penalties and damage to your reputation.
Top Benefits You Can Offer
Companies around the world are offering similar benefits to their teams. In 2023, here are the top ten benefits many organizations are providing.
Paid Time Off
There are several categories of time off, and your requirements and offerings may depend on your location, laws, and other conditions. The most common forms of paid time off include:
- Sick days
- Vacation days
- Family leave
- Personal days
- Civic duty
- Volunteer work, etc.
Flexible Work Hours
Many companies offer more flexible work hours along with paid time off. To avoid commuting problems or challenges with schedules at home, employers trust their employees to accomplish their work without establishing set start and end times. This can be very beneficial for many industries.
Remote Work
Companies are still considering remote work, but it's quickly becoming a required perk. Many qualified candidates won't consider opportunities that don't include work-from-home arrangements. In a 2022 survey of global workers, 97% said they would recommend work-from-home over in-office work. For organizations struggling to find in-house employees, shifting to work from home can expand the candidate pool.
Health Insurance
Health insurance is essential in countries like the USA, but it isn't as much of a requirement in other places where subsidized, single-payer, or national healthcare exists. However, many companies offer additional benefits to help with private healthcare or other things not traditionally covered.
Wellness Benefits
Wellness covers many things that aren't always included in healthcare insurance. For example, the rise of stress and anxiety in the workplace means many organizations are offering mental wellness programs, access to online therapy platforms, and tools to increase mindfulness.
Continued Learning
Many professionals today believe that continued learning is essential for their satisfaction with a job. Companies that don't offer career development see more turnover as employees leave for new opportunities where they can advance their careers.
Retirement
In some countries, retirement benefits are critical, while others have established pensions. What you offer and how much your employees look for when accepting a job will largely depend on the climate and requirements where you are.
Tuition Reimbursement
With the high cost of education in many countries, companies that offer tuition assistance or reimbursement can bring on candidates who would have taken other opportunities simply out of necessity.
Commuting Assistance
If your area has public transportation, consider offering a voucher for your employees' commute. In areas where cars are more prevalent, carpools may be an excellent solution to help offset the cost of commuting and ensure your employees can make it to work on time consistently. Offering transportation support also enhances your commitment to the environment and GHG protocol, a global standardized framework for reducing greenhouse gas emissions.
Examples of Benefits from Global Businesses
Companies worldwide have offered additional benefits that are making news. Here are some unique and highly sought-after company benefits from global organizations.
Google
Multi-national corporation Google is a household name when it comes to internet searches. They also provide internationally recognized benefits, including:
- Onsite wellness centers
- Annual equity pay reviews
- Student loan repayment
- Hybrid work schedules
- Caregiver leave
- Paid volunteer days
- Onsite meals
- Cooking classes
Delta Airlines
Unlike many other airlines worldwide, Delta hasn't been struggling to find staff and is well known for having good benefits and employee support programs. They include:
- Retirement savings
- Profit sharing
- Gym memberships
- Free or discounted flights
Salesforce
A leading tech company known for its incredible company culture, Salesforce has been voted one of the best places to work for many years. Their benefits include:
- Gender pay equity
- Flexible work schedule
- Mental health days
- Regular stipend
- Paid caregiver leave
- Tuition Reimbursement
- Pet-friendly workplace
Nvidia
An international AI company, Nvidia is becoming known for the benefits it offers to employees worldwide. They include:
- Employee resource groups
- Wellness benefits
- Stanford Health Navigator
- Employee stock purchase plan
- Onsite laundry
- Onsite car maintenance
- Mobile health clinics
Your Partner in Employment
Employee benefits are the motivator for most candidates. Along with an equitable salary, employees want to work for companies offering more to enhance their lives. When developing a benefits program, paying attention to what employees really want is essential.
You don't have to go it alone. Investing in the right software gives you the structure and framework to manage talent and what you have to offer. Using a system to help you track and hire top talent is the first step in the process.
With more competition for top talent, it pays for companies to consider all their advantages and the use of tools to assist in the quest to find talent. HireHive helps busy people hire great people. You can post jobs, streamline your online application process, improve the candidate experience, and tap into vast global networks by having your entire recruitment process in one place.
Set up a free trial account today. Contact HireHive to learn more.
