The U.S. is currently enjoying a very low unemployment rate, which means that job seekers have the upper hand once again. Since there is less desperation to the job hunt, these candidates can afford to be picky when it comes to the companies they’re looking at the benefits offered. More and more, people are expecting their employers to be an ally in their lives, and not simply the source of their livelihoods. As an employer, there are a lot of options here, and you’re not expected to offer everything. But filling your benefits package out with a few of the choices below will let job candidates know you want to craft for them something akin to a new home away from home.
1) Medical and Dental Coverage –There are lots of bells and whistles that can be attractive to talent looking to find the right place for them to work. And while you may offer infinite flavors of canned seltzer, miniature gold championships, and a case of Clif Bars under every desk, at the end of the day its an affordable and reliable health and dental package that is going to be or paramount important to job seekers. Despite the cost, there are plenty of upsides here for employers, including avoiding health care reform reassessments and – for small business – taking advantage of the small business health care tax credit. Unless you’re based in Hawaii, you aren’t required to offer your employees health care, but this crown jewel of benefits is (not to mix metaphors) the bedrock of the kind of plan that attracts and retains serious employees to your company.
2) A Remote Work Option –Work-life balance is growing in important every day as a concept for U.S. workers. In fact, one might say that a sense of work-life balance is second only to a solid health package when it comes to what benefits are most essential to modern employees. Giving your employees an option to work from home (when necessary, or even when preferred) is a great way to attract someone new to your company, somehow who isn’t sure how much of their free time they’ll be asked to their new job – and that’s a potentially scary Unknown when you’re job hunting. Working from home will save them commute-related money and time, and can potentially promote creativity.
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3) Signing Bonus –Many of these potential benefits are scalpels, but a signing bonus can be a battle axe. It sounds like a bribe by any other name, but a signing bonus is what you use if the benefits package or salary offered is not quite enough to land certain hotly competed-for talent. Often, a signing bonus is offered to candidates with hard-to-find skills and experience, so there’s a bald element of flattery involved, too. Like we said, some benefits are subtle maneuvering tools, and other are bullhorns. If you really want a worker on your team and you feel they are susceptible to other offers, a signing bonus may seal the deal for your cause.
4) Flexible Hours –As with the option of remote work, the possibility of flexible hours can also be a major raw for talent trying to decide which company they want to throw in with. A flexible hours plan gives employees more time to deal with their personal needs as they arise, and a chance to design a schedule that matches their individual circadian rhythms. For employers, it certainly makes tardiness less of an issue, and enhances a company’s image with a focus on family-friendly attitudes. One the downside, some employees may not work as well without direct supervision, and others may feel cheated if their own position does not allow for more flexibility.
5) Retirement Benefits –It can cost a huge amount to eventually retire, and offering retirement benefits to employees and new candidates is a concrete way to let them know you understand that they have their own lives to plan for both with and apart from the company. Most often, retirement benefits come in the form of a traditional 401(k) plan. Offering a matching 401(k) plan is an especially popular benefit option, as it means tax breaks for both employees and employers.
6) Wellness Programs –According to Fitbit, “88 percent of CEOs report that their companies already have a corporate health and welfare program in place.” If your company can afford it, an online fitness center is catnip as a benefit for modern workers, as one of the first elements of a healthy work-life balance to slide is often the employee’s workout regimen. That may be a too-exorbitant expenditure for many small businesses, so offering discounted membership to existing gyms or offering yoga and meditation classes on-site can work towards making up that difference.
7) Casual Dress for the Office –According to one recent study, one-third of current job seekers expect an employer to offer a casual dress code. And let’s face it, unless there’s a practical reason for your employees to be dressed in uniforms, an office dress code is a relic of a different era of American working. That kind of policy underlines that the office is not a place to relax, or let your hair down, or play ping-pong – basically the exact opposite of the kind of initiative that brings workers together, breaks down boundaries, and encourages them to roll up their sleeves and work together.
8) Student Loan Assistance –Called the hottest benefit of 2018 by Forbes, student loan repayment assistance is a new-fangled benefit that will appeal very much to young people just entering the workforce after college. These people are walking around every month with a huge amount of debt ankling them like a ball-and-chain. There are 44 million student loan borrowers owing more than $1.5 trillion in loans in the U.S., and those represent the most substantial category of consumer debt after mortgages.
