It is time to get innovative! The same old recruitment and retention tactics are tired and not cutting it. The labor market is hot and if you want to attract and keep top talent, it is time for a new strategy. Here are a few emerging benefits that are making employees think twice before job hopping:
1. Flexibility
This goes without saying. Post-pandemic, American workers just want something different. Whether it’s remote work, flexible hours, or unlimited PTO. Workers just want to know they have options. To compete in the labor market, it is time to ditch the dated 9-5 job description.
2. Child Care
Child care subsidies and on-site child care are starting to pop up more and more. When most families spend more than 10% of their income on child care, on-site or in-network caregiving is extremely attractive. This is a huge financial benefit for young families and can help build a better community among your employees.
3. Relaxed Dress Code
Okay, so your employees have to be on-site? That’s fine. Let them show up in casual clothes, not just on Fridays. This will go a long way. No one wants to sit at their desk all day in a stuffy suit! Where does one buy a suit these days anyway?
4. Earned Wage Access
You can work whenever you want, why not get paid whenever you want? Earned wage access, like Immediate, is definitely going to be a mainstay benefit in the coming years and has proven to reduce turnover by 40%.
“Companies seem to have learned their lesson from the tight labor market. They are being much more productive and evolutionary in their pay and benefits offerings. They are more educated and dynamic. Benefits, in particular, are being expanded in an effort to ensure the best people are being retained and remain happy. Preventing turnover has become the number one priority and we assume this will be the case no matter what the economic climate looks like moving forward.” – Bruno Stanziale, CEO at GoToro
5. Pet Perks
Raise your hand if you got a puppy during the pandemic? Whether you can bring your dog to the office now or your company offers pet insurance, 4-legged parents want to know their fur babies are valued. These are just a few ideas as you rethink your benefits package before open enrollment!
