A New Wave of Cutting-Edge Benefits to Retain Employees
Are Work Concierges on The Horizon?
Trendy benefits such as free lunches and ping-pong tables are effective luring in candidates, but according to Glassdoor’s economic research they don’t necessarily help with employee retention. Tried and true benefit packages including medical insurance, paid sick days and holidays and retirement plans are now presumed to be the rule- not the exception. Anything beyond these aforementioned benefits such as partial college tuition reimbursement or voluntary sabbaticals may seem extravagant, but going the extra mile to invest in your staff will pay off in the long run. What are some cutting-edge perks you can use to obtain and retain your staff?
Read on for 3 cutting-edge benefits your staff will never want to leave behind:
1: New Family Concierge
Fifth Third Bank has stolen the show with their newest benefit: Maternity Concierges. It’s no secret that juggling a new family while returning to work from maternity leave is exhausting. This bank has found a perk to legitimately help their employees when they need it most. The concierge service is available to female employees starting from the time they announce their pregnancy up to their child’s first birthday. This service provides assistance such as planning doctor appointments and meal prepping as well as baby showers and baptisms. Acknowledging that your employees are juggling more than just their office life is a huge step toward retention. Taking these time consuming items off of employee’s plates leaves room for them to be more focused, engaged and productive.
2: Annual Vacation Stipends
Paid vacation time is an excellent benefit, but not everyone takes the paid time off. How can you encourage your employees to actually use their paid time off? Mark Douglas, CEO of online marketer Steelhouse, decided the best way to ensure his employees use their vacation time was to provide a yearly $2,000 stipend for vacation costs that they cannot cash out. “Buy your plane ticket on Monday and we’ll reimburse you in full by Tuesday. Can’t front the money yourself? Here, use the company credit card.” said Douglas. If vacation stipends are not in your company’s budget, encourage your staff in other ways to use their vacation time to relax and reset.
3: 30- Hour Work Week
We have previously covered the benefits of ditching traditional working hours in favor of flex-time. Amazon is following suit while testing a 30-hour work week resulting in beaming results of increased productivity and decreased absenteeism. You can try shorter work days across the board, or longer work days with 3-day weekends. Of course these hours are not always feasible, a good way to meet in the middle is to implement a few paid Fridays off whenever possible. This can help to maximize productivity and shave off time spent in the office. Your employee’s work/life balance and performance will most likely improve.
The running theme in all three of these cutting-edge benefits is providing your employees with more time for their personal lives. In a recent article by Harvard Business Review, the burden of blame for employee burnout is shifting from the shoulders of employees themselves onto their employers. Working long hours in stressful conditions leads straight to burnout and staff turnover. Invest in your employees on a personal level, as they are investing in you. A less stressed and more refreshed team will yield the results you have been working toward all along.
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