How Top Employers Use Creative Benefits to Win Talent
Estimated reading time: 3 minutes and 33 seconds
The most creative benefits attract the best talent. It’s why top-level employers continue to make headlines for their forward-thinking employee incentives. These employers know that coupling a traditional benefits package with more employee-centric perks is the winning formula to stand out as a first-choice employer. Whether it’s a small business or mega corporation, these companies continue to prove that non-traditional benefits are much more likely to attract A-level talent and build better, stronger teams. Below are few trending examples of some creative benefits being offered today, and the most important strategy for making them work for your business.
3 Trends in Innovative Perk Offerings
How employees experience the work environment helps to solidify a brand, showcase core values and build powerful synergy. That’s why more business today are finding creative ways to incentivize employees in the workplace. Here are a few top trends below:
1. Environmentally-Focused Compensation – Traction on Demand, software-as-a -Service provider in British Colombia, Canada, is keenly focused on the environment. So when Tesla announced the release of its Model 3, Greg Malpass, CEO at Traction on Demand offered to pay the $1000 deposit for any employee who was interested in purchasing the $35,000 car. He said “Traction meets strict environmental standards. This program is a pro-active move to put our dollars where our mouth is and invest in the single most important thing, our planet.”. It’s a generous perk with a strong underlying message— that they care about the environment and the health of our planet.
Read more about ‘Top 5 Out-of-the-Box Employee Perks’.
2. Remote Workplace Incentives – Many companies are dishing out big incentives to encourage employees to work from home. While it’s said that savings for employers can amount to $11,000 per employee, the real motivation behind offering this perk is because employees want better work-life balance. After transitioning 95% of call center workers to at-home desks, WestJet Airlines Spokesman Robert Palmer said, “From an employer’s perspective, it makes for a happier employee and a happier employee is generally more productive.”
Read more about ‘The Hidden Perks of The Remote Workplace‘.
3. Wellness-Focused Perks – Wellness-centered benefits are also on the rise. This typically includes anything from providing free healthy snacks at the office and covering gym membership expenses to allocating monthly health-spending allowances. Employees appreciate having the tools and resources to improve their health. They also gravitate to businesses that show how much they care about the wellbeing of their team. And for employers, the wellness comes full circle. According to a Benefits Canada article, organizations such as Canada Life, Dupont, Prudential Insurance and Citibank report positive ROI in the range of $2 to $6.85 savings for each $1 invested in employee wellness.
Read more about ‘The Wellness Culture and How It Can Lower Your Claims Costs.’
The Key to Successfully Implementing Forward-Thinking Perks
According to a recent Glassdoor survey, 79% of employees would prefer new or additional benefits to a pay increase. Another survey suggested, 57% of job seekers look at benefits and perks as one of the top considerations when looking for a new place to work. So, when it comes to employee benefits, opportunity is abundant for the forward-thinking employer. And while being creative is key, choosing benefits that align with the company’s culture and values is the biggest success factor.
In an article titled ‘Nontraditional Perks Paying Off for Forward-Thinking Employers’, Carol Sladek, Principal at Aon Hewet, said, “The key is to marry the needs of the organization with the needs of the workforce.” By doing so, businesses not only enhance employee engagement, but they are also better able to align the company beliefs with their most important assets— people.
Which Innovative Perks Are Right for Your Business?
While traditional benefits plans are still important to have, creative perks can add so much more. Personalizing the benefits package with innovative extras to suit a company’s core values and to meet the needs of a specific workforce is what makes top employers stand out from the rest. Consider the following questions – what extra perks would your employees appreciate? Are there any specific perks that align with your business values? How can these innovative benefits help you fulfill your corporate strategies? If you have some interesting ideas, feel free to contact our team. We’re always happy to provide some extra guidance.