[aa_subtitle_display]While not so long ago a decent salary, vacation days, and medical benefits would have been enough to keep employees happy
– those times are now gone. More and more companies are beginning to offer unique and out-of-the-box benefits to remain competitive with other companies.
Like your PEO, these employers know how important to a business it is to retain the best employees in order to keep success rates high and recruiting and hiring costs low.
Wondering what these extravagant benefits might be? Take a look at some we’ve found to be interesting as well as hard for employees to resist.
More and more companies are beginning to offer in-house lunches that are paid for and catered on a daily basis. Google is renowned for this, utilizing an on-site catering company that prepares the meals right there daily to assure freshness.
While this seems like large costs for your company, it not only is a wonderful and appealing benefit but encourages employee bonding and a sense of community within the office since people are more apt to eat together.
Student Loan Reimbursements
Especially if your company is prone to hiring recent grads, many of them may be writing checks for steep loans used to pay for their college educations. Companies like PwC offer the benefit of comping students to aid in the payment of their student loans up to a certain amount annually.
Alternative Vacation Days
Tacking on vacation time never hurts when it comes to incentivizing your employees to continue working at your company. Adding special days to their vacation and personal time packages can have a huge effect on morale and company loyalty. Consider something like what REI does for their employees
– granting two extra days a year for their employees to enjoy their favorite outdoor activities.
Or, Burton, located in Vermont, gives their employees “snow days” and provides comped ski passes for them to enjoy.
Finally, more and more companies are beginning to shut down over the holiday season (most commonly the week between Christmas and New Year’s) to allow their employees to celebrate without taking actual vacation days.
While some of these benefits may seem outlandish
– they can definitely have a large effect on attracting and keeping the best employees for your business. A Glassdoor survey showed that three in five people (equating to roughly 57%) say that benefits and perks are among the top factors they consider in deciding whether or not to accept a job.
And – somewhat shockingly – four out of five people reported that they would choose extended perks over a raise in salary.
Those statistics are staggering and confirm the fact that you should seek help from your PEO to determine what alternative benefits would be the most financially wise for your business. Putting the decision in your PEO’s hands allows them to decipher what gives your business a cutting edge in attracting and retaining the top employees in your industry.