Competition for Top Talent
According to recent insights from Gallagher, unemployment is at a 50-year low. While this is amazing news for the economy, it means the competition for top talent is much more intense. Attracting and retaining top talent has become increasingly more difficult each year, and many employers are enhancing their benefits offerings to improve their odds. As stated by Gallagher, employers are adjusting core benefits such as medical coverage, but what really helps employers stand out is their non-traditional benefits offerings.
What are Non-Traditional Benefits?
Non-traditional benefits are not always directly related to health and wellness. They can be a wide variety offerings or perks that employees are excited to take full advantage of and often can mean the difference between which employer an employee chooses. A recent Paychex Pulse of HR survey found that non-traditional benefits often help companies boost employee morale, increase retention, and attract top talent. Listed below are non-traditional benefits that employees respond well to as cited by Gallagher and PayChex:
- Financial Wellbeing Programs: These programs are slowly starting to become a core benefit, but many organizations still don’t offer them. So, if you are able to incorporate them into your current wellness program, they could really help your organization stand out!
- Student Debt and Housing Cost Assistance: This is a very popular benefit with Millennials and Get Z employees. Younger employees are often overwhelmed by student debt and these kind of programs would make an organization more appealing to them.
- Accommodating Travel Policies: As stated by Entrepreneur, 59% of candidates consider travel policies before they choose an employer. This means everything from how business travel is booked and the type of accommodations business travelers stay in, to the amount of time off available to employees. One great way to appeal to employees is give the option of paid time off as a bonus or reward.
- Flexible Scheduling: According to PayChex, 46% of organizations already offer flexible scheduling as a non-traditional benefit, and it is becoming more and more popular each year. Considering this benefit costs very little to incorporate, it is well worth the amount of job satisfaction it brings to employees.
When deciding on which non-traditional benefits, consider surveying your current employees to see which benefits appeal to them the most. This will not only help you retain your current employees, but will also help when attracting additional top talent. Keep in mind that you do not have to offer every single non-traditional benefit. In addition to core benefits that employees expect from any organization, compliment those benefits with only the unique benefits that fit your organization’s values and enhance your workplace culture.