If you are a business owner, you probably know by now that a good employee can be difficult to find. Even with a great salary and additional bonuses, companies are often struggling to attract and retain top talents. Many experts think that the generational shift is to blame. A new generation of millennials has a different mindset and different priorities from the previous generation.
If you want to get millennials to work for your company, you’ll have to use different incentives than before. Offering more money simply won’t work. A recent study has found that almost 80% of employees would prefer additional benefits rather than a simple raise in pay. Let’s take a look at a few benefits you can offer your employees to sway them to work for your company.
1. Dental Insurance
Dental problems can cost an employee a lot of money if they are covering them out of their own pockets, which is why dental insurance is one of the top perks employees are looking for in a company. Dental plans vary from one company to another. Certain insurance plans cover all dental expenses, others just a part of them. And it’s up to you to choose which plan would work best for your employees. Sometimes even the basic dental plan that includes fillings, root canals, and dental cleaning every six months is enough to convince the potential candidate to join your team.
2. Paid Days Off
Most countries have a minimum amount of paid vacation days regulated by law. But for many employees, these paid vacation days are not enough. Offering extra paid vacation days might help you attract people who value a good work-life balance, more than a higher salary. Some companies even offer unlimited time off to ensure that their employees get all the rest they need.
3. Offering the Opportunity to Work Remotely
Remote work has become a way of life that many people find difficult to exchange for a 9-to-5 job. But if you offer them the opportunity to combine the two, you might be able to sway them to give up their freelance life and come work for your company. Many companies allow their employees to work remotely at least once a week. But you can choose the rhythm that works for you – it can be 1 day a week, 3 days every month or 2 months every year.
4. Travel Opportunities
Some companies have taken remote working a step further and even arranged various business travels for their employees. There are companies out there that organise and pay travels for their employees, so that they can temporarily move to a different location and work remotely from there. This is a great way to connect work, travel and team building all in one, and make your employees happier and work more fun.
5. Retirement Planning
Want to keep your employees loyal until the day they retire? Why not offer them a great retirement plan. There are numerous retirement plans out there that differ based on contribution required, the length of investment, the rate of service fees, and so on. If you are not sure which retirement plan is the best for your business, you can always hire a retirement planning expert to help you make the right choice.
6. Health and Fitness Perks
In order to attract new employees, many companies offer various health and fitness perks, such as paid gym membership or an indoor gym. But some companies have taken it a step further and offer their employees free access to onsite tennis or basketball courts or even an indoor swimming pool. We know that not every business owner can afford a swimming pool, but even an indoor ping-pong table can sometimes be enough to attract more people to work for you.
Don’t forget to make the office as healthy and safe as possible. This includes having the best chairs you can afford, ensuring that desk and monitor heights are well adjusted, that your kitchen is supplied with quality fire ducts, that there is plenty of fresh air and plants all around the space.
7. Additional Health Insurance
Most European countries have mandatory public health insurance for all. But even in these countries, additional corporate healthcare insurance is a benefit that can set your company apart from your competition. Additional corporate insurance allows employees to go to more frequent check-ups, covers medications and other expenses not covered by the compulsory insurance. Keeping your employees healthy should be the top priority for every company. So make sure to set some money aside and help your employees stay in good health.
These are just some of the benefits you should consider if you want to attract new talents to your company. Other incentives include indoor kindergarten, free food and snacks, a game room, and many others. If you are looking to attract a younger generation of employees, you might want to opt for something fun such as team-building activities and additional vacation days. If you are looking to hire more experienced staff, then health insurance and retirement plans might be the way to go.