While free snacks in the break room or a health insurance plan are nice benefits to offer your employees, they aren’t necessarily the types of benefits that are going to keep your top employees from looking elsewhere.
Companies don’t need to spend all kinds of money or bend over backward to keep their employees happy, they just need to speak to employees’ needs and wants.
Maintaining a healthy work-life balance is a hot topic these days, and allowing employees to telecommute means they can take care of pressing matters in their personal life. For instance, they might be able to stay home to let a plumber fix a leaky pipe, or they can still get work done while staying home to watch after a sick child.
While employers might fear that telecommuting employees are prone to laziness, studies actually show that remote workers are more productive and tend to work more hours than in-house employees. A telecommuting policy also encourages sick employees to stay at home, rather than come in and spread an illness around the office.
With a flexible work setup, a worker can decide to work off-hours provided they finish assignments on time. These plans take various shapes including working four 10-hour days and job-sharing arrangements. Flextime is a smart benefit to offer if you are attempting to recruit or retain particular sections of the workforce, like older employees or new mothers.
As the Great Recession pressed businesses to maximize productivity, budgets for training and development took a significant hit. Consequently, workers are often expected to improve and generate progressively greater results without receiving much or any training at all. In some cases, there’s a complete absence of professional development opportunities like seminars and workshops.
Companies can make an employee development program an effective part of their pitch to prospective employees. This benefit has the added impact of appealing to passionate, driven individuals who are always seeking a way to improve and grow their skills.
Flexible Spending Accounts
Flexible spending accounts (FSAs) allow employees to reserve money on a pre-tax basis to be able to cover medical costs. Under a common FSA plan, a worker can determine how much pre-tax money from their income, up to a maximum amount set by the employer, can be used to pay for medical, dental, and vision expenses.
Should you decide to offer workers FSAs, bear in mind you should have money on hand to be able to reimburse workers for expenses, which, by law, you are mandated to fulfill from the first day of the year; even if the worker contribution is, at that time, less than the overall quantity of the expense.
At Cornerstone, we work with companies to offer attractive compensation packages designed to bring in hardworking temporary, contract, and full-time workers. If your company is currently looking for a custom talent acquisition solution, please contact us today to set up a consultation.