Attract and maintain talent with 8 unique employee perks
How do potential candidates consider the attractive benefits when evaluating their job postings? While good pay and health insurance are essential, it is also a minimal amount of what employees need to be sure they work for the company. In this modern day of competitive benefits packages, businesses are beginning to explore the concept of “Total Rewards” that includes a combination of financial and non-financial benefits that can be offered to employees. In this article, we explore the meaning of the Total Rewards System and the eight extraordinary perks that can be included in it.
What is the Total Rewards System?
The total compensation system includes compensation and perks that are not of a financial nature, in addition to the total compensation employees receive from their work. Starting with employee compensation, you should remember that it includes salary and other financial benefits such as performance-based bonuses, fees and in some cases fairness. Currently, staying competitive in the current situation in the job market requires adding to non-financial perks such as health insurance, retirement plans, vacations, career development opportunities, and benefits supporting work-life balance.
8 Unusual Employee Perks You can add to your total reward system
1. Unlimited PTO
Unlimited or discretionary paid leave (PTO) allows employees to take as many leave, illness or mental health days as they need. Of course, this will be done after you get clearance from the manager and depending on your overall workload. This perk will increase employee flexibility and support work-life balance as employees do not feel pressured to get sick to maintain their PTO. Plus, it increases productivity as employees can take time off and return to work, feel rested and refreshed, feeling refreshed.
2. House cleaning service
Imagine having a long day at work and then coming back and cleaning your home without doing it yourself. It sounds like a dream. Some companies turn this dream of employees into reality by covering the costs of professional house cleaning once or twice a month as part of their total compensation system. This advantage allows employees to really rest and relax on weekends, even after work, rather than spending that time.
3. New baby bonus
Welcoming a new baby to your family is very expensive and businesses are beginning to realize it. As a result, some companies offer financial bonuses to help employees manage the numerous costs of bringing in newborns. For example, Meta offers employees a $4,000 bonus, which helps cover medical expenses and other baby-related purchases, such as cribs and car seats. This substantial support in a time of great change can be a huge motivation for employees and help business leaders maintain valuable talent.
4. Raised parental leave
New parents need time at home to recover and care for their latest members. The average parental leave in the US is 10 weeks, and new parents are forced to return to work a few months after welcoming their babies. If you want to make the Total Rewards package more attractive, consider extending paternal and maternal leave for several weeks to allow employees to adapt to parent-child relationships. It is also essential to ensure that their employment is protected in their absence and that their salaries continue to be paid.
5. Pawternity paid vacation
But what about fur babies? It’s very exciting to bring a new puppy or kitten into your life, but it’s also challenging. If your company has a pet-friendly mentality, you can follow the example of BrewDog. They will provide a week of “Pawternity” leave paid to employees when they hire a new dog. This unusual employee perk allows employees to help new pets adapt to their new home, teach them basic home rules, and take the necessary steps to manage the separation anxiety that employees may experience when they return to work.
6. Learning and Development Budget
Employee development is essential for today’s businesses, providing employees with the skills they need to keep up with the rapid changes in the business world. However, setting an L&D budget is beneficial for both employees and their employers. Meanwhile, employees will acquire valuable skills that allow businesses to advance their careers while upgrading employees, increasing efficiency and productivity. In the long run, these opportunities for growth will encourage employee engagement and make your business an attractive employer.
7. Volunteer break
For many employees, especially Gen Z employees, it is essential to maintain non-work hobbies and interests. This may include social causes that benefit immediate or large communities. If you want to promote a work environment that engages and respects employees, consider supporting this by establishing a break for volunteering in a total compensation package. For example, you can provide a quarterly day off or donate blood to volunteer at a local shelter. This approach also helps identify causes that are consistent with the business’s corporate social responsibility strategy.
8. Mental health benefits
Burnout is an important issue that affects employees’ struggles and motivation, involvement and overall productivity. Thankfully, businesses can help employees regain morale by reverse the negative effects of burnout and taking action to support their mental health. This includes mental health workshops that teach employees how to cope with stress, manage their time, and find additional resources. Some companies offer daily yoga and meditation sessions to help staff begin to feel central to the day, while others subsidize treatment sessions. Follow these steps to show that your employees are valued and appreciated. The positive impact on your business will be quick and pronounced.
Conclusion
Attracting talent and continuing to attract it is becoming increasingly challenging for businesses. A high salary is no longer sufficient. In other words, business leaders are turning to more creative solutions. This is where total rewards appear to provide employees with additional benefits that stand out even more among many potential employers.
In this article, we investigated eight unique benefits that can be offered to employees to make job vacancies more attractive to employees, in order to cover issues such as job balance, mental health, and growth opportunities. In particular, consider spending time studying benefits for your current employees and the candidates you are trying to attract and strengthen your total compensation system.
