Unemployment rates have hovered around 4% for nearly 2 years, helping create a tight job market and an intense competition for talented employees.
Job seekers (led by millennials) are in demand, so they’re looking for a company that offers more than a good salary, 2 weeks PTO and traditional healthcare and 401K packages.
Small businesses usually can’t compete with the salaries that big companies offer, but there is a way they certainly can compete to level the playing field and even tilt it in their direction!
How can smaller companies do this? By offering some creative work-life perks to sway applicants away from higher paying jobs. Plus, the cost for these perks is usually minimal, if anything, to a company!
Six Perks To Entice & Retain Top Employees
If you want to attract the best talent for your company, think outside the box.
Today’s job seekers don’t want to be tied down to a traditional 9-5 job. They have busy lives and want more work-life flexibility.
- Let employees set their own hours, within reason. They’ll value being able adjust their schedules to do things like pick their child up from the bus stop, or avoid the morning or evening rush hour traffic
- Allow employees to work from home
More Paid Time Off
Job seekers value their personal time and see PTO as a big enticement to join for a company
- Provide a generous vacation policy (3-4 weeks for starters & 5-7 weeks after 5 years) and require employees to take 2 consecutive weeks off at least once a year.
- Offer unlimited PTO (pending manager approval), where employees can take as many PTO days as they want, as long as they meet their performance goals.
- Provide a liberal paid maternity leave (3-6 months) and apply it to both moms & dads.
- Give employees a day off on their birthday.
- Offer paid volunteer days to give back to the community.
- Provide “Half Day Fridays.” (Are Friday afternoons really THAT productive anyway)?
Create a Welcoming Workplace Environment
Workspace design has a direct impact on productivity. Create an atmosphere where employees want to be:
- Install a workspace lounge with Wi-fi access and coffee machine, where employees can work in a more relaxed manner.
- Encourage employees to take power naps when needed to recharge themselves.
- Install sit/stand desks (they are the latest office trend)!
- Create a fun space with fun items like a table with board games, ping-pong table and a big screen TV with video game system. Tip: you may want to install more than 1!
Employee Wellness Programs
Wellness programs increase productivity and decrease healthcare costs and absenteeism. Do more than offer the standard discounted gym membership.
- Offer free gym membership and/or free exercise classes.
- Install an on-site company gym.
- Create a treadmill room.
- Offer free on-site yoga, meditation, spinning or other exercise classes.
- Install vending machines with healthy snacks.
- Hand out “Fitbits” to encourage employees to get active.
Affordable Health, Life and Disability Insurance
If your company can afford it, these suggestions alone can be enough to attract employees
- Provide free or extremely affordable health insurance.
- Offer free or deeply discounted group life insurance.
- Offer free or deeply discounted disability insurance.
- Offer an automatic company contribution of 3-5% to an employee’s 401K and after one year of active service, match 3-8% of their actual 401K contributions.
If you have any questions or want to learn more about small business insurance or employee benefits, please contact us to speak with our Lehigh Valley insurance experts. We can design a policy tailored to your needs or the needs of your employees.
Arbor Insurance Group provides life insurance, disability insurance and other personal and business insurance products throughout the Lehigh Valley, including Allentown, Bethlehem, Easton, Emmaus, Macungie and surrounding areas.