With today’s thriving economy and competitive job market, it can be difficult to attract and retain talented employees. At Bouchard, we believe the consideration of benefits in addition to traditional health insurance plans to address this challenge is a worthwhile exercise. Offering creative benefits packages can be a great way to keep millennial employees engaged and productive. Below are “outside the box” benefits ideas that your company may not be offering but your competitors might be.
Four Day Work Week
At many companies, the traditional 8 to 5, Monday through Friday work week is a thing of the past. Flex time and shorter work weeks can lead to a more creative, punctual, and productive workforce according to companies like Treehouse, a technology education company. Treehouse implemented a 32-hour work week in 2006 and has been praising its success ever since.
Many people remember nap time as a perk of kindergarten, not a perk of the real world workplace. However, companies like Google, Facebook, and even the Huffington Post have installed nap pods for employees to use at work. Older generations coined the term “sleeping on the job” as a negative stereotype, but millennials are embracing a more flexible view on responsibilities and actually find themselves more productive after catching a couple z’s on their break time.
Student Loan Repayment Programs
As the student loan debt crisis grows in America, many companies are capitalizing on this opportunity to bring real value to the lives of their employees. A recent survey by Oliver Wyman found that 45% of employees say student debt repayment is the most desirable benefit a company can offer - even more desirable that retirement contributions and health insurance.
Paid Paternal Leave
New fathers are now being considered for parental leave at some large companies including Twitter, Etsy, Netflix, and the Bill & Melinda Gates foundation. These companies offer between 20 weeks and a full year of paid paternal leave.
Free Parking & Complimentary Cars
Whether it’s a carpooling program, like Tesla offers, or Facebook’s valet service, helping employees find cost effective parking options can be a great employee benefit, especially for companies located in large cities.
More and more companies are finding the key to a productive workforce is through their stomach. Dropbox, LinkedIn, and many other technology companies are offering free meals and snacks to employees throughout the day.
Paid & Encouraged Travel
It may come as no surprise that companies like AirBnB would offer $2,000 a year to cover travel expenses, but other companies like software-maker, Qualtrics, have jumped on board to offer employees money to spend on experiences each year.
Companies are finding innovative ways to help their employees stay healthy. Reebok, Apple, and Microsoft all offer money, memberships, or classes to employees to help them stay in shape and happy.
Working Remotely is quickly becoming a popular work perk. Major companies like Hilton, Dell, Amazon, and Williams-Sonoma all offer this benefit to their employees. You may be surprised to know that about 43% of Americans worked from home at least once in 2016, according to Gallop.
What better way to keep your employees engaged than to offer game breaks where employees can have fun and build comradery with their fellow co-workers. We’re not talking about a foosball table, deep in the basement of an office building. Adobe Systems, for example, has a fitness center, basketball court, and even a rock climbing wall at their Utah campus.
With millennials making up the largest portion of the labor force, companies must be willing to adapt their Employee Benefits strategy to keep up with the changing desires of employees. Did you know that the average person switches jobs over 10 times during their working career? What are you doing to make your company attractive to these “job hoppers”?