Does this situation seem familiar to you? The days are over, where fruit baskets are a good enough to attract and keep employees. They want their company to care for their needs and also want to see the benefits of working at their job in their personal life. Having a mental health webinar, for example, as presented in this TikTok by Ali Woods video, might look good to others on LinkedIn. But does it actually contribute to your employee's wellbeing if they are already overwhelmed with work? Not really.
Beware! The Great Resignation is coming to Europe
90 % of HR managers reported that their company is suffering from a shortage of skilled workers, hiring problems or poor employee engagement. At the same time 46 % of employees in European SMEs plan to quit their jobs in the next 12 months. Thus, it is obvious that nowadays, due to the increasing shortage of skilled workers, employee loyalty is and will continue to be more important than ever before. Major tasks lie ahead for employers: to retain current employees, but also to attract new ones.
10 employee perks that matter 👇
1. Flexible work from home option
Let’s start with an obvious but also very important benefit - remote working. While before the outbreak of the Covid-19 pandemic, working from home was rather rare, it has since become an important criteria for people looking for a job. The Microsoft Study "Work Trend Index" shows that out of 31.000 participants from 21 countries, a whole 70% of employees wish for ongoing flexibility in their job. Companies without concepts for hybrid or remote work might therefore face difficulties in the future. Having a remote option is also not only benefitting the employee but also the company as they are able to hire out of a bigger talent pool that is not limited to location.
2. Flexible working hours
Being able to work on a more flexible schedule allows employees to e.g. incorporate their job better into their family life. A 2021 Future Forum study found that 95% of people surveyed wish for flexible work hours.
3. Childcare subsidy
In order to manage family and career, parents are dependent on flexible working time models and childcare. One way to help employees with child care is to provide a daycare subsidy. Paying kindergarten subsidies also has advantages for employers. For example, employees may be brought back to work earlier after parental leave. Moreover, unlike a salary increase, a kindergarten subsidy is tax- and social security-free.
4. Paid Leave for Miscarriages
Most workplaces will have a maternity leave policy, but having policies regarding miscarriage is rather rare. This is unfortunate, as many people going through this loss experience physical symptoms of a miscarriage. This goes without saying that this experience can be a great mental strain for families. Miscarriage is still a stigmatized topic, but also similar policies are not yet the norm. Having a paid leave for miscarriage policy in place shows that you care about your employees.
5. Menstrual leave
Even though around half of the world's population experiences periods and a lot of these people suffer from severe pain or cramps once a month, menstrual leave is often still regarded as unnecessary. But - if you can’t work when you are sick, why should you be able to concentrate with such pain? With menstrual leave, employees suffering from period pain would be able to call in sick for a couple of days every month, without needing a doctor's note. Critics of this policy are worried about it being abused, but some companies who are already implementing it, even claim it has actually increased the companies' productivity.
6. Bike, electric scooters or public transport allowance
Offering a mobility allowance can be a very attractive benefit for potential employees. Especially with increasing remote working opportunities, having to show up at the office and not having the commute paid for, might be a dealbreaker for some people. Offering a job bike or an electric scooter/public transport allowance is not only cheaper than offering a company car, but is also better for the environment. Plus, if your company is located in a bigger city where parking spots are rare, a public transport ticket can even be a lot more attractive to potential employees.
7. (Mental) Health benefits
Keeping your employees healthy and happy should be the highest priority for every employer. By offering (mental) health benefits, you show that you actually care. It's a very simple formula: Healthy employees = higher productivity. Health benefits can be very different: From fitness studio subscriptions to mental health apps like StressCoach App, a former SpinLab startup with interactive, conversation-based therapy programs, there is an option for every budget.
8. Stock options
Having Employee Stock Ownership Plans (ESOP) is already a regular practice in startups. It allows employees to own some of the startup’s shares immediately or in intervals. This motivates employees to work hard, as they care more about the growth of the company. Plus, it is a cheaper option for company owners than raising wages.
9. Unpaid time off or sabbaticals
While unpaid time off might not seem like the greatest benefit while a lot of people are financially struggling, having the option to take time off without worrying about losing a job is attractive for a few reasons. Not only does it give employees the option to take a break when needed and come back fresh and motivated, it also makes having a family as well as a career a lot easier.
10. Furthering Your Employees' Education
Stagnant career development is among the most common reasons for quitting. Support your employee's career development and help them meet their goals by providing training opportunities. You will benefit from your employees expanding knowledge, and they don’t have the feeling of standing still in their careers.
With this list, you can make sure that your company stands out in the midst of a sea of fruit baskets. If you want to know how to level up your employer brand, check out this blog article.
//Article written in collaboration with Lina Kordes.