11 Dec 2017

The best employee perks all have one thing in common

In the past, employers could get by with the basics. A healthy pension and an EAP line were considered best in class. Core benefits like pay raises and holiday time were based on arbitrary measures such as time served. And for most employees that was good enough.

Not anymore. From Facebook's groundbreaking parental leave policy to Google's generous death benefits—there's no shortage of innovative perks today's companies can offer their employees. And now is the time to start thinking outside the box.

The importance of employee-centric perks and benefits

Today's workforce is more mobile than ever before, and millennial workers have no qualms about seeking new employment when their needs aren't met. Employee perks and benefits play an increasingly big part, in both attracting and retaining today's talent.

In fact, according to 2016 research from Glassdoor, 57% of people said benefits and perks are among their top considerations before accepting a job—and four in five employees say they would prefer new benefits over a pay rise.

Though not all companies have the budgets or reputation to rival the likes of Google and Facebook, there is one simple way to measure the value of the perks and benefits you offer:

What impact does it make in the everyday lives of your employees?

Here are some examples of some of today's best employee perks that help attract, engage and retain top talent, simply by throwing out the old rules and putting the employee first.

Dynamic health and wellness perks

Today's working generations are more health-conscious than ever before—which may explain why most surveys put healthcare and wellness benefits at the top of the list for employees.

And we're not just talking about your classic PMI and dental coverage. Employees expect modern health perks like gym memberships, in-office yoga, fitness vouchers, or even a day off each year to enjoy the outdoors.

In a great example of aligning the company mission with its employee perks, global wellness business software provider MINDBODY offers employees a monthly wellness card to use on any exercise class of their choice. Some people love yoga, others hate it—the best health and wellness benefits make it easy for each employee to find what works for them.

Flexible scheduling

Back in the industrial days, the 9 to 5 made sense. But through the lens of today's technology—it starts to look a little archaic.

Big name companies like Netflix, LinkedIn, and GrubHub offer unlimited paid time off (PTO)—but even small companies can make this perk work. For example, Songkick is a small live music company that offers unlimited PTO alongside a slew of other top-notch perks. The startup has a 4.1 star rating on Glassdoor, with 100% approval of the CEO.

In most cases, employees with unlimited PTO take about the same amount of time off as they did under the old system, but with fewer requirements for how and why those days were taken, flex scheduling gives them a greater feeling of autonomy and work-life balance that results in greater loyalty to the organization.

Professional and career development

Even if today's employees are unlikely to stay with you until retirement, showing your commitment to their future career paths will boost your retention rates, and help fuel a great reputation for your employer brand.

And when it comes to employee learning and development (L&D), Deloitte has set the bar. The company's generous, fully paid three to six-month employee sabbatical can be used on any type of personal or professional development training, depending on the personal preferences of the employee.

Can't afford to let your staff go for half a year? Consider one of the many digital learning tools shaking up traditional corporate L&D. With digital learning platforms, employers can adopt a "spaced learning" approach, letting employees take small intervals throughout the day to brush up on relevant skills.

There's really no reason to hang on to benefits that just aren't working. Don't be afraid to colour outside the lines and find the perfect perks for your unique tribe.

This article was provided by Babylon.