Being competitive in the job market is crucial for any business to survive. However, as more companies become desperate to attain and retain more employees, they become creative with their benefits.
Salary plays a significant role in the job market, but if you genuinely want to be competitive, you’ll need to have good employee benefits. Having good employee benefits is much like creating a new shake. You’ll have to mix and match some stuff and see which turns out to be the best. Thankfully, you have this article to help guide you that considers some of the best employee benefits out there.
Some Benefits for Your Interns
Many companies tend to forget about their interns a lot. Many more only give their interns less than minimum wage. The main excuse for this is that they’re only there for the experience. But do not make this mistake.
Interns can quickly become the lifeblood of your company. Studies show that interns with a positive experience with their company will likely apply back as a full-timer. Moreover, these interns become full-timers become more loyal to the company.
For example, a big company such as Facebook is willing to pay their interns over $7,000 with added benefits such as housing and healthcare. The result of this is more future employees for the company who are dedicated to doing their job. So don’t ignore your interns. Instead, ensure that they have good pay and benefits.
Did you know that about 90% of American adults have a cavity at least once in their lives? Nearly half of these adults eventually gain severe oral diseases in the future. One of the contributing problems for this is the lack of dental care-related benefits among companies.
Only a small percentage of small businesses in the U.S. offer dental care as an employee benefit. Yet, oral health is an essential part of our daily lives, and we need to visit a dental professional at least twice a year to ensure that our teeth are safe from disease. Oral diseases are one of the leading causes of absenteeism among employees.
If you want to have a more productive office, offer dental care benefits for your employees. It will also help your business stand out in the job market.
Paying tuition for our children or us can be a costly endeavor. It’s estimated that Americans spend at least $5,000 on tuition fees alone. This is a decent chunk of the median wage of an American household. This is why tuition reimbursement is such a highly coveted employee benefit among many applicants today.
Many married applicants and working students are looking for this benefit. These people are likely to apply to a company that has this benefit than any other benefit out there. It makes you highly competitive in the job market if you add this to the list of your employee benefits. Successful companies that offer this benefit are Starbucks, Amazon, and Hubspot.
Unlimited Vacation Days
It is interesting to think that if you offer unlimited vacation days to your employees, they will be more likely not to use it. Well, this is the case for some companies.
Apparently, those who have unlimited vacation days are more likely to be productive at work and not abuse such a benefit. Reports from companies who do it (Netflix, Oracle, and LinkedIn) even stated that their employees take the average amount of vacation leaves every year, with some taking less. It’s an attractive benefit for many millennial employees out there and a good way to retain them.
Lastly, some employee benefits can come in the form of lifestyle benefits. These kinds of benefits can’t be seen on a sheet of paper, nor can they be counted. Lifestyle benefits are the kind of benefits that make your employees’ lives much easier in the office.
There are many existing lifestyle benefits out there today. We’re talking about napping rooms, arcades, gyms, and more. A company like Google holds cooking classes, free massages, and a gym for their employees. The result is a staggering increase in applicants and more productivity among employees.
Know that not all benefits are tangible by employees. By giving them lifestyle benefits such as the ones mentioned above, they are more likely to apply to your company and stay with you for a longer period.
These employee benefits will surely make your company competitive in the job market. Try a mix and match of these things and see which one works with your company budget.