Perhaps no process is more vital to business strategy than effective hiring. With the right people in your organization, delighting your customers, innovating new solutions and igniting your company vision becomes infinitely more attainable.
Although many businesses acknowledge and strive to hire the best in their fields, executing on these hiring goals proves to be more difficult in execution than in concept.
Enter employee benefits. Company-backed perks are one of the greatest recruiting tools when you need to persuade candidates to join your team, although a staggeringly low number of businesses fully consider how they can improve and advertise the perks they offer.
Part of this comes down to balancing the checkbook, as it’s hard to justify extra paid vacation time or an exotic company retreat when your resources are focused on your baseline expenses. Fortunately, there are some equally effective benefits that smart hiring teams use which bear little to no effect on your bottom line.
If you’re looking to grow your talent pipeline and secure the ideal candidates for your business, here are a few creative employee benefits you should consider offering.
Financial Wellness Courses
Compared to the workforce of 10 or 20 years ago, today’s employees value opportunities for personal and professional growth while at work. A competitive salary will always be a key deciding factor in a candidate’s search for work, but modern employees also consider how the work they do and the people they work with will help them grow as a person.
To attract these types of applicants, try offering classes on financial literacy or personal finances. After-hours workshops are an ideal benefit to provide if your organization is searching for ways to further appeal to potential employees without too much of an investment or risk.
In fact, a course on financial wellness can highlight other benefits you already represent, which helps your employees recognize the full value of these perks. As an example, a seminar on 401k plans and how they work might primarily focus on how your employees can financially prepare for their retirement years. But you can also use this time to speak on your 401k provider, including how to access account information or any distinct advantages built into your plan.
You might also find employee interest for courses in other spheres of personal finance, especially if your business is attracting people who are at the same point in their personal finance journey. This could be anything from preparing for a new baby to cutting the ribbon on your first house. For young professionals who are buying their first home, for example, information on FHA loans and their requirements could help your employees understand all their available options when it’s time to front their down payment.
Flexible Working Arrangements
Although many employers had previously offered remote work benefits, the COVID-19 pandemic has made work-from-home opportunities even more widespread, across all types of industries and businesses. Even after the working world returns to normal, there’s a good chance job candidates will continue to seek employment with companies that advertise their work-from-home arrangements.
But what happens if remote work, for whatever reason, isn’t a sustainable benefit you can provide?
If your business lies in this second camp, it’s important to remember there are flexible opportunities beyond remote work that will entice new team members. As a popular alternative to the traditional 9 to 5, the 4-day work week, for example, lengthens your team’s weekend without sacrificing individual output from employees. Major corporations like Microsoft, who are testing the success of a 4-day work week in their own offices, have found employees are happier, less stressed and up to 20% more productive.
Of course, flexible work benefits don’t have to be as drastic as removing Fridays from your office hours to entice future employees. Flextime, or the ability to choose the range of hours you’ll work, is perfect for attracting job searchers who want to balance their professional and personal lives. This option also allows your team to work within the timeframe they feel most productive.
Fundraisers, company charities and other volunteer efforts present businesses with a platform to give back to the communities they serve. These efforts are the bridge between the goals you have as a profitable business and the moral code through which you attain these goals.
However, as an additional plus, your community contributions also help those seeking new opportunities find employers that align with values and goals that drive them personally. It’s human nature to seek out meaning and purpose in the work we do, and candidates who aren’t able to reconcile their personal missions with the objectives of your organization are liable to turn down your offer for a better fit at another company.
The search for purpose-driven employers is critical in the current workforce, where a meager 27% of employees believe in their company’s values. If you’re able to find an internal charity for your team, you’ll not only attract the remaining 73% of the workforce who hasn’t yet found meaningful employment but also bolster a sense of loyalty, pride and camaraderie for the work you do.
These benefits may not require a massive overhaul of your organization’s structure to execute successfully, but that doesn’t make them any less effective as a recruiting tool. By having a better understanding of the perks that entice today’s workforce, you’ll not only have greater success during your hiring campaigns, but you’ll also continue to retain and delight the people who embody your organization.