A happy and engaged group of employees are the backbone of a successful business.
When it comes to attracting talent, perks like healthcare and maternity leave work wonders. However, there are some things that job seekers care more about than just bread and butter benefits. This is why organisations today are offering competitive benefits packages to potential employees.
- But what do your employees actually want?
- And which benefits give employees the most value for money?
Let’s look at things from an employee’s perspective. You can learn in-depth about this by enrolling in HR courses certification online. However, this guide can give you a kickstart.
6 Things Employees Care About More than Money
1. Flexile Schedules are High on the Radar
Flexible schedules tend to reduce turnover by more than 10%.
Flexible schedules are high on the radar for employees, with more than a third of respondents selecting this as their top perk. This is because it allows them to work when they’re most productive and have time to dedicate to personal business, which increases morale.
For instance, Netflix allows its employees to work when they are most productive, giving them time for personal business. This is a major morale boost, especially for millennial employees.
Modern HR methods learned from online HR courses certification can help you offer flexible schedules to your organisation’s workforce.
2. Life Insurance
Most companies offer traditional health, dental and vision insurance. However, companies that strive to stay ahead of the curve add life insurance to their benefits package.
In fact, statistics reveal that 81% of employees want life insurance covered by their employer. But unfortunately, only 68% of employers believe they should offer it.
It offers financial security to your employees, especially those with children. So if your company is interested in offering life insurance, you can save money by providing group term life insurance wherein the company can pay for policies in bulk. It is a relatively inexpensive option as compared to individual life insurance.
3. Remote Work Options Especially in a Pandemic Situation
36% of people prefer to work from home than receive higher pay.
You may be aware of the pandemic that’s running around taking the lives of people, right? Well, in such a dire situation, everyone is scared to even step out of their homes, let alone go to the office. This is why remote work options are a big hit in today’s jobs market.
Companies like Motorola and General Mills were already offering remote work options that save employees the time and money to commute. And due to the pandemic, more companies followed.
Benefits of remote work options:-
- Employees safety, of course
- Reduces commuting time
- Boosts employees real income
- Increases work-life balance
- It gives employees greater autonomy
Do you want to learn more about such perks and benefits, or are you just looking to advance your knowledge in the domain? The online certification program in human capital leadership from XLRI can help you do both. This course, offered on the Talentedge platform, can help understand the dimensions of human resource management and provide exposure to ways your company can attract top talent.
4. Signing Bonus
A signing bonus is a one-time payment, usually paid upfront when the new hire is onboarded and starts work.
- These types of bonuses also include monetary benefits offered to employees who have reached specific benchmarks or milestones with their employer, such as a fifth anniversary.
- It is also used when an employee has been recruited from another company and may receive compensation for leaving his/her old job.
Offering a signing bonus is not a necessity. In fact, it is considered to be a niche benefit that very selected companies offer. However, those who do can tell you that it is an effective benefit to attract top talent.
HR courses certification online can help professionals understand the benefits of offering such perks and how these constitute a fundamental of human resource management.
5. Generous Paid Time Off
Not everyone can afford to take an international trip or family holiday. When businesses chip in to cover these costs, employees are more likely to be motivated and loyal.
Moz offers its employees paid time off wherein employees can travel and return refreshed and ready to work.
This incentive is extremely effective at attracting and retaining talent because top performers feel self-sufficient and internally motivated. Simply put, they don’t want someone micromanaging their work – including their time off.
What’s more, bulk PTO packages tend to save companies money, with fewer administration costs and reduced vacation liability. Plus, you get engaged employees who stick around. It’s a win-win!
Online HR courses certification can help you understand the hows, whats, and whys of providing these benefits along with hands-on experience into their practical application.
6. Education/Student Loan Assitance
The learning should never stop. And millennial employees care about their growth and development more than anything. They want to continue learning and are willing to put in the time, effort, and money to make them more marketable.
Organisations need to understand this need and offer them education or student loan assistance. Of course, offering them full-time leave to pursue higher education is not an option. However, you can sponsor their executive education or perhaps an online course they are interested in. This’ll prove to be an effective incentive in retaining your millennial employees.
What More Can You Do?
Apart from flexible schedules and remote work options, companies also offer corporate outings, meals packages, health programs, gifts & services, and more to attract top talent.
Designing a competitive benefits package that stands your organisation out of the crowd is not easy – but it’s worth every penny. Compare your organisation’s current benefits package with the above list to identify areas you can improve.
Adding one or a mix of these benefits can help make your employment packages more attractive.
For expert guidance, you can rely on online HR courses certification. One such online certification you can rely on is the online program in human capital leadership from XLRI. Te his onlincourse helps HR professionals understand how to design and implement effective human capital strategies that cover everything ranging from workforce planning, staffing strategy to talent acquisition, benefits & rewards programs, etc.
So yes, HR certifications are worth it; invest in accredited HR courses certification online and make your way to career progression.