One of the valuable lessons that many business owners learned from the Covid-19 pandemic is that their employees are the greatest asset. This is why they need to go above and beyond to attract and retain top talent and offer the best employee incentives, especially when the Great Resignation wave is shaking the entire business world.
These past 2 years have been challenging for business leaders.
First, you needed to adapt to remote and hybrid work, creating digital workplaces with the help of digital solutions like project management tools, video conferencing platforms, and employee tracking software, to ensure streamlined communication and workflow followed by increased productivity.
Now, you need to figure out effective ways to prevent higher turnover rates, retain top talent while managing remote or office-based employees, or both.
Offering attractive benefits packages to your employees may be an effective way to achieve these goals. But, compiling a list of desirable employee perks may be a demanding task.
How to Make a Winning Benefits Package
You need to think about the cost of the benefit you offer, comparing it to the value it may bring. Also, think of the number of employees that are going to use specific benefits and whether it’s easy to implement them. Because benefits that don’t work are just a waste of money.
Most importantly, you need to think out of the box when compiling a list of perks that your company is ready to offer.
Additionally, talking to your current employees about the benefits you’re already offering, and any new initiatives is the foolproof way to make sure you’re giving your people what they actually want and need.
While health insurance, retirement plans, and paid time off are still the top three perks employees are looking for according to a Ramsey Solutions survey, the changed workplace circumstances require taking remote and work-from-home employees’ needs into consideration.
Here are the most wanted company perks among remote and WFH employees.
Clear Remote Sick Leave Policy
Remote workers tend to use sick leave and personal days a lot less than office-based workers do. According to 2020 statistics, this percentage was 0.9% compared to 2.2% of office-based workers on sick leaves.
This may be because employees working remotely think that their managers won’t believe that they aren’t feeling well. Furthermore, working from home keeps them away from their colleagues, eliminating the risk of spreading the germs in the office.
However, working while being sick can make things worse. A body needs to rest and recover and to get back to the optimal state after an illness.
Employers who take remote employees’ sick leave for granted will only give them the reason to leave eventually. For example, if you tend to ask your sick remote employee to “answer just one email,” you may drive them to resign in the long run.
Instead of making this mistake, try changing your sick leave policies to shed fears of your remote employees, outlining clear rules for calling in sick.
On the other hand, make it clear that you expect remote employees to feel free to use sick leave when needed.
38 million employees left their jobs last year. While many say that the Covid-19 crisis made them realize that life is too short to spend on an unfulfilling job, others tend to blame everything on burnout. Many factors can lead to burnout. Stress caused by financial uncertainty, overworking, lack of recognition and reward, or employee disengagement can be some of them.
So it’s crucial to address some of these reasons in your benefits packages to help your employees stay healthy, happy, and productive at work.
Paid Work From Home Expenses
Leaders running hybrid workplaces need to consider reimbursement for employees who work from home. The number of workers who prefer working from home offices is nearing 5 million, enticing managers to start paying for common expenses, like office supplies and Internet services.
This said the International Foundation of Employee Benefit Plans state that 31% of business owners started paying these expenses while 17% of them are thinking about including this reimbursement in their benefits list.
This perk can be a desirable addition to your benefits package and help you attract top talent and increase your retention rate.
Focus on Financial Stability
Besides constantly worrying about their health and safety, employees needed to face the time of financial uncertainty that emptied their saving accounts. Constant anxiety related to financial issues can be as detrimental to the company as to employees’ health. Some findings show that stress related to financial stability can affect employee productivity, costing your company a staggering $4.7 million a week.
At the same time, another study on this topic shows that employees working for companies that offer financial stability packages are 51% happier. As opposed to 36% of employees in companies that don’t have this benefit on their list.
These are all solid reasons for you to consider offering some financial wellness benefits including emergency saving programs or funds, safety net insurance, retirement saving plans, and many others. By offering additional financial safety and reassurance you’ll make your employees more at ease, increasing their satisfaction and productivity.