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Why do people switch jobs? Many people assume it’s for a higher salary, undoubtedly a significant motivating factor. But what job seekers are really looking for today are good benefits. Benefits don’t just have to be medical insurance and retirement accounts. Benefits can encompass anything over and above the salary. You may think you can’t compete with large corporations when you’re a small business, but small companies also have a lot to offer. Here are some of the most common employer benefits you can provide incoming employees to attract and retain them.

What Are The Most Common Employer Benefits to Offer Employees?

Health Insurance

For a long time, health insurance was considered the baseline for employment. However, with several options today, both in Canada and the U.S., some companies have taken another look at employer-provided healthcare. There are still creative options, so you may want to look at ways you can provide additional healthcare coverage or health savings accounts.

Paid Time Off

Similarly, companies generally have some form of vacation and sick day policies. Paid time off should encompass more than just two weeks of vacation or limited sick days. Some companies are offering unlimited PTO without justification and are learning that employees do not take advantage of these policies. Paid time off can also include inclusive family leave intended not only for new parents but also for employees who need time off to take care of other family members.

Retirement Benefits

401Ks and matching contributions had been the norm for many years, but they’re also one of the first benefits to go when companies tighten their belts. Today, 401Ks may not even be the best retirement program for new employees just entering the market. Look into creative and secure new options to provide alternatives so your employees can still build their retirement plans.

Professional Development

The newest generation of employees has indicated that professional development is at the top of their list of employer benefits. They don’t want to be labeled as job hoppers but are also unwilling to stay with a company that doesn’t provide them a pathway toward future growth. Promotions don’t happen overnight, but providing additional avenues for learning will be essential to retaining top talent.

Remote, Hybrid, or Flexible Schedules

So many companies transitioned to work-from-home arrangements during the pandemic, and now we’re at a crossroads. Some are looking to return to the office, while others are implementing permanent remote schedules or hybrid approaches. This may be the biggest issue in the workplace over the next several years. Companies that don’t offer WFH might see a massive talent drain as workers shift to companies with more flexibility.

Employee Wellbeing Assistance

Mental health has also become a big talking point over the last two years. The pandemic raised anxiety and depression levels for many, and we aren’t always equipped to deal with these challenges. Mental health care is also expensive and not always covered through insurance, so offering options for your employees will be helpful. Work with your insurance provider or consider partnering with an online subscription counseling service.

About Anserteam Workforce Solutions

Anserteam Workforce Solutions represents North America’s very best staffing agencies aligned together to deliver world-class workforce management solutions. We offer end-to-end talent services that can be customized for any size business, utilizing our Managed Services Provider (MSP) model and Vendor Management Solutions (VMS) technology. Is your organization seeking a WBENC-certified diversity partner to provide measurable results and substantial cost savings?  Contact us today.