Every brand wants to work with the best people in the industry. This is the very reason why businesses of all sorts would come up with different ways to boost employee satisfaction. The more engaged the employees are, the lower your turnover rate will be. This also helps attract the best talents in the industry. What better way to do this than by offering applicants and employees amazing perks and privileges?
It may seem pointless to offer employees more perks other than the regular incentives. Every employee would be happy with a salary increase, the ability to take mental health days, and free meals in the office pantry. But there are more perks that can greatly influence your ability to work and retain the best people in the business.
Offer Homebuying Assistance
How many companies do you know are helping their employees buy their own homes? These days, more people are renting. You can take employee benefits to the next level by helping them realize their homeownership goals.
When you make homeownership more affordable to your employees, this will give them a better sense of satisfaction. They can buy a house and land for sale at a comfortable distance going to your company, and lessen their commute time. Since unlocking homeownership is an emotional process, helping your staff unlock such a milestone will boost their loyalty to your company.
Did you know that many millennials would choose a lower salary provided their new job comes with a life-changing benefit? Helping them buy a house can significantly improve their quality of life. Such a trade-off is definitely worth it since you get to help them reduce their homebuying stress.
Consider Student Loan Repayment Assistance
These days, millennials dominate the workforce in terms of numbers. Sadly, most millennials are actually full of debt. Many are struggling to pay off their student loans, which is actually making a dent in their finances.
If you have the capability to help them repay their student loans, then you can give them less financial stress. Many would grab the opportunity to work in your company and render their expertise just to get out of their incredible debts. This can forever change their lives since many are delaying key milestones just because they are already in deep debt.
The Consolidated Appropriations Act of 2021 allows employers up to $5,250 worth of tax-exempt annual contributions towards the education debt of eligible employees. This ends in 2025. This means you can still offer such benefits to your employees for at least a few more years.
Offer Identity Theft Protection
These days, identity theft is becoming increasingly common due to malicious individuals taking advantage of unsuspecting consumers. Anyone can be a victim, including you and your employees. This is why identity theft protection can be one attractive perk that can set your brand apart from other businesses in your industry.
Your employee’s personal information can be used by criminals in many illegal activities. In the end, this can result in fraudulent transactions and put their reputation at stake. Even your business could be in great trouble if numerous employees got their identity taken during their stay in your business.
According to the Federal Trade Commission (FTC), up to 1.4 million people became victims of identity theft during the pandemic. By offering identity theft protection, your employees can work with confidence knowing their personal details are safe. This can help improve their productivity levels, boost their satisfaction rate, and increase their loyalty to your brand.
Support Your Employee’s Volunteer Efforts
More people these days want to exercise their social responsibility. This is why many are doing their research before applying for a job in a company. Studies show that more modern employees want brands to exercise their corporate social responsibility.
Let’s say you are already a sustainable business. Why not take things to the next level by supporting your employee’s preferred volunteer efforts? By showing interest in helping the charities or organizations your employees are passionate about, you get to share your blessings while helping your staff fulfill their desire to help and inspire.
You have the option to donate to make regular donations to their preferred organizations. Some employers are already matching their employee’s contributions. Others would go as far as donating more resources for every hour their employees spent volunteering.
These are but four interesting perks your company can consider offering to your employees. Each one can wow even the top talents in the bunch while helping you retain your best employees. It might be a struggle to kick start such programs. But every effort made will surely be worth it knowing you get to boost the satisfaction rate of existing and future employees.