In recent years, one of the most consequential HR trends was the so-called “Great Resignation,” in which employees exited the workplace in droves. Experts offered a range of potential explanations for this phenomenon, but what they all boiled down to was this: After the COVID-19 pandemic, many employees started thinking long and hard about their workplace experience… and a large number found that experience wanting.
While the Great Resignation trend has tapered off somewhat, it remains critically important for businesses to invest energy, resources, and strategic thinking into recruiting and retaining top talents. To foster an all-star team at your workplace, and to ensure yours is a genuinely desirable place to work, it’s important to take a fresh look at your employee benefits offerings.
Prioritize Balance
One lesson that many employees took from the pandemic is that personal health is precious… and that life is too short to work at a job that leaves no time for mental and physical wellbeing.
Consider ways in which your company can help employees prioritize this balance, offering the flexibility required to cultivate wellness and to stave off burnout. Some options include:
- Offer some leeway for employees who want to work remotely, at least part of the time or on an as-needed basis.
- Put robust parental leave policies in place.
- Institute workplace wellness programs, signaling to employees that you want them to invest in some self-care.
Offer Opportunities for Growth
Another important way to attract and retain top talents is by offering opportunities for personal and professional growth. Make it clear that employees who choose your company don’t stagnate; instead, they find countless ways to foster their skills and to achieve positions of greater autonomy and responsibility.
Some options include:
- Offer access to training programs and continuing education courses.
- Provide educational stipends for employees who desire to complete a degree or certificate program.
- Offer career counseling, highlighting routes for employees to pursue growth even within your organization.
Ensure Financial Security
Naturally, employees want to feel like their financial situation is stable and secure. That means offering competitive salaries and performance-based bonuses, but it can also mean much more. For example, you can promote your employees’ sense of financial wellbeing by:
- Offering retirement plans, including employer-match contributions up to a certain dollar amount.
- Extending financial coaching for literacy plans to your employees, empowering them to make smart decisions with their money.
- Offering an employee benefit plan that provides company stock interest to employees through an Employee Stock Ownership Plan.
Provide a Sense of Purpose
For a long time, employers thought about workplace perks in terms of foosball tables, breakroom snacks, and the occasional out-of-office field trip. None of these things are bad, necessarily, but neither are they sufficient for recruiting and retaining top talents.
To keep all-star players on board, it’s crucial to provide a sense that the work itself matters. Employees want to feel like they are contributing something meaningful, not just spinning their wheels with “busywork.”
To provide purpose to each employee:
- Make sure you repeat your company’s core mission and values with frequency. Be specific in articulating how your business solves problems or makes the world a little bit better.
- Communicate with each employee how their specific role plays into the broader mission of the team.
- Celebrate your team’s wins and achievements, offering reminders that their hard work is paying off.
Become an Employer of Choice
The bottom line: A well-curated set of benefits can make you an employer of choice, allowing you to attract and retain the best employees in your field or niche.
To learn more about building a vibrant workplace culture, follow along with the Corovan blog! And with any questions about commercial relocation or workplace setup, contact our team directly.