Unlimited vacation? Been there, done that. Work-from-home Fridays? Par for the course. Ping-pong table? So 2008. There’s no doubt that companies have increased their focus on benefits and perks, but in their efforts to outpace each other, many once-hot perks have become passé. Still, every now and then a perk comes along that manages to truly wow us, whether because of its ingenuity, uniqueness or life-changing potential. To that end, here are the top employee benefits for new hires in 2020.
Flexible Work Shifts
Most employees today prefer some flexibility in their schedules. The old custom of 9-5 is dying out, as employees begin to see the benefits of flexibility. An increasing number of employers have begun to provide ease in the work schedule.
For companies that operate round the clock, employees usually get to choose their own hours. But, not every employee, however, can be allowed to do that, seeing as you may end up with completely empty shifts. This is why you should save this for your most loyal employees and new hires.
This doesn’t mean you should ignore other, more experienced employees. Newer hires should just have a higher priority.
Performance-based salary raises are already commonplace, but not beyond an annual system. If your employees don’t know much about appraisals, they will always be worried about their overall performance. This may turn out to be counterproductive. Employees may also avoid having any discussions related to salary.
That is why you need a bi-annual or quarterly system for performance-based appraisals. This not only increases employee loyalty, but maintains it as well. This is due to every employee knowing when the performance appraisal is due, and that it will depend on their overall quality of work.
This is bound to motivate your employees as well, and will most likely increase their productivity, particularly close to the date of the annual appraisal.
Awards and Recognition
Recognition is a very strong human motivator. If you simply recognize an employee for their dedication and hard work, it makes them feel like they’re an important part of the company. If you can explain to an employee how much total value they provide, that alone can retain them sufficiently.
However, alongside recognition, you should take the extra step and give awards or mini gifts that support recognition. You can also give bigger rewards. Let’s suppose you are a sales company. You can host a friendly in-house competition for your top performers and new hires. Whichever employee makes the most sales in a day, wins the set prize. The rewards can be either in the form of material gifts or a bigger appraisal.
It can also be something like a personal finance management tool, such as Stash, which will help them manage their own money better.
Remote Office Privileges
An increasing number of new employees have started to work from their homes, due in part to today’s technology. Working remotely allows employees to spend more time with their friends and families, save some time on commutes, conserve fuel, and work more efficiently.
The overall productivity from remote working is often increased and employees tend to be happier and more motivated. New employees deserve to be flexible within their preferred working environments.
You should let newer employees either work from home for a few days of the week or entirely remotely. This will save both you and your new hires valuable resources and time.
More Sick Days and PTO
Most companies only provide their employees 2 weeks of paid time off, every year. These companies usually end up having strict sick day rules, despite the expansive range of health conditions that some employees may have fallen victim to.
This can severely limit how employees utilize their sick days and paid time off. It can lead to increased frustration, dissatisfaction and stress. That is why the concept of unlimited paid time off is gaining traction everywhere. It may sound strange and counterproductive at first, but the fact is that many employers have actually reported greater productivity and reduced absences in case unlimited paid time off is given.
Simply the idea of paid time off is enough to motivate employees. It automatically means that they don’t have to worry about using up their sick days. Employees can just take a day off if they’re feeling under the weather. This is a unique concept that has proven to work. It’s also a great way of retaining newer employees.
Bonus: Great Gifts!
Choosing the right gifts for coworkers is important, especially if you want to build relationships with them. This is why it’s good to give them thoughtful gifts, whenever you can.
Providing the best employee benefits via high-quality employee incentive programs to your new employees is the easiest way to keep them satisfied and to retain them for longer. New employees should obviously be compensated better, which is why you should focus more on their professional development.
Your new employees have come to you expecting the world and more, and while it is important not to give in to every employee whim, it is necessary to make sure that the best new hires don’t go anywhere else, and become a genuine asset for you.