Perks have generally been regarded as nice-to-have additions to an employee’s basic salary and benefits package. Offerings such as flexible schedules, tuition reimbursements, employee discounts, and gym memberships have been seen as the icing on the cake that may sway a prospective hire to choose one employer over another. However, younger employees are regarding some desirable offerings by employers not as perks, but rather as essentials. Here are five perks that fall into this category.
1. Flex Time
Today’s employees don’t see the world in black or white or nine to five. Studies show the following:
- 84 percent of millennials are looking for more work-life balance.
- 54 percent don’t want to be limited to a rigid work schedule.
- Approximately 77 percent of millennials would accept a lower salary to work for a company that offers flexible hours.
One way to make the workplace more appealing to today’s workers is to do away with the rigid procedure of tracking work hours and vacation days. The only metrics that should matter are the productivity of staff members, how well they accomplish tasks, and team member morale. As long as employees do their work, a company shouldn’t care when or for how long they’re in the office.
- Flex Time for Family – Employees should be encouraged to take time off when necessary. This includes providing the opportunity for new parents to stay out of the office for four to eight months following the birth or adoption of a baby, or to care for a close family member with a serious health condition. Another good idea is to offer reimbursement of expenses related to adoption or surrogacy.
Today’s employees are rebelling over being forced to make a long commute every day, pay tolls, or cope with overcrowded and inefficient public transportation. One survey on telecommuting preferences found that nearly 90 percent of the US workforce would like to “telework.” Telecommuting two to three days a week was regarded as the sweet spot for a balance of working alone at home and collaborative work in the office.
3. Help with Student Loan Payments
Most young people starting out on their career paths are burdened with student loan payments. With that in mind, one perk that should not be overlooked is the potential to help your employees pay down their student loans. Student loan payments can eat into a worker’s paycheck for years and years, and worrying about them may affect their job performance. However, ELFI for Business can introduce you to several ways your company can help your employees pay off their student loan debt. Call us at 1.844.601.ELFI for more information on this innovative new program.
4. More Autonomy
Today’s workers don’t want to be micromanaged. Companies should recognize that autonomy is a basic psychological need, and the more autonomous their employees feel, the more likely they are to be engaged. Many studies show that more job independence leads to a workforce that is more content, healthier, and more productive.
5. More Time Off
The notion that you have to work at a company for five years in order to earn an extra week’s vacation time is regarded as outdated by today’s workforce. Millennials care more about having some adventure in their lives and less about money. Companies should consider offering non-monetary lifestyle bonuses such as:
- Three weeks of vacation time from day one.
- A day off on an employee’s birthday.
- An earned bonus vacation week around an appropriate holiday.
- A fourth week of vacation after someone has been there for three years.
- After five years, eligibility for Summer Fridays off.
The Perks to Companies
There are very tangible benefits to companies that offer their employees flexible work options, telecommuting, assistance with student loan debt, more time off, and greater autonomy. These include the following:
- Longevity – A study found that 86% of workers would commit to a company for five years if that company helped pay off their student loans. Moreover, millennials are likely to stay in a job for more than five years if their employers provide some flexibility about when and where they work.
- Job satisfaction – One survey revealed that 90 percent of participants felt that more flexible work arrangements would boost their morale and increase their job satisfaction.
- More productivity – It’s a simple equation: Happier employees leads to more engaged and productive employees.
- Recruit more easily and quickly – A flexible work policy will improve a company’s recruitment metrics. One survey discovered that 77 percent of job seekers put flexible work schedules at the very top of their list of perks when evaluating job opportunities.
Join the Workplace of the Future
Job satisfaction is essential to a company’s overall success, which is why it’s crucial to offer perks that top talent are looking for. To learn more about how to make your workplace attractive to today’s employees, read The Best Place to Work: The Art and Science of Creating an Extraordinary Workplace, by Ron Friedman, an award-winning social psychologist and author. Then, contact ELFI to see how ELFI for Business can help your team attract and retain top talent!
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