Every manager knows that turnover is costly for the company and has the potential to lower employee morale. Currently however, Millennials are the largest generational group in the workforce—and they’re more prone to “job hopping” than previous generations. Because of this, companies that want to attract and retain top talent need to go the extra mile and, in addition to good salaries and benefits, offer enticing extras to (potential) employees. Consider using the following five perks to woo, retain, and ultimately inspire more loyal employees:
1. Extended paid maternity and paternity leave. According to Lydia Dishman in her FastCompany article “These Are the Best Employee Benefits and Perks,” Netflix offers one paid year of parental leave, as well as the option of flexible work arrangements during that year. Especially with many Millennials becoming new parents, offering them this kind of support can promote a good work-life balance while at the same time increasing their loyalty to your company.
2. Paid time off for volunteering. In the Business Daily article “15 Cool Job Perks That Keep Employees Happy,” Sammi Caramela points out that social consciousness is important to Millennials. Offering paid time off for your employees to volunteer for their favorite charity is a brilliant way to support their goals and promote civic engagement.
3. Wellness support. From in-office chair massages and meditation rooms to organic snacks and weekly yoga classes, providing wellness perks can go a long way to make employees happier and healthier.
4. Sabbaticals. No longer reserved for academics only, an increasing number of companies provide paid sabbatical leave ranging from four weeks to a year. This offers employees a way to explore other personal and professional endeavors—and bring all that newly acquired knowledge back to the company.
5. Continued education. Earning a (higher) degree is something many workers want, but few can afford. Covering some or all of an employee’s continued education costs is an investment in both that individual’s development and the company’s future. Not to mention, learning goes hand-in-hand with innovation.
Of course, there are many more possibilities, and not all of them will appeal to all workers. For maximum ROI, remember to tailor your perks to what your employees really want.
Source:
https://www.themuse.com/advice/how-to-give-the-best-employee-perkson-any-budget