Around the table at LXCouncil meetings, our CEOs and business leaders discuss a wide range of topics. One that came up recently centered around what businesses are doing to attract and retain the best employees. In a job market that favors workers, this can be a challenge for businesses of all sizes. The discussion quickly moved to employee benefits as a strategy. What we found is that many of our business owners are getting quite creative and offering more non-traditional benefits.
Have you considered any of these for creative benefits your business?
Paid Gym Memberships
In addition to promoting health as a way of life, a business can really benefit from having a healthier workforce. The benefits include reduced sick time, high energy levels, and better productivity. Many local gyms can provide employers with usage reports, as well. This enables employers to reimburse team members based on usage requirements. If it’s not used, it’s not reimbursed.
Believe it or not, some companies are offering employees health insurance for their fur babies. It can be cost prohibitive to offer paid health insurance for people, but pet insurance is actually quite inexpensive and the perceived value to the employee is off the charts.
Paid Volunteer Time
Millennial workers are especially attracted to companies that serve a greater good. Allowing employees paid time during work hours to volunteer at a charity of their choice can be an attractive perk. One of our LXCouncil members gives all of their employees 1 hour per week of paid time to volunteer, which added up to a little over 700 paid volunteer hours in the course of a year. The employees love it and the community takes notice. It’s a win-win.
Student Loan Assistance
You might be surprised at the number of your employees faced with large student loans. A great benefit to attract and retain top talent is student loan assistance. There are several ways to implement a program on your own, but there are even companies that assist employers with programs like this. Check out PeanutButter as an example.
Financial Wellness Counseling
This is a popular trend and it benefits the business as much as it does the employees. When employees have less stress around their financial situations, performance is elevated and there’s less focus around the next raise. As team members learn good financial habits, they see their debt reduced and their savings growing … all as a result of a perk you offer as a company.
Other creative benefits that were mentioned included flexible scheduling, telecommuting, free meals at work, discounts to local events, convertible standing/sitting desks, summer Fridays (1/2 day Fridays), massage therapy at work days, and even car wash memberships!
Has your business implemented any of these creative benefits? Or others we didn’t mention? We’d love to hear about it!
If you’re ready to take your business and leadership skills to the next level, and if you think your business could benefit from more insights like what’s offered in this article, let’s start a conversation. LXCouncil may be the perfect next step!
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