The benefits landscape is changing and while things like health benefits, retirement savings, and equal pay are more important than ever, there are some enticing new perks on the scene. As the first round of millennials begin to enter the mid-phase of their career and companies prepare to look at hiring their first Generation Z employees, we are seeing a shift in what appeals to these newer generations. Are your benefits evolving along with your employees?
Paid Family Leave
Paid time off in the form of parental leave or leave to care for a close family member, is on the rise with more companies offering expanded family leave benefits. A recent poll of over 1200 working professionals ranked this as the number one most valued benefit among employees after health insurance.
Remote Work Privileges
Flexibility and autonomy are great ways to attract and retain employees. With anxiety and depression affecting people at unprecedented rates, the ability to retain control over your schedule is a great way to combat some of the daily stresses at work. And it’s the number two most valued benefit on the list.
We interview a lot of candidates and professional development is a top reason people give when we ask them why they’re in the market for a new position. Everyone is looking for growth. If you can help your employees reach professional milestones they’ll be more likely to stay with you long term.
Companies are always trying to do more with less. Employers must determine how far they can push employees while still retaining them, and employees must figure out where to draw the work/life balance line. Everyone needs a real break though, and most of us would agree that a week spent on holiday with your family is anything but a vacation! Sabbaticals aren’t just for tenured professors anymore! Burnout affects everyone and more companies are starting to offer the unconventional benefit of a longer period of paid leave to let loyal employees have a more substantial break every few years.
Student Loan Assistance
Student loan debt is at a record high, particularly among millennials and this is a major stressor during the first half of their career. Some companies are shouldering that burden by either offering loan assistance, or in some cases by assuming the loan on behalf of the employee so long as the employee remains on their payroll.
Have questions about how you can attract and retain new talent? Ask us your HR questions via the online chat function in the lower left corner of your screen. We love helping companies grow and empower their people, and we love to share what we know.