25 Innovative Perks Companies Can Use to Attract and Retain Talent
The pandemic has shaken up employee expectations. Despite the tough job market, employees are still seeking the flexibility, perks and benefits they experienced during the pandemic. As a result, organizations are facing challenges with retaining — and even attracting — top talent.
One great way HR teams can combat this is by offering innovative perks and benefits that improve the employee experience, helping to retain valuable employees and draw in the best candidates.
Despite the indisputable disruption and negative impacts that the pandemic had on people around the globe, one thing it made many employees realize is that they could find a better balance between work and personal life - and enjoy the flexibility that remote and hybrid work provided. Employers also realized benefits here, with many acknowledging that productivity wasn’t negatively impacted and could, in fact, be improved in a work-from-home environment.According to Nick Bloom, writing for The Hill, working from home can work when coupled with good management. He refers to a study he helped oversee — “The Stanford Study” which showed a productivity increase of 13 percent that was attributed to two sources: remote employees worked 9 percent more in minutes per day and they had 4 percent more output per minute.”Even in an economy where layoffs are on the rise and job openings for many types of positions are lagging, employers are still struggling to attract and retain top talent. According to Aon research: “Failure to attract or retain top talent is the fourth biggest risk facing organizations globally, and is predicted to remain the fourth most critical risk by 2026.” Chief Executive reports that 60% of CEOs say that retaining and engaging employees is their top priority in 2024.
Recognition
and Rewards
Rewards and Recognition
Recognition and rewards top the list for keeping employees engaged and on board. Employees need to know that the work they’re doing is making a difference and that their efforts matter. Recognition and rewards don’t have to be over-the-top, but there should be a concerted and strategic focus on ensuring that employees feel they’re making a difference. (To streamline this process, use a recognition platform such as Inspirus Connects)
Flexibility and Work-Life Balance
Flexibility and Work-Life Balance
It’s no secret that employees have come to value the flexibility they found through remote and hybrid work during the pandemic. Companies that make blanket demands for employees to return to the physical work environment are finding themselves challenged to keep them on board and productive. Spend time considering how you could provide some element of flexibility for employees.
The Ability to Work from Anywhere — Around the World
Some employers have extended the allure of remote work by allowing employees to take “workcations” — traveling to other locales and working in locations that well, look like vacations.
To combat these talent acquisition and retention trends, employers need to consider new and innovative ways to recognize and reward employees. Here are 25 innovative perks that your employees will love.
1.
2.
The Ability to Work from Anywhere — Around the World
3.
Four-Day Workweeks
Some employers are experimenting with four-day workweeks, allowing employees to work less while maintaining their salary. It’s a great way to give them a break, especially in companies where remote or hybrid work isn’t an option.
4.
Four-Day Workweeks
6.
Mental Health Resources
Mental Health Resources
Mental health is also a continuing concern for employees and their employers. Fortunately, there are many options these days to help support employee wellbeing, including various apps and resources for on-demand help with stress release, supporting mindfulness and more.
7.
Training and Development Opportunities
Training and Development Opportunities
Opportunities for development top the list of what employees value most from their employers. LinkedIn’s Workplace Learning Report said that development is number one for most employees.
Providing employees with innovative perks isn’t just nice to do; it can also have measurable impact for employers in terms of employee productivity, retention and loyalty. Regardless of the size of your workforce, the industry you operate in or where you’re located, there are ample opportunities to adopt innovative perks to help engage and retain employees. They appreciate you, when you appreciate them.
We can help. Learn more.
8. Mentorship and Sponsorship
Opportunities
9. Child-Care Allowances or On-Site
Childcare
10. Elder-Care Benefits
11. Fertility Assistance
12. Financial Assistance and Education
13. Educational Assistance
14. Student Loan Assistance
15. Volunteer Opportunities
16. Pet Support
17. A Pet Friendly Environment
18. Private Chefs or
Catering Services
19. Sabbaticals
20. Home Office Stipends
21. Discounted Phone or
Internet Plans
22. Birthday or Other
Celebratory PTO Days
23. Discounted Travel and
Event Packages
24. Menopause Support
25. Employee Concierge Services
5. Wellbeing Allowances
Wellbeing Allowances
Employees also found that wellbeing really mattered as they struggled with the challenges that the pandemic presented. Some of those challenges existed prior to the pandemic of course and many continue. Wellbeing allowances providing reimbursement to employees for things like fitness classes, spa visits or massage can help.
Mentorship and Sponsorship Opportunities
Both mentorship and sponsorship opportunities can help employees develop skills and build relationships and a strong network to help boost their careers. Both mentors and mentees value these opportunities.
Child-Care Allowances or On-Site Childcare
Childcare can be a big stressor for parents with children. Offering allowances to help offset the costs of childcare or, better yet, providing services on site can be a great way to help relieve this stress.
Elder-Care Benefits
In addition to childcare concerns, many employees today also find themselves responsible for taking care of older relatives. This really reached a head during the pandemic, putting many employees in between a rock and a hard place when trying to care both for children who were learning from home and family members with healthcare needs.
Fertility Assistance
Having children is a deeply personal event. When employees are facing challenges here, the stress can affect their wellbeing — and their work performance. Offering fertility aid signals to employees that their personal goals and challenges are recognized and supported.
Financial Assistance and Education
The impact of financial stress is on the rise according to PwC, impacting employees in numerous ways from sleep, to mental health, self-esteem and relationships at work and at home. Employers can help both through education and financial aid.
Educational Assistance
Education is closely aligned with financial wellbeing, but not all employees have had the benefit of formal education — or the resources to afford it. Educational aid can help give them a boost, while also benefiting employers through their improved knowledge and skills.
Student Loan Assistance
Employees who have pursued higher education are often left with staggering debt that they’re struggling to pay off. In 2024, the average federal student loan debt is $37,090 according to BestColleges.com, with many owing significantly more. Recognizing this, employers are beginning to offer student loan assistance taking the form of direct repayment programs, discretionary benefit dollars, matching contributions, signing bonuses and more.
Volunteer Opportunities
According to Bonterra, employers who offer employees the opportunity to volunteer in their communities can reduce turnover by 50% and increase productivity by 13%, not to mention the positive impact on the community! Employees value the opportunity to volunteer and appreciate employers that support them in these endeavors. There are a variety of ways to do this. Companies like RSM US LLP, for instance, offer a “Pursue Your Passion” program which included financial support and added time off for employees to engage in “passion projects” that benefit the community. Great Place to Work reports that: “At the most caring companies, volunteer participation soars.”
Pet Support
Pets are like family to many people and companies that recognize this and offer support to employees for their pets, similar to the support provided for family members, can reap the benefits. The most desired pet-related benefits are pet insurance, paid time off to care for a pet (referred to as “pawternity” leave) and a pet-friendly office environment.
A Pet Friendly Environment
According to the ASPA, 23 million American households added a pet during the pandemic. In addition to specific benefits designed to help employees care for their pets, some companies also provide a pet friendly work environment where employees are allowed, or even encouraged to bring their pets to work.
Private Chefs or Catering Services
In today’s households where both spouses work at a full-time job, neither is too excited to come home to take on meal preparation duties. Employers that offer private chefs or catering services, or food-related discounts, can help ease this pressure and make a marked impact on employee wellbeing — and loyalty.
Sabbaticals
Universities have long offered professors the opportunity for sabbaticals — time off to pursue personal avocations and interests. Other organizations have also realized the value of doing this both in terms of providing a unique benefit that employees value and in terms of the knowledge and experience employees bring back to the job after a sabbatical.
Home Office Stipends
When employees were driven home en masse during the pandemic they — and their employers — quickly learned that they lacked many of the basic office necessities they may have taken for granted in the workplace. As remote and hybrid work continues to some degree, employers are finding that offering home office stipends can help employees replace some of those missing go-to resources while also boosting engagement
and productivity.
Discounted Phone or Internet Plans
As employees increasingly use their own devices — like smartphones and laptops — for work from time to time, employers are offering discounts or paying for internet plans to help subsidize their out-of-pocket costs.
Birthday or Other Celebratory PTO Days
Taking time off is a traditional benefit, but some employers are going the extra mile by offering bonus days off for personal milestones like birthdays, anniversaries
and other events.
Discounted Travel and Event Packages
As the world has opened back up there’s pent up demand to get out to explore it. Some employers are recognizing and supporting that demand through travel perks like discounted tickets, access to airport lounges, upgrades and flexible travel policies.
Menopause Support
A relatively new benefit that is picking up steam is menopause support. Bank of America reports that 64% of women have expressed a desire for menopause-specific benefits. Employers are taking note and adding menopause support to their benefit offerings to help keep their
Boomer-era employees on board.
Employee Concierge Services
Relieving employees of the burden of the many errands and tasks that they need to do to manage their personal lives can provide a great motivator. Concierge services provided through offerings like Sodexo Circles can provide big benefits for employees while easing the administrative burden for employers.
About Inspirus
Inspirus is a leading employee engagement and recognition solutions provider recognized by Everest Group as a star performer and major contender in the 2023 Rewards and Recognition Solutions PEAK Matrix. Offering a holistic solution through tailored engagement and recognition programs, we empower organizations to create a thriving workforce that reduces turnover, boosts engagement, and more.As a leading employee engagement solutions provider, we keep measurable impact and business outcomes at the heart of what we do. Our passion for inspiring engagement through everyday interactions and helping companies uplift their culture in meaningful, sustainable ways underpins our approach to transforming the employee experience with solutions that bolster organizations’ bottom lines. For more than 130 years, we have helped organizations bring joy to work, serving businesses of all sizes across industries and geographies.
Talk with an Inspirus Specialist today to see how we can partner with you to elevate your organization's employee experience.Inspirus is a Pluxee Company, the global leading employee benefits and engagement partner that creates meaningful, engaging, and personalized experiences to contribute to the well-being of individuals at work and beyond.
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