Finding and hiring good employees is a time-consuming job. And replacing an employee who leaves their position can be very expensive too. According to a recent Quantum report, employers generally spend the equivalent of six to nine months of an employee’s salary to hire and train a replacement. And, according to business expert Josh Bersin of Bersin by Deloitte, it can take that new employee two years to reach the same level of productivity as the person they replaced.
Obviously, it’s well worth a little time and effort to keep your good employees happy. But where do you invest your time and money to get the most bang for your buck? Although not every idea will resonate with every employee, here are a few employee perks that have proven very successful for other businesses over the past few years.
No 1. Domestic Partner Benefits
Despite the 2015 Supreme Court decision granting same-sex couples the right to wed, domestic partner benefits are still one of the most popular employee perks. Many couples today choose not to marry even when they’re in a committed relationship that they expect to last for many years. These couples, regardless of sexual orientation, highly value the option of covering their domestic partners under their employer-sponsored insurance plans
No. 2. Telecommuting
Big companies such as Yahoo and IBM may have called an end to telecommuting recently, but working from home is still one of the most valued employee perks. According to ERC, a recent survey from Flex + Strategy Group showed that a wide variety of employees take advantage of the option of working remotely, not just Millenials and working moms. In fact, the survey found no statistical difference in the ages of employees who choose telecommuting over working on-site. It also found, somewhat surprisingly, that 75 percent of remote employees are male.
No. 3. Tuition Reimbursement
Tuition reimbursement is a popular perk with many employers. But at least in its present form, it seems far less attractive to employees. ERC reports that just 1 to 4 percent of employees actually take advantage of tuition reimbursement. That’s most likely because the payment doesn’t kick in until the employee successfully completes their course, which can take several months.
Given the ever increasing shortage of skilled workers in so many industries, some employers may want to consider offering up-front payments for classes that relate directly to an employees job, whether that’s management training or learning an important skill.
No. 4. Relaxed Dress Codes
In some parts of the country and in some industries, blue jeans and Birkenstocks are perfectly acceptable workplace attire. But for some employees, strict dress codes are still the norm.
If your employees are in the latter group, you may want to think about relaxing your dress code just a bit. Perhaps you could begin with “Casual Fridays” along with some clear-cut guidelines on what “casual” means.
No. 5. Employee Wellness Plans
Long offered by many employers, wellness plans are most successful when they’re tied to reduced insurance premiums for those who participate. Smoking cessation and weight loss are two programs that can pay off big for both employers and employees. The employee enjoys better health and lower insurance costs. At the same time, the employer gets healthier, happier, more engaged employees.
At The Carmoon Group, we want to help our clients succeed. We offer friendly service, helpful advice, and a wide variety of business insurance plans to meet your every business need. Why not give us a call today to make an appointment for your annual insurance review. Or just fill out our online form and we’ll get back to you right away.