From free pints of ice cream to pet-friendly offices, we’ve all heard of these unique new perks that companies are rolling out to attract and retain top talent. While fun and buzz-worthy perks like these are nice to have, what are some cost-effective benefits that employees are actively seeking out when searching for jobs?
Employee Appreciation Programs
Employee appreciation is one of the keys to building a culture that decreases turnover. If you are virtual, a program like 15Five is a great option. Whenever you see an employee or teammate go above and beyond, you can give them a “high five” that everyone can see. If you are in person, consider giving out coupons or gift cards to employees who have a great customer interaction or hit their sales goals. Hanging these up in the break room or at the cash register can encourage the rest of your team to do their best.
Research shows that nearly “90% of employees who received thanks or recognition from their boss report feeling high levels of trust in that individual.” Why is trust important? Not only does establishing trust decrease turnover, but employees who feel like their workplace is trustworthy are 23% more likely to contribute ideas and solutions. Communicating appreciation can truly change the way your team interacts for the better.
According to Glassdoor’s Employment Confidence Survey, 19% of employees would value on-site or in-office perks more than a pay raise. Depending on the industry you are in, this could look different for each individual, however, this does not need to necessarily be a large expense for your company. This could be anything from providing free snacks for employees or having a casual day where your team can wear jeans. Overall, simply providing something to make your team feel appreciated that everyone can enjoy can make a positive impact.
Can something as simple as free snacks make a difference in your team? According to SnackNation, “67% of full-time employees with access to free food at work are “extremely” or “very” happy at their current job.” To make this even more cost-effective, consider buying in bulk from discount stores like Costco or Sam’s Club.
Mental Health Support
According to the National Alliance on Mental Health, one out of every five Americans experiences mental illness every year. Mental health is not an “outside of work issue.” In fact, 82% of employees say their mental health impacts their performance at work. Providing mental health support to your employees is truly essential to your employee’s success.
Fostering a mentally healthy environment can also reduce turnover and increase job applications, since, “89% of workers at companies that support well-being initiatives are more likely to recommend their company as a good place to work,” according to Workhuman.
Some employers opt to provide discounts on mental health apps. For example, a great solution is the Calm app, where users are lead through peaceful meditation. They offer a discounted rate for a small team up to a large organization. Or if you’re looking for an in-house idea, Balance Careers suggested is proving a “de-stress” zone for your team. This is just a safe area where employees can take a quick mental break if they are having a bad day. In addition to providing these options, consider hosting a few social activities to boost camaraderie, but make sure they aren’t a requirement.
Voluntary Benefits Like Discount Rx
Even if your employees are on an insurance plan, prescription drugs and other health services can bring significant costs and hardship. Offering health discounts as voluntary benefits can have a significant impact on your employee’s finances. One provider that offers this is New Benefits. Users save an average of 34% to 79% on brand and generic medications, while having access to home delivery services and more. Using an app, users can get instant discounts at over 60,000+ pharmacies. The best part? Rain partners with New Benefits to create even deeper discounts – all while providing financial wellness resources to your employees (at no additional cost to you as the employer).
Having this as an option for your employees can help save them money and shows that you care as an employer.
Financial Wellness Resources
Currently, 63% of all American workers live paycheck to paycheck, which means finances are directly impacting members of your team. Additionally, 72% of workers admit to worrying about their finances at work, which means financial concerns are likely harming your productivity.
Solutions to this financial wellness problem could be as simple as sending out free financial literacy materials or encouraging employees to put a portion of their paycheck into savings, but that requires a bit of work from your HR or benefits team. Alternatively, you can offer a free financial wellness app like Rain, which includes early wage access as well as health discounts and financial coaching. You won’t have to do any extra work on your side.
Research shows that 46% of Americans would not be able to afford a $400 expense. This leaves them prey to predatory industries like payday loans. Utilizing Rain costs nothing to you as the employer, but provides your employees with the resources they need to reach financial freedom.
The Benefits of a Strong Benefits Program
60% of people say that benefits and perks largely influence their job hunting decisions.” Additionally, “79% of employees would prefer new or additional benefits to a pay increase.” This means that adding perks and benefits will positively impact your turnover, job applications, and overall productivity in the workplace. Meanwhile, your employees are much more likely to be satisfied in their role.