A recent poll from Forbes Advisor shows that one in 10 workers would take a pay cut to access better employment benefits. While that’s not a staggering percentage, it does show that American workers think about more than their salaries. They also want benefits packages that help them lead more successful personal and professional lives.
Employers, therefore, need to know how to negotiate beyond salary so they can attract top talent. While preferences will vary from person to person, the following employment benefits stand out as helpful ways to attract and retain excellent workers.
Flexible Work Hours or Locations
The COVID-19 pandemic forced companies to change the ways they operate. When it became dangerous for people to work near each other, many employers shifted to remote work that offered more flexibility.
Before the pandemic, only 17% of employees said they had the option to work remotely five or more days per week. Adjusting to COVID-19 safety protocols lifted that number to 44%.
Today, many companies have adopted hybrid models that give employees flexible work hours or locations while requiring them to spend a certain amount of time on location. This works well for most employees because it lets them take care of responsibilities in their personal lives without sacrificing productivity at work.
Professional Development Stipends
Professional development stipends help employees pay for classes, workshops, and similar events that teach them skills.
Stipends for professional development are important for at least two reasons. First, they ease the financial burden of paying for courses that could advance a person’s career. Second, it shows employees that you want to invest in their long-term success at the company.
When employees see their current positions as points on a career path, they’re more likely to stay with you and move up the ranks. In return, employers avoid the high expense of vetting applicants and onboarding new workers.
Wellness Stipends for Physical and Mental Health
Healthy employees are productive employees. After all, someone struggling with a physical and mental health challenge can’t give you complete focus at work.
Of course, you can’t force employees to make healthier lifestyle choices. You can, however, provide wellness stipends that encourage physical and mental health. For instance, you might provide monthly or quarterly stipends to help employees pay for:
- Gym memberships
- Exercise equipment
- Wearable fitness trackers
- Mental and behavioral health counseling
- Stress-reduction training
- Substance abuse treatment
When done well, the increase in productivity should more than cover the cost of stipends.
Paid Volunteer Time Off
Ample research shows that volunteering can improve a person’s social, mental, and physical health. Paid volunteer time off, therefore, is another kind of investment that can boost productivity.
Volunteering could also improve your brand recognition and reputation. For example, you might let a team choose a non-profit to support once per quarter. While you “lose” a day of work from each team, you build meaningful relationships within your community. Non-profits will remember that your employees showed up to help. That can go a long way to making your company stand out as a trustworthy organization that the community wants to support.
Transportation Subsidies
Transportation subsidies fall under a category of fringe benefits that don’t get taxed by the federal government. That means you could potentially lower your business’s tax burden by including transportation subsidies as employment benefits.
Depending on your area’s zoning regulations, transportation subsidies could help your company lower the cost of maintaining parking structures. If every employee drives a personal vehicle to work, you will need a parking spot for each person. You could offset the expense by forcing employees to pay parking fees. However, that will feel like a punitive approach that upsets workers.
By covering the cost of public transit, rideshares, and similar transportation options, you reduce the space and cost of accommodating so many personal vehicles. Plus, you get to offer a perk that benefits your bottom line as much as it benefits employees.
Stay Current With Employment Benefits Trends
Salaries will always matter to employees, but knowing how to negotiate beyond salary opens paths to more innovative benefits that help you attract and retain talent while saving money. Follow MRINetwork to stay current with employment benefits trends and learn how to offer the perks that top workers want.