What Kinds of Benefits Do Businesses Need to Start Offering Employees to Stay Competitive?

Updated: Mar 18




With every passing year, the workforce gains more millennials, and for good or ill, millennials are people who know what they want, aren't afraid to ask for it, and will quickly leave a job if they don't get it. This means companies are having to work harder to keep their employees happy in order to simply keep their employees. This is leading some companies to search for more competitive benefits and incentives to entice new employees and retain current ones.


Time Off

Everyone likes time off, and not just on the weekends. Though it's cliché to say, people work to live—they don't live to work. With this in mind, companies need to offer more liberal vacation and holiday policies. There are tons of benefits to offering extra paid time off to employees, and it's not as hard to do as you might think. Add a few holidays not on the federal and state holidays list. Give employees paid time off for their birthdays, their start-date anniversaries, and other special days. Maybe allow them the entire week of Thanksgiving or the days between Christmas Eve and New Year's. This will increase company morale and make employees more likely to stay.


Health Programs

A person's health is a high priority, and employees appreciate it when companies understand that. Companies who supply their employees with good insurance and free or discounted access to gyms and other wellness programs will attract and keep good employees. Plus, statistics show that wellness programs reduce sickness rates, which leads to less people missing work due to illnesses.


Bonuses

There are several types of bonuses employers can offer their employees, but two of the best are holiday and incentive bonuses. Holiday bonuses are great because they show that you appreciate your employees. They say, "You didn't even have to earn this. We're just giving it to you because we care." That's an excellent way to inspire loyalty in your workers. Incentive bonuses are equally great because they motivate employees to work harder in order to earn extra money.


If your company is having trouble keeping good employees, try instituting one or all of these incentives. If you're unsure of which, speak to your workers; ask them what they'd prefer. Getting employee input on policies directly affecting them is another great way to maintain a competitive work environment.



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