In a recent Refresh Leadership poll, we asked our readers what type of perks, other than pay, does your company offer to retain employees. And with 51% of the votes, the top response was offering a relaxed dress code. The second highest response was offering employees flextime with 32% of the votes, followed by “none” with 28%. The rest of the results are as follows:
- Remote Work Opportunities – 28%
- Student Loan Repayment/College Tuition Assistance – 24%
- Vendor Discounts – 20%
- Gym Membership – 16%
- Expanded Maternity/Paternity Leave Options – 9%
Winning the Talent War
In a tight labor market, businesses have to adapt to recruit, retain, and engage top talent. In a previous survey, we asked readers how much of a pay increase they would offer to retain a star employee the top two responses were 5 – 10% and 11 – 15% increases, respectively. However, pay isn’t always the top perk employees are looking for when deciding to work for a company.
Job Journey, Express Employment Professionals’ blog for job seekers, recently surveyed readers to find out what perks it would take for a company to keep them around, and the overwhelming majority of respondents showed the desire for a shift in the traditional workplace format. With 61% of the votes, job seekers cited “Remote Work Opportunities” as the number one desired perk, followed closely behind with 58% was “Flextime.”
Remote Work, Flextime, Etc.
A Refresh Leadership article outlined how the workforce is changing—and how the workplace needs to change with it to stay competitive in the talent war. Check out these four options that may help give you a competitive advantage and higher productivity, while saving your company money.
Four-day Work Week
According to a study by the Society for Human Resource Management, 43% of companies offer a four-day workweek to at least a portion of their workforce, while 14% of small businesses offer this option to all employees. The idea of a compressed workweek has shown to help workers stay well rested and maintain a healthy work-life balance—which according to an Indeed survey is the highest-ranking factor in job satisfaction.
According to The Hartford’s Millennial Parenthood Survey, 97% of Millennials say employers should offer flexibility in work hours in order for them to be able to be responsible parents, while 44% said flexible work hours was a “must.”
According to a Global Workplace Analytics study, a typical company can save on average $11,000 per employee per year in utilities, office space, and accommodations. Savings work both ways, as employees telecommuting can save between $2,000 and $7,000 per year in transportation and other work-related expenses.
Remote work is essentially telecommuting, but on a full-time basis. Employees who work remotely can be anywhere in the world and still maintain a high level of productivity. In a recent study, Gallup found that 58% of Americans believe workers who work remotely are just as productive as those who work in a business office.
What are some ways your company has enhanced its perks to be more competitive and retain top talent? Let us know in the comments section below!