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Acumen Connections » Blog » 10 Best Employee Benefits for Better Recruitment and Retention

10 Best Employee Benefits for Better Recruitment and Retention

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Discover the 10 best employee benefits to attract and keep top-notch workers

Want to gain terrific employees and build a dream team? Offering the best employee benefits is key because 49% of your workforce will look for another job in the next year if they’re not satisfied with your benefits package.

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The pandemic changed the way we live and the way we do business. It also changed the hiring model in many ways. When Covid struck the economy, many people found themselves out of work. Job-security became a thing of the past amidst lay-offs. To make ends meet, most people started resorting to gigs or temporary jobs. It doesn’t take long for people to get comfortable with what they’re doing. Same goes for gig workers.

Workplaces across the country are now hiring, but many people are reluctant to go to work. Businesses are facing employee shortages. People prefer to work gigs and temporary jobs or stay on unemployment. This is a concern for companies trying to hire and retain talent. And a bigger concern for businesses trying to stay afloat.

To entice potential employees, a paycheck isn’t enough. People want more from their jobs. As an employer, you may not always be able to hand out pay bumps. A smarter alternative would be innovative employee perks. People are 78% more likely to stay at a job that offers some of the best employee benefits.

Are you offering any of the 10 best employee benefits?

Dark background bears the headline: The 10 best employee benefits. The rest of the graphic lists out the best employee benefits as follows: retirement plans, flexible schedules, health, vision, dental, team bonding activities, mental health help & support, more PTO, food events, continuing education & student loan assistance, and pet-friendly workplace. Each of these benefits is represented by a graphic icon. The Acumen Connection brand name and logo is featured at the bottom.

We have compiled 10 best employee benefits to help attract quality candidates. They are as follows:

1. Flexibility
Dark background bears the words: flexible schedules. Icon cluster containing a checklist, a briefcase, a person, and a clock precedes the text.

This is at the top of our list of best employee benefits to help gain and retain phenomenal workers. It accounts for fair work-life balance. And it also encourages employees to perform better. Ability to set one’s schedule within business hours is a great perk. So is being permitted to work remotely when necessary. These ultimately reflect your company’s approach towards putting people first. And when you put people first, you retain them longer.

2. Retirement plans
Dark background bears the words: retirement plans. Icons showing a rocking chair with a hand holding a coin above it.

A solid retirement plan is among the best employee benefits. It shows that you care even when they’re no longer of service to your company. Most people wish to retire comfortably and plan accordingly. A 401k with employer match is something most people want. As a business owner, you get tax breaks when you contribute. Offering an effective retirement plan will never go out of style. 80% of employees prefer additional perks over a pay raise and that’s why having a robust benefits package is vital.

3. Health, vision, dental insurance
Dark background bears the words: health, vision, dental. Icon of a health insurance card precedes the text.

This is probably the most expensive perk for any business to offer. However, sky-high healthcare costs make insurance options a prime employee benefit. 56% of employees say that health insurance is a deciding factor when choosing to stay at their job. It is a fail-proof way to attract and retain employees.

4. Employee health and wellness programs
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Your employees’ overall well-being can impact their job performance. Perks like YMCA memberships, Yoga retreats, discounted or free Pilates classes, etc. contribute towards their health and wellbeing. These initiatives can boost productivity and improve quality of work. Wellness programs are among the most desirable employee benefits.

5. Continuing education and student loan assistance
Dark background bears the words: continuing education & student loan assistance. Icons depicting a graduation cap on a stack of books precedes the text.

Cost is a huge deterrent for people seeking higher education. You could use it to your advantage by offering tuition assistance. Ambitious employees are more likely to work in jobs that offer this perk. It will help workers bring more value to their jobs. 90% of employees will stay at a job if they’re offered opportunities for development.

Additionally, a lot of your employees probably have student debt. Offering some assistance with those monthly payments can greatly boost employee morale and foster loyalty towards the company. In fact, 86% of employees say that they will stay at a job longer if they were offered student loan assistance as part of their benefits.

Investing in your employees is the secret to building a better workforce.

6. Mental health help and support
Dark background bears the words: mental health help & support. Icons showing a human head with a heart enclosing a medical cross appears where the brain is located precedes the text.

Mental health and well-being are just as important as physical health. We live in a high-stress world with multiple components that demand our attention. Regardless of cause or magnitude, mental health concerns apply to us all. It is necessary to have knowledge regarding mental health issues. Counseling and mental health education make great additions to a benefits package.

7. More PTO
Dark background bears the words: more PTO. Icons showing a clock and an enclosed cross precedes the text.

If we’re talking about the best employee benefits, PTO (Paid Time Off) deserves a solid spot on the list. A practical approach to productivity is keeping track of what your team has accomplished. Imposing specific working days is only a measure of hours clocked in. When you offer generous PTO, your employees will appreciate that you care. If you’re hiring, this is a great time to review your PTO policy. A day off on one’s birthday or a half-day Friday every month will contribute to job satisfaction. It sort of humanizes your team as people with lives outside of work. We looked at current workplace trends and observed that offering more PTO shows that an employer prioritizes work-life balance.

8. Everybody loves food!
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“There is no sincerer love than the love of food.” – George Bernard Shaw
And we agree! Food makes everything better. Did you know that 50% of employees report feeling more productive when their employer provides food? Keep that in mind when making a list of the best benefits to earn and keep top employees. Offering snacks at the workplace is bound to be a hit among your employees. Donuts on a Monday morning could be just what your team needs to battle the blues. We are all for team lunches, barbecues, and potlucks. Food brings people closer and that’s the first step towards a thriving workplace culture.

9. Team bonding activities
Dark background bears the words: food events. Icons showing a spoon and a fork enclosed in a circle precedes the text.

All work and no play doesn’t sound fun or fair. Team-building activities will encourage your employees to connect. These activities promote teamwork and engagement. They also hone leadership skills and improve culture. Budget friendly options would be board games, scavenger hunt, office trivia, etc. Elaborate ideas include escape room, axe throwing, excursions, bowling, and more. A little friendly competition never hurt anyone. Team-bonding activities promote better communication by 50% and helps lower workplace isolation tremendously. That’s why we’ve included it among the best employee benefits a company can offer.

10. Pet-friendly workplace
Dark background bears the words: food events. Icons showing a spoon and a fork enclosed in a circle precedes the text.

Pet parent or not, every workplace deserves some four-legged furry love! This one deserves a special mention on our list of best employee benefits because 67% of employees working in pet-friendly workplaces are more productive. Consider allowing your employees to bring their pets to work. This must be within reason of course. And you will need to set guidelines to avoid unwanted situations. But, in the end, it will all be worth it.

Employee Benefits FAQs

The best employee benefits will attract the best people

Hiring the right person can be difficult but when done right, your business flourishes. We reviewed hiring practices and suggest hiring diverse teams that bring in unique ideas and different perspectives. We hope our list of the best employee benefits helps you re-evaluate your current benefits package to create one that benefits everyone – your employees, and of course, YOU!

All businesses want to recruit the best workers. Hiring is a tedious process and so is retaining employees. Staying informed about recent workplace trends empowers you to hire smarter. But what gives you that little extra? What makes your company different from your competitors? There’s always room for improvement when it comes to your workforce. Pay raises are a great boost to an employee’s morale. But what can you offer in addition to raises? What would make applicants WANT to work for you? Now is the time to get creative with unique employee benefits to invite, gain, and keep top talent.

Are you a business looking to optimize your payment processing as well as your workforce? Whether you’re looking for in-person checkout solutions or online checkout systems, we’ll help you save money on credit card processing. Call our team of experts today.

Acumen Connections is a locally owned and operated payment processor in Wichita, Kansas. Our organization seeks to help small businesses meet their goals with real solutions designed by real hardworking people. To help businesses and individuals achieve personal and professional successes, we’re providing new content weekly. Stay up on our posts by visiting the Acumen Connections FacebookInstagram or Twitter pages, and visit the blog for a full catalog of resources fit for hardworking people.

Anna Reeve, MBA

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Hello! I am Anna with Acumen Connections and I love assisting small businesses in any way I can. I have worked in marketing for businesses of different sizes and industries. I believe that creativity and imagination are the hallmarks of content building. I enjoy creating blogs, social media posts, marketing emails, press releases, website copy, responding to reviews etc.

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