Employee Benefits: How to Keep and Hire the Best People

It’s hard to attract top talent and it’s even harder to retain it. As a business owner or an HR‌ professional, you already know that. In fact, these are your biggest pains: not attracting the quality candidates you hoped for and good employees jumping ship. And identifying the root of the problem might require entire months of analysis and review until figured out. Meanwhile, employees will keep leaving and quality candidates will keep avoiding you. But don’t give up hope. Luckily, there is a solution guaranteed to help you mend matters: employee benefits. 

Basic benefits: employee benefits that most companies offer

If you are a well-reputed company, you are already implementing these common employee benefits. If not, you should. You can’t talk about “wow” if you don’t talk basic first. Health plan, sick leave, paid vacation leave and more – in some countries, you are not even required by law to offer your employees these benefits. But they are a must. Especially for a big or medium company. If you want to keep good employees around and even attract new ones just as good, common employee benefits is where you should start first.

• Health Plan
• Sick Leave
• Paid Vacation Leave
• Overtime Pay
• Water, Coffee & Snacks
• Team-building Activities
• Ergonomic Office Supplies
• Relocation Bonus
• Paid Parental Leave (includes maternity, paternity, and adoption leave)

Next level benefits: employee benefits that will attract quality candidates

Benefits like health insurance or overtime pay have all become the norm. If you want to have a real competitive advantage, think bigger. Draw inspiration from the best of the best – like Facebook, Tesla or Google – that change the world not only because they are disruptive but also because they have superstars working for them. Your goal is to make everyone wish they worked for you. Don’t settle for less. You won’t achieve greatness if you are only willing to offer crumbs. Do you want the “dream company” label? Here are the benefits that will get you there:

Self-development benefits

Employees are like the roots of the giant tree that is your company. If you want your tree to bear fruits, you water the roots more than the crown. If the roots are strong, so will your tree. Id est, as long as they work for you, your employees’ self-development is your responsibility. Supporting them and their lifelong learning process is a necessary ongoing investment. And if the financial benefits were more for the employee, the self-development benefits are for the good of both of you. We’re talking certifications, courses, e-learning solutions like language learning apps and more – basically anything that could help them improve the quality of their work.

Help your employees grow and they will help the company grow. It’s that simple.

• E-learning Solutions – Are your employees part of a bigger, international team that speaks a foreign language? Get MondlyWORKS and offer them the opportunity to grow by learning the language they always wanted or needed to learn. You’ll get access to award-winning language learning courses in 33 languages and a dedicated dashboard where you can manage and get a statistical overview while maintaining the focus on the user’s journey. It’s fast, fun and easy and your team will love doing the Daily Lessons. They’ll even share it with their families. It’s the future of language learning brought to your company.
• Certifications – Depending on the field of your activity, it can be any kind of certification from role-specific certifications to software certifications.

Financial benefits

Give them that little “extra” every once in a while. It’s psychologically appealing. It’s more so it’s better.

• Bonus – Make them look forward to that moment. Some people stay at their jobs longer thanks to the bonuses.
• Retirement Plan – Certainly one of the “most wanted” benefits that generally attract experienced candidates who think more and more about the future (especially if they have a family).

Self-development and financial benefits are undoubtedly the best and most important benefits in today’s world. If you implement these, you WILL see a change in employee retention and talent attraction. But more than that, if you want to create a different company culture, one that’s friendly and fun, you should also add benefits like free lunch, pet-friendly office, flexible working hours & work from home, on-site gym and showers, transportation benefits and even on-site daycare. Some bigger companies do it, but it’s up to you and the goals you’ve set for the company.

Why should you raise the bar in compensation benefits?

It’s simple! If you want to attract better people and improve retention, study the market and raise the bar in company benefits. A survey conducted by Glassdoor, one of the world’s largest job and recruiting sites, reveals that for around 57% of people benefits and perks are among their top considerations before accepting a job. So choose wisely and choose benefits that employees will value. Tell them what their benefits cost and what’s the thinking behind you choosing that specific sets of benefits. For example, if your company produces sports equipment, include a gym on-site and tell your prospective candidates why do you think it’s important for everyone in your company to practice sports.

Raise the bar in employee benefits today

Excited to take the first step to attracting quality candidates and improving retention?

Start with MondlyWORKS, the award-winning language learning solution for companies that know what they want.