Want to attract (and retain) top talent, making your company’s workforce more competitive and cutting down on turnover costs to boot? The simplest way to do so starts with the benefits and policies you offer to employees.
We already know that benefits play a major hand in how candidates evaluate a job offer. One recent survey conducted by Fairygodboss, the largest career community for women, in partnership with Extend Fertility, found that 87% of professional women say a benefits package is important or very important to them when interviewing at a company. Respondents stated that the presence (or absence) of certain benefits would impact their likelihood to stay at an employer, too.
So, which specific benefits and policies are the ones that will set your company apart as a modern, desirable workplace? We spoke to experts — from CEOs to heads of HR — to find out exactly what the benefits package of today’s most relevant employers looks like.
1. Summer Fridays
Giving employees a few extra hours to jumpstart their weekend through “Summer Fridays” can lead to a whole spate of positive benefits, including improved morale, focus and engagement at work, according to Brian Kropp, Group Vice President of HR Research at Gartner. “Most companies have told us that with this benefit in place, they’ve found employees work harder earlier in the week because they know they have to complete their work before Friday,” Kropp said.
2. Pay transparency
The days of salary and bonus conversations happening only behind closed doors are long gone. Thanks to whisper networks and a growing belief in salary sharing, for many companies, this information is available with or without their consent. Companies who want to appear modern (as well as do the right thing) should embrace this trend through official pay transparency policies.
“Companies that don’t want to appear outdated have written pay, incentive and bonus plans for all employees at all levels so that how pay is calculated is not a mystery,” Sarah Morgan, Senior HR Director of SafeStreets USA, said.
“The compensation is equitable across gender and races so everyone is paid fairly based on the position, experience, skills and responsibilities. Such companies are also open about their pay policies and share general information about how much people are earning at every level. This may be shared as ranges or as specific amounts.”