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Even in today's so-called "hiring market," attracting the truly exceptional talent requires more than just competitive salaries – it demands a focus on the benefits that genuinely enhance work-life balance.
It’s safe to say that most people would describe the current economy as a “hiring market.” In other words, folks feel pretty desperate for jobs and will likely take an offer even if the benefits aren’t all that good. While that may be true for a majority of job seekers, you aren’t looking for what the majority offers–you’re looking for the best candidates who still might have their pick of the litter. Yes, even in a “hiring market,” you still need to stand out to find (and retain!) the cream-of-the-crop candidates.
According to a recent study from Gallup, the two most important factors for job seekers are work-life balance primarily, and payment and benefits secondarily. The newest generation of job seekers cares more about finding balance in their lives than getting bowled over with a massive offer. If your focus has been purely on out-bidding the competition with salary, it’s likely you should change your approach to land the best candidates.
At Pendant, we’re all about benefits communications and ensuring that your employees (and future employees) have a clear understanding of what you offer. The longer your list of benefits, the more likely you are to attract the tippy-top candidates for your open positions.
To help you stand out from the competition, we’ve narrowed down a list of the best benefits for improving work-life balance for your employees.
"Recharge Fridays" is really just a trendy way of saying “Half-Day Fridays” (I guess it just sounds more professional). This perk provides employees with extra time for personal errands, hobbies, or simply relaxing, which can help reduce stress and improve mental well-being. This benefit signals to employees that leadership cares about downtime and takes burnout seriously. In fact, some companies who tested out half-day Fridays report even more production from employees throughout the week.
Providing a "Personal Development Stipend" gives employees a yearly allowance to pursue non-work-related hobbies, like learning a new language, taking art courses, or even music lessons. If you’ll allow me to sum up Gallup’s informative (albeit a little long-winded) Wellbeing at Work: "Well-being is linked to performance outcomes including customer engagement, profitability, productivity, turnover, safety incidents, absenteeism, and healthcare costs."
Empowering employees to pursue their passions outside of work will inevitably improve their lives and improve their performance at work. What’s more, you can rest assured employees will feel more loyal and more open to recommending colleagues for open positions.
Providing a Home Office Enhancement Budget gives remote or hybrid employees a little extra funding to personalize their home workspaces. In fact, the desk and chair I’m using as I write this blog post were paid for by the company I worked for during the pandemic. Speaking from personal experience, this was an amazing benefit that allowed me to buy the sort of ergonomic furniture I would never have allowed myself to buy with my own money. (You’re probably wondering why I no longer work at the company that offered such a great benefit; spoiler alert: they stopped offering awesome benefits).
Offering Pet-Friendly Perks, like dog-walking services or even a pet-friendly office environment, can be a huge attractor for millennial candidates. There’s even something called "paw-ternity" leave (that I wish I had thought of myself, but apparently exists). These benefits recognize the growing importance of pets in employees' lives and demonstrate a company's commitment to creating a welcoming and inclusive workplace, even to furry little colleagues.
Allowing pets in the office can reduce stress, increase employee morale, and create a more relaxed and positive work environment. An interesting study by Banfield Pet Hospital showed that 88% of employees say having pets in the workplace improves morale.
Offering Volunteer Time Off (VTO) Plus Matching Donations gives employees paid time to volunteer at charities of their choice, and might even include their company matching their personal donations. Showing a strong commitment to social responsibility empowers employees to make a positive impact in their communities, which fosters a sense of purpose and fulfillment. And what happens when people feel more purpose and fulfillment in their lives? Work performance improves, and team morale skyrockets.
Likewise, your company attracts candidates who are passionate about giving back. A recent survey from Deloitte revealed that 87% of respondents said workplace volunteer opportunities are important when considering staying with their current employer or pursuing a work opportunity at a new employer.
If you’re going to take a chance on any of these less common benefits, you’ll want to make dang sure that your employees know about them. Pendant exists for this purpose–to provide a platform for benefits communications so that everything you offer doesn’t go unnoticed.
