non-traditional benefits

Non-Traditional Benefits to Offer for Employees to Stay

The “Mass Resignation” has business leaders on edge thinking about whether their own companies are going to experience this sudden phenomenon as well. About 4.3 million workers quit their jobs in August of 2021 amid an ongoing pandemic. By September last year, the number rose to 4.4 million workers. Why has the number risen so quickly amid a pandemic? One would think that in the middle of a health crisis, the privilege to earn an income is nothing short of a blessing.

Employee attrition is costly not only monetarily but also in terms of time and other forms of resources. From talent attraction down to training a new employee, the sequence of processes to hire a new employee is indeed a time-consuming task. Willis Towers Watson reported in its survey that 61 percent of employers are experiencing difficulty in keeping their talent. To make matters worse, almost three in four employers are having problems attracting talent. If the numbers continue to grow, employers will not have enough workers to get the business running at optimal levels. 

One strategy recruiters and global mobility professionals can execute is to entice workers benefits that cater to the needs of today’s demanding workforce. With a focus on employee wellbeing, companies are eyeing to revolve their strategies on themes such as employee experience and health benefits. 

In the same survey by Willis Towers Watson, 71 percent of employers are offering better health and wellbeing benefits to attract new employees while 73% of employers are offering these benefits to retain their current employees. In addition, some employers consider increasing salaries, providing more flexibility, and even giving tuition reimbursements to attract and retain talent.

The Predictive Index encourages employers to consider offering these non-traditional employee benefits:

  • Mental Health Resources

Though mental health was already a hot topic among HR executives and global mobility leaders, the pandemic magnified its importance. Employees are already feeling burned out and their mental wellbeing is affected by the effects of the health crisis. What employers can do is take the extra mile and allow their workforce to feel like humans. They can include therapy sessions and counseling in their insurance policies. Some even provide stipends to their workforce to support their mental wellness. 

  • Flexible working arrangements

As the traditional workplace set-up seems to have decentralized across many industries, work-from-anywhere (WFA) has companies noticed that flexibility demands from employees weren’t limited to location. The freedom of where and when to work proved to be the trend as the pandemic shifted the way the workforce behaves. In early May of 2021, EY released its survey results stating that more than half of employees around the globe would quit their jobs if their current employer won’t provide them with flexible work arrangements. The same survey found that 9 in 10 employees desire flexibility in where and when they work.

This pushed businesses to execute a different type of strategy on how they monitor the performance of their workforce. Instead of keeping track of their time, business leaders are now becoming more results-oriented in order to adapt to the demands of the workforce.

Even with many childcare centers re-opened, parents still find themselves struggling with the new normal. Many are still coping and finding some semblance of normalcy in the pandemic. One way to become competitive and attract talent is to offer childcare support. Support can come in many forms such as on-site child care centers, paid parental leave policies, or even access to homeschooling resources.

  • Opportunities for development

Many top talents crave development opportunities. For them, stagnance becomes a sign that perhaps they should look for better opportunities elsewhere. This mindset has heightened as many employees had begun to reevaluate their priorities and goals as the pandemic disrupted the business realm. Now’s the perfect time for companies to revisit how they assure workers that their development is in their best interest. The Predictive Index suggests doing the following:

  • Incorporating career development conversations
  • Collaborating with employees to establish clear career goals and advancement plans 
  • Providing the opportunity to work on cross-functional projects
  • Providing training and development on areas where employees want to improve
  • Offering stipends for continuing education or other learning resources

If a company considers its employees the greatest assets, then it’s high time to revisit the benefits it’s offering in comparison to its competitors. The pandemic has employees become increasingly demanding as they face uncertainty while coping with the disruptions caused by the pandemic.