HR directors and managers are well aware of the high cost of employee turnover, not only in the price of training but also the opportunity costs that come with the time and energy spent wading through tons of resumes looking for the right person. So, what’s the secret for attracting the right talent and retaining your best employees?
According to a survey by the job search engine Glassdoor, nearly 79% of employees would prefer new or additional benefits over a pay increase. And among millennials, that percentage increases to 89%.
While medical insurance, bonuses, and retirement plans top the list, surprisingly there are many no or low-cost benefits and perks that offer great value to the employee.
Some high-value, low-cost employee perks to consider are:
1. A casual dress code
Thank you, Silicon Valley. There are enough billionaires in hoodies now to have completely upended the old stereotype of dressing for success. It may seem counterintuitive, but casual dress doesn’t actually lead to a workforce of sweatpant-wearing slackers. According to the New York Post, being comfortable can make workers more confident, relaxed, productive and creative. If you want your employees to feel their best at work, consider implementing a casual dress code.
2. Mentorshop programs
Starting a mentorship program keeps both highly tenured employees and new talent engaged. It can be as informal as recruiting volunteer mentors and mentees to meet regularly for coffee or as formal as establishing a program with specific curricula and milestones. And, who’s saying that the youngest member of the team has nothing to teach the seasoned pros? Older workers can turn to millennials for fresh ideas while the newbies can gain perspective from a senior’s subject matter expertise.
3. A flexible schedule
A flexible schedule or the ability to work from home is one of the top perks valued by employees, especially millennials. This also gives employees better control over their commute by enabling them to avoid rush hour.
4. Commuter assistance
Even if parking is not an issue (although for most companies, it is), offering commuter assistance like campus shuttles and transit subsidies can save employees money, improve attendance, promote health and reduce stress.
Watch this video to see how some employers are taking advantage of DART’s annual employer pass to attract and retain employees.
Want to learn more? Contact us if you’re interested in learning how your organization can use the ePass for attracting and retaining employees.
