Think Outside the Benefits Box to Attract and Keep Top Talent

We’ve all heard the stories about Fortune 500 companies offering incredible employee perks. Google feeds its people free gourmet meals throughout the day and offers daycare, Starbucks covers full tuition for eligible employees to earn a bachelor’s degree through Arizona State University’s online program, and Netflix boasts unlimited vacation time.

Not everyone can compete with what these multi-billion-dollar corporations offer, but it’s good inspiration to help managers reimagine traditional perks and benefits. Standard competitive benefit packages today typically include health insurance, personal time off, life insurance, and retirement plans. But how can your company stand out to recruit and retain top talent? Your culture and the perks you offer employees can be the deciding factor in a candidate choosing whether to accept your job offer, or in keeping your current employees.

Data tells us that today’s job seekers weigh the value of benefits more than ever while considering a position. According to a survey from Glassdoor, nearly three in five people report benefits and perks among their top priorities while researching jobs. Competitive benefits will keep your employees both happy and productive. I can reaffirm this, as Bankers Healthcare Group is often recognized as a best place to work and having a top company culture with differentiating perks and benefits. This recognition reinforces that going the extra mile for our people is good for both them and us. 

Here are some ideas that can help spark fresh ways of thinking about what you can offer employees to help boost employee morale and enhance productivity. 

Celebrate employees who excel 

Recognizing and rewarding employees who help drive your business success are clear motivators for them to keep up the good work. Anything from cash incentives, gift cards or trophies can demonstrate that you value your people and can help boost morale. If you already hold company-wide meetings, this is a great opportunity to recognize the standout people. If you have an intranet or internal newsletter, consider a monthly “Employee Spotlight” feature that tells the stories of those who go the extra mile. 

Empower employees to boost their health and wellness

Encouraging employees to make healthy life choices can have multiple benefits for both themselves and the company: 

• Wellness, energy, motivation, and reduced stress 

• Greater engagement, productivity and increased morale, according to the Harvard Business Journal

• Lowered health-care costs

Consider giving employees time during the workday to exercise, offering reduced gym memberships, and promoting internal wellness programs. In addition, you can bring in someone to lead a group exercise class like yoga or provide on-site fitness equipment. 

Rally together

Getting your department or entire staff out of the office can help to rejuvenate people and boost morale. It can help offer relief following a busy season, get the creative juices flowing for new business ideas, or simply provide a forum for people to get to know each other better. Some of the benefits of teambuilding events include creating and strengthening relationships, building trust, and encouraging new dynamics in the workplace.

Volunteerism is another way. Coming together as a team to give back to the community can also foster positive outcomes — it encourages people to work together toward a common goal and provides the satisfaction of making a positive difference.

Help build their knowledge

Paying for employees’ college degrees may not be in your company budget, but there are other cost-effective ways to help them learn. Consider setting aside an employee-development budget that can be used for webinars, industry conferences, and continuing-education courses throughout the year. Investing in employees’ skills and knowledge can demonstrate value and help groom them for higher-level positions.  

Little things can make a big difference

Oftentimes, going the extra distance to help your employees can go a long way. Unless your budget matches that of Google, Starbucks, and Netflix, then free catered meals, paid-in-full college tuitions, on-site daycare, and countless vacation days are probably off the table. However, with a little creative thinking, you may be able to afford or reallocate existing budget money to make your employee benefits that much more interesting to prospective and current employees. 

For more ideas on the unique benefits that can make you stand out from the crowd, you shouldn’t have to look too far. Provide an open forum for your employees to share ideas. Just listening to your employee’s suggestions is a step in the right direction toward tailoring your culture and benefits package to both attract and retain the best talent.         

Chris Panebianco is the chief marketing officer at Bankers Healthcare Group (BHG), which focuses on providing health-care professionals with medical-practice financing. BHG has worked with more than 110,000 practitioners to provide more than $2.8 billion in capital funding.