Good employers are always sensitive to their workers. But, this is never more important than during an economic crisis. Hiring is an expensive process, and most SMEs literally can’t afford to lose their employees, particularly with the current talent shortage.
Helena Young - Startups.co.uk
- Hours - offering the flexibility to employees to start earlier, finish later or take longer lunch breaks can be a great help when it comes to the kid's school run, avoiding the rush-hour, fitting in a gym session or squeeze in a doctor's visit without having to take annual leave.
- Location - hybrid, work from home and remote working (work from anywhere) are more available than ever before and are often highly sought after.
- 4 Day Week - trialled by a growing number of companies - depending on your industry sector, product and service - this may be something you could potentially offer.
- Workweek Compression - some companies offer the chance to work 5 days in 4, or 10 days in 9 to suit the preferences of their staff.
Shawn Plummer - CEO - The Annuity Expert
Extra Holiday Allowance
- Unlimited Paid Annual Leave - empower your employees to take time off when it's needed and show them you have a high level of trust. It can increase engagement with your staff and result in better employee wellbeing.
- Volunteering Days - some employers will offer a number of days to their employees to engage in volunteer work for a charity of their choice.
- Duvet Days - you may want to offer your employees the chance to call in their annual leave at short notice - maybe they want to enjoy a lie in or they've had a surprise invite to an event they don't want to miss out on.
- Enhanced Maternity / Paternity - more and more employers are offering extended periods of leave when employees are starting a family, including offering the option to the father to take more leave.
Taking longer holidays help workers to really disconnect. The health benefits of taking holidays are becoming more well-documented and better understood.
Susan Stick - SVP - Evernote
- Performance - this could be based on either the company's performance, the individual's performance or a combination.
- Sign-on - in competitive industries, this can be a tactic in order to attract talent and draw them away from the competition. Often referred to as a 'golden handshake' it is more typical in certain industry sectors than others.
- Referral - you can incentivise your staff financially to introduce new members of staff or new customers to the business.
- Profit-share - similar to performance bonuses, your employees can share in the financial success of the organisation.
- Higher % - with retirement ages going up, employees are looking for a benefits package that will provide for them later in life. Pension schemes are now mandatory and the minimum contibution isn't going to help you stand out.
Health & Wellbeing
- Group Health Insurance Policy - you can make this available to all of your employees or a benefit that is offered to once an individual reaches a certain level in the organisation. You can pay for it or make the scheme voluntary and employees pay a subsidised premium. There are varying levels of cover available.
- Mental Health Support - there are a number of options here, often through online platforms with video consultations or in-person sessions. These can be part of a wider Employee Assistance Programme (EAP).
- Gym Membership - employers can offer subsidised access to local gym facilities. Sometimes there are also gym facilities on-site that you can offer access to - more commonplace in managed office space.
- Cycle to Work - you can lease a bike to your employees, which they effectively 'hire' thorugh salary sacrifice, reducing the cost of ownership by between 26-40%.
Aurelie Biehler - CEO - Memoria
Learning & Development
- Certifications - you can fund your employees to complete certifications that may be of interest to them. They are also likely to benefit your business, with more qualified staff to deliver to your customers. This is very popular in IT Services companies, whereby their status as a 'Microsoft Gold Partner' will often be contingent on a proportion of their staff being certified.
- Personal Development Time - you can dedicate time each week or month to your staff spending time on self-improvement. This can be work related or for personal hobbies & interests.
Casey Jones - Founder & Director - CJ&Co
- Income Protection - this provides a monthly income to employees on sick leave. It won't cover their total salary but typically pays around 80% of their regular income so they can pay their living expenses.
- Critical Illness Cover - this provides additional funds to employees diagnosed with a serious illness and unable to work. It typically pays a lump sum rather than a regular income.
- Death in Service - should the worst happen, there is a choice of payment options to ensure the family of your employee is looked after.