No one would balk at getting more money in their paycheck. But beyond a raise, what are employees looking for? In a recent study from Fidelity, 25- to 35-year-old employees said they’d be willing to give up an average of $7,600 in pay for perks such as a good work-life balance.
Those perks can go a long way toward boosting employee retention. And it’s not just millennials. All employees are looking for a few easy changes to improve their work day. Think about the things you want from your job and what you need to feel engaged. Chances are, your team is looking for the same options. Here are three employee perks that can help you boost retention.
Employees want choices. These choices could be about anything: employee benefits, rewards and recognition, or simply how to complete a task. I see this especially among millennials: They’re always experimenting and looking for new assignments. The way they work is much more fluid; they expect that array of options from their employers as well. You’ll have to keep choices within budget constraints, of course, but giving people freedom within those constraints can make a big difference in how they approach their work.
One of the choices you can give employees is where and when they work. At Talmetrix, we give people the freedom to work from home two days a week. We’re right in the center of the city, and working from home helps people save money on parking and commuting. When people have the opportunity to work from home, you’re telling them that you trust their judgment, that you expect them to get their work done but you’re not going to check up on how they do it, and that you want them to make their own decisions about how to complete their tasks. Working from home is a benefit that employees value highly, so look into ways to make it work at your organization.
Doing things together is a great way to foster a feeling of shared experience and purpose. I’m not a big planner, and for me, establishing an event on, say, every first Friday of the month isn’t going to last more than a quarter. As a leader, if you promise something and don’t deliver, you can expect engagement to go down.
So here at Talmetrix, we do things on a more spontaneous basis, such as planning on going to a Reds game at the end of the week. Your organization may find a regular event is more useful to building camaraderie, but no matter what approach you take, find ways to create a sense of community and togetherness at work. It can go a long way toward keeping employees engaged and happy at your organization.
Talmetrix is a software company that measures and facilitates employee engagement, captures team feedback and maps relationships between employees. Organizations use that data to improve retention, build a better culture and boost performance and productivity. Contact us to learn more about our solutions.
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