Non-traditional benefits to retain employees are making a serious splash in the HR world with more companies hopping on the bandwagon daily.
In the post-Great Resignation world, traditional life and health insurance simply isn’t enough for retaining employees who are invested in the company.
That’s where non-traditional employee benefits come in. Today, we’re looking at what non-traditional benefits are, how they can impact employee retention, and how to ensure you’re providing the right benefits for your business.
Traditional benefits refer to things like health insurance, pension, and life insurance, they are standard. Non-traditional benefits are a new concept that focuses on giving employees more freedom and incentives through benefits like flexible work arrangements, professional development, and employee recognition. Let’s take a look at some common examples.
Flexible work arrangements are slowly but surely becoming one of the most popular employee retention strategies in the UK. A competitive salary simply doesn’t cut it anymore. Recent global events have shown just how much flexible work arrangements can benefit companies’ employee retention.
In-office work might not be necessary in certain fields where one-on-one communication and collaboration aren’t required. In this instance, offering employees the flexibility to incorporate a less traditional work arrangement can greatly increase healthy work/life balance opportunities.
This doesn’t only make for a more positive workspace but can also avoid burnout. Employees feel they can take the time they need for work, which benefits employee retention.
Even in collaborative workplaces, many organisations are finding ways to make asynchronous and remote work effective. It’s become clear that flexibility is highly valued by many employees and is a great motivator to stay at a company.
You may also be interested in: How cloud technology enables flexible working
The thought of unlimited holidays can sound like a nightmare for HR, but it shouldn’t. Unlimited time off simply means that the workers that get their work done to a high standard in a fraction of the time aren’t punished with more work. Instead, they can take time off how and when they like, as long as the work is still finished effectively.
Unlimited time off encourages employees to make the most of their work time. It’s an incentive to work hard when it’s required so that they can enjoy the free time that waits ahead.
To make unlimited time off work you need to have a good structure with policies in place to ensure employees don’t abuse the system. It also requires a lot of trust from employers to give employees the reins of their own schedules.
However, there is a limit and that’s where having the right policies in place is important. While there is no number of days provided with unlimited time off, there are guidelines and parameters that HR should clearly communicate to ensure it’s fair for everyone.
The company culture should be about working hard and getting involved to ensure everyone benefits from unlimited time off. It’s a company-wide initiative, not about personal gain.
Be sure to check the leave days though as some studies show that employees tend to take less than their allotted legal amount of leave with this model. Fortunately, with XCD’s time and expenses software, keeping track of employees’ leave couldn’t be easier.
Wellness programs are fantastic for employee retention for two reasons. Firstly, providing employees with wellness incentives can make them feel supported. Secondly, there is potential to improve employee health, leading to fewer sick days and better productivity overall.
Here are a few ways to incorporate a wellness program:
Employees want to know that there is room for growth and upskilling in their roles. Without this incentive employees can start to feel stagnant, leading to discontent and high employee turnover.
Companies should always encourage employee career growth.
One of the main benefits of employee retention is the more skills employees have the better the company will do as a whole. It’s all about progressing team members to the next level to continually better the organisation and what it has to offer.
Here are some ways organisations can implement professional development:
If funds are an issue, offering in-house training and mentorships also benefits employees. It’s a fantastic place to start improving employee engagement.
One of the best ways to increase employee retention with relatively little cost to the company is recognition initiatives. You would be surprised how far a pat on the back will go.
Employees want to know that when they put the hard work in they are recognised and appreciated. Low employee morale and a hesitancy to put the hard work in is common if employees are never recognised for the work they’re doing.
Here are recognition initiatives to try:
Any one of these is sure to have employees feeling a lot more appreciated and seen for the hard work they’ve put in.
Implementing some of these non-traditional employee benefits can have a substantial impact on employee retention.
You may also be interested in: Developing retention strategies to combat the Great Resignation
When making considerable changes to employee benefits you need an understanding of the organisational culture and employee engagement. There’s no point in offering benefits that employees won’t use or that won’t positively impact the company.
Here are a few ways to find out what non-traditional benefits your employees are looking for:
Regardless of the benefits you choose, they must align with the overall organisational culture. With XCD’s powerful reporting and analytics software, HR professionals can use essential data to glean key insights into benefits, retention, and employee happiness.
Increasing retention is one of the key challenges for HR professionals, especially in 2023. This means learning what employees need to stay and how changing benefit schemes can keep employees fulfilled and content.
With all this going on you shouldn’t have to worry about HR administrative tasks taking up all your time. Book a demo or contact us to find out more about how our single solution software can give you the time to focus on more important and strategic aspects of the business.