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4 Ways to Give Your Benefit Package a Facelift

Posted by Erin Borgerson on May 21, 2014

This is a guest post written by UrbanBound's Marketing Coordinator, Aria Solar. Read more of UrbanBound's blogs on relocation at www.urbanbound.com/blog

You have a job opening.18387408_s

You post a description, go through the lengthy interview process, and find your perfect candidate.

They accept and you think you breathe a sigh of relief as all the legwork is over!

Except...plot twist. The hard work has not even started.

Now, you have the job of onboarding and training your new employee, all the while hoping that they not only show up for their first day of work, but also that they stick around long enough so you don’t lose all the time and money you invested in them.

Solution?

Well, the best way to ensure that your new hires stick around and that you are attracting top talent is to offer a competitive benefits package. While this can be difficult since everyone wants different options, there are a few opportunities your company can take to make your offering sound more attractive.

Balance Their Work and Personal Lives

This is important for everyone, but it is especially important to Millennials. Millennials seem to place more emphasis on balancing their work and social life more than any other generation before, so it’s important to adapt to that. While this doesn’t necessarily mean they value their free time more than their time at work, they do want to feel like they are getting enough time for their personal development. If you give them some flexibility with their schedule, they’’ll feel a lot better (and more energetic) about coming into work.

There is a reason why startups are becoming such a popular trend among Millennials and those beginning to enter the workforce. Not only does the atmosphere provide an environment of growth and ownership of their work, but it also allows for certain parts of their personal lives to bleed into their work life. Taking a few hints from the benefits that startups offer their employees is something to consider when upgrading your benefits package.

Unlimited Vacation

Depending on the size of your company, certain benefits might work a little more effectively than others. For instance, offering an unlimited vacation plan is something that might be better suited for a small company because it’s easier to keep tabs on your employees; however, this doesn’t mean bigger, more corporate-like offices should rule it out entirely.

Unlimited vacation shows that you trust your employees and value their time. Typically, if you made a good hire, your employee won’t take advantage of this and will only use their vacation time when they feel its appropriate.

An alternative to unlimited vacation is giving your employees a certain amount of PTO (paid time off) right off the bat. It can be a bit of a turn-off if you make your employee wait 6 months before they are allowed to use any of their vacation days. The “use or it lose it” policy is starting to a thing of the past as well, especially since this is not the most effective way to manage your staff. If employees find themselves coming up on the cut-off date for their PTO days and have 5 days left, they may take those days just to take them without a real need, which is not beneficial for company or employee.  

Flextime

Flextime is a fantastic option for not only your Millennials, but all employees. This benefit is starting to poke its head out as an increasingly popular perk, in fact, nearly 50% of companies offer it as a benefit, and 80% of Accenture employees ranked it as an important factor in deciding whether or not to stay at a company.

Flextime can be defined as anything from offering a 4-day work week, telecommuting, flexible hours (7-to-3 instead of 9-to-5) or working from home. There are a lot of benefits that your company will reap in offering flextime. For example, employees will feel a greater work-life balance (see what I did there), which will ultimately result in more productive work on their end. This is also a great benefit because it encompasses all of your generations - allowing your older generations to spend more time with their children, and younger generations more time with friends or to develop personal hobbies.

Flex time is an easy way to reward employees without breaking the bank. You could also choose to offer flex days to employees who have hit a certain goal, or offer it seasonally (for example, during the summer when employees are a little more antsy.)

Implement a Mentoring Program

While it’s a bit of an assumption that the current Millennial generation is a bit...hesitant... to respect authority figures, there is something to be said about the way they view themselves in comparison to their managers. Put simply, they want control. They want a say in how things are run within their department and they want a vote in the company’s future. They like being a part of the company’s growth and they want to be viewed as an important and valued member of the team (crazy, isn’t it!?)

Millennials have had a lot more guidance in their lives than other generations. Their parents, teachers, and coaches have been extremely hands-on in explaining what is expected of them, and if you fit into that mold, they’ will adapt quicker. Using the serial socialization is a great option in implementing this program (such as assigning them a mentor within the company.) Give them somebody who has been in your new hire’s shoes before and succeeded. They can help guide them, and help them become the kind of employee you need them to be. Here is Harvard Business Review’s guide for mentoring Millennials.

The good news is that these employees can also be some of the most loyal and respectful workers in your office. Try being a mentor figure for your Millennials. Not only will they trust you more, but they’’ll be honest and upfront with you if they are having issues in the workplace. Leaving a company where you feel supported and valued is going to be a much more difficult move than leaving one where you feel unimportant - and anything that can help your employee retention is going to be a big differentiator for your company.

It’s difficult to sum up all of your generations into one benefit package. There are some things that one group of people is going to want more than the others - it’s just a matter finding a balance and offering enough to each side to please everyone. However, if you take the time to get to know your employees and new hires, and recognize what type of personality they have, you can tailor your approach to fit their needs.

Read more about how to hire and onboard millennials in our ebook below...

 

hiring millennials

Fresh Perspectives New Ideas, Hiring Millennials, Company Culture


Erin Borgerson

About the Author

Erin is the Director of Marketing, Crisis Controller and Culture Ambassador (the last two titles she gave to herself) who joined the Hireology team in April of 2012. As a certified Inbound Marketer, Erin manages Hireology's marketing department, the Hireology Blog, and media relations. She is also a co-leader of the Chicago Hubspot User Group which brings together Hubspot users from around the Chicagoland area. Erin set off to Chicago after graduating from Western Michigan University. In her spare time she can be found shaking it in a Zumba class, reading a bestseller, or drinking a craft beer on her Wrigleyville porch.