10 Perks and Benefits that Attract Top Talent
These days, more and more companies are recognizing the importance of offering certain perks and benefits. Today’s top talent is looking for things that will make them feel valued and appreciated, whether it’s free lunches every Friday or transportation subsidies. Offering the right kind of perks and benefits package can help you, both with hiring better candidates as well as improving your staff retention rate. Let’s take a look at a few ways you can get a leg up in this area.
Benefits vs. Perks – What’s the Difference?
These two words are often used interchangeably, but they’re actually quite different. Understanding the definition of each of these company extras is an important first step.
Benefits: These include any type of non-wage compensation offered by the employer. The most common types of benefits include health insurance and retirement saving options.
Perks: These are nice-to-have additions to a staff member’s salary and benefits package. Think of these sort of as “the icing on the cake.”
The best way to differentiate the two is to recognize that benefits are things that most employees will seek elsewhere if not offered by the employer, whereas perks are simply nice “extras.”
5 Top Benefits Offered by Great Employers
Health Insurance – Coming in a close second to salary, health benefits – such as insurance coverage for medical, dental and vision care – are incredibly important to many job candidates. You have several options, including subsidizing a portion of coverage or providing full coverage.
Paid Time Off (PTO) – People need to find a balance between their work and their personal lives. They want to know they’ll be able to take time off when needed, whether it’s for an illness, vacation time, bereavement or simply a personal day. Two weeks is standard, but offering more might sway better candidates in your favor.
Retirement Savings – There are many advantages to things like 401(k) plans and other retirement packages, including tax savings. Offering not only to maintain these plans but also match a portion of what your staff contributes can be a big plus in the eyes of prospective employees. It can also improve retention rates of existing team members.
Family Leave – Candidates who are planning to grow their families often look for employers that offer support and generous paid maternity and paternity leave for new parents. If this is something you can afford to do, it’s strongly recommended.
Professional Development – Talented veterinary professionals want the opportunity to master new skills, develop their strengths and grow in their roles. Investing in ongoing training and continuing education (beyond the industry requirements) can be beneficial, both to your staff as well as your practice.
5 Perks That Can Improve Recruitment and Retention
Wellness Programs – Investing in the health and wellness of your staff is beneficial in a number of ways. First, happier, healthier team members perform better. Second, showing your employees you care about their wellbeing can go a long way toward staff loyalty.
Free Food – Who ever said there’s no such thing as a free lunch? Supplying your staff with in-clinic perks, like free meals, snacks or beverages is a great way to invest in your team and show them they are appreciated.
Flexibility – This one’s a bit more challenging, since working from home isn’t necessarily feasible in the veterinary industry, but there are still ways to offer flexibility to your team. For instance, rotating schedules and the ability to come in late or leave early (with appropriate coverage lined up) are a few doable options.
Concierge Services – Today’s top employees place a high value on work-life balance. You may be able to win over that great candidate by offering the convenience and time-savings of a concierge service that can handle things like picking up the dry cleaning or having a team member’s car serviced.
Transportation Assistance – If you’d like to expand to a larger pool of candidates, offering to assist with things like parking, tolls or public transportation can help – particularly for those who will face a longer commute.
These are just a few of the many benefits and perks that can serve as a tipping point for candidates who are on the fence. By offering the right balance of extras, you’ll demonstrate that your practice is progressive and cares about its staff, which will help you attract, recruit and retain better team members.