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In today’s environment, great candidates are not just looking for a competitive salary. They want great benefits as well! With many companies offering unique perks like extended vacation days or flex time, it is important that you bring something to the table that stands out. Financial benefits are a great way to do just that!
By rewarding employees with more than just disposable income, you are creating new opportunities for things that they find rewarding. To get a better understanding of how different companies implement financial benefits, we chatted with eight business leaders about their approaches. Check out their ideas below!
Signing Bonus
While offering a signing bonus isn’t a necessity, employees greatly appreciate it. This could give your new employee some extra cash to compensate for moving or for making up for the time in between jobs. It is a great way to say “welcome to the team!” — Pete Newstrom, Arrowlift
Pension Matching
To attract good employees, it is necessary to offer something competitive that other companies might not offer. Matching your employee’s 401(k) contributions up to a certain percentage is a great way to let the people that work for you know that you care about their future. — Chris Dunkin, Portable Air
Top-Tier Insurance With Low Premiums
We offer our employees top-tier insurance with low premiums and low monthly payments as a way to ensure the health and well-being of employees and their families. We want our employees to know that working for our company is about more than just making money: we want them to know that we care about them as people. — Vicky Franko, Insura
Student Loan Repayment
Some companies have taken action by responding to the needs of the indebted workforce by offering to help pay off student loans as part of their benefits package. This can take a huge stress off of an employee’s plate and ensures that you are attracting employees that put their education first! — Henry Babich, Stomadent Dental Lab
Referral Bonus
In our company’s history, we have found that one of the best sources of new talent is our own employees! This is why we offer them a $500 bonus if they refer an excellent candidate our way who is hired. Some of our best and longest-lasting employees have come to us through the employee referral program, and we couldn’t be more proud. — Nikitha Lokareddy, Markitors
Flexible Healthy Lifestyle Credit
One of the financial benefits we offer is a flexible healthy lifestyle credit. This credit is about $1,200 per year, per employee, and can be used for nearly anything that is justifiable as a health expense. For example: massages, supplements, fancy shampoo or new shoes. The flexibility of this credit means that people actually use it, which is the best financial benefit you can have. — Michael Alexis, Teambuilding
Performance Bonus
High compensation, high-performance bonus, a 401(k) match, student loan repayment and moving cost reimbursement are all big “checklist” items for most employees looking for a new company. Personally, I find the performance bonus as the most appealing. High-performers want to be treated like high-performers. If everyone gets the same bonus, high-performers aren’t treated special. Make it hard to get a big bonus, but make sure someone gets a big bonus every year! That will motivate your best employees. — Layton Cox, Marketing Consultant
Extra Monetary and Medical Allowance
Because of the Coronavirus pandemic, our company imposed a Work From Home Policy for all employees. An added benefit that has been given by our company includes a monetary allowance for employees facing trouble with internet issues. Our organization made sure that every employee working remotely has a stable internet connection. Furthermore, our company added extra medical allowance for anyone in the employee’s family suffering from Coronavirus to make sure that employees along with their family members come out of this virus safely. — Rameez Ghayas Usmani, PureVPN
