Standard benefits usage by both large and small companies to retain employees is common. The benefits list includes bonuses, vacation, paternity leave, maternity leave, retirement savings, life insurance, health insurance, dental care, and disability insurance. Competition at the workplace leads to job switching. Job switching becomes more if alternative employee benefits are absent. An alternative solution needs finding. The landscape of alternative employee benefits is vast and in focus. Employee engagement, loyalty, productivity, retention numbers increase with alternative employee benefits. A win-win situation for the employee as well as the company. The company culture reinforced, and goals achieved. At the same time, the employee and his well-being are addressed appropriately. The employee is satisfied with the additional alternative benefits.
Insurance, health, vacation, paid leave, sick leave, and retirement benefits are out of scope as alternative employee benefits. Insurance, health, and retirement benefits are standard benefits and a must for any employee. Employees need something which improves their quality of life, well-being, family life, job security. The employee wants to happy and has a work-life balance. Point where the company needs to dish out alternative employee benefits.
Flexible working hours, compressed week, and work from home option is a start to alternative employee benefits. Many employees want to work extra hours on some days and take an off day based on the extra hours worked. Family commitments, household chores need addressing, which would not have been possible till the weekend. Work from home or telecommuting goes a long way in increasing employee engagement, loyalty, and trust.
Encourage employee professional development. Let them attend conferences, webinars, seminars to enhance their skills. Encourage new skill development. All this during office hours. Allow them to travel overseas to attend exhibitions. Allow them to take their family to these exhibitions. Trust building and loyalty in the employees occur.
Many employees want to give back to society by doing social and charity work. They want to do volunteer work. Not possible till the weekend. Encourage employee social work with no pay cuts. Sponsor for a holiday at a resort with family for a couple of days. Enroll them in a wellness program like massage, yoga, meditation, all of this at company cost. Need doing every quarter on a rotation basis.
Tuition assistance package, for employees looking to continue education and enhance their qualifications. Encourage attendance to online classes during work hours and weekends. Balance this such that company goals are not affected. Offer employee discounts at city restaurants, malls, and shopping outlets.
There are many other alternative employee benefits like a pet-friendly workplace, paid sabbaticals, Gym membership, Children’s education allowance, Club membership, sponsored recreational sports, Friday celebrations party, sponsored cruise holiday, and many more.
The alternative employee benefits landscape or scope is a large canvas. The company has to strike a balance between cost and goals target relative to the benefits offered. Statistics show that alternative employee benefits costs are minuscule as compared to standard benefits cost to the company. Alternative employee benefits build engagement, trust, and loyalty.