The way businesses acquire and retain talent is rapidly changing. Contrary to the traditional way of gaining traction with large signing bonuses and increased salaries, today’s millennial workforce look for other ways of compensation to be interested in a position. While major tech-companies are generating expectations by marrying company-sponsored activities like on-site cafeterias, laundry and fitness classes with general workplace culture, there are many other ways of providing attractive benefits that fits a specific culture.
A 2015 survey conducted by Glassdoor found that 79% of employees would prefer new or additional benefits to a pay increase. Businesses can leverage these benefits such as employee flexibility, wellness and will for social impact as high return areas to attract the best talent possible.
The Future of Work from PSFK Labs explores how organizations can develop a benefits package to attract and retain top talent in a way that feels authentic to its brand. Below highlights a few best-in-class strategies to foster employee well-being and work/life balance that can be adopted by companies across industries.
To facilitate the reintroduction of employees after having a child, Unilever launched an array of benefits and services such as parental leave policies, heavily subsidized backup childcare and lactation rooms for nursing mothers. By introducing them globally, Unilever helps create a holistic culture in favor of its workers.
Asana got rid of the timecard to promote a more flexible working schedule, which is mostly suited to employees with other commitments such as family duties. All projects are to be delivered in sets of four-month periods, a system that has improved feelings of empowerment, autonomy and trust among workers.
When employee, company and charity work together for a good cause, every party benefits. Consultancy Bain & Company encourages their employees to spend six months working with partners towards a social good mission—called “externships.” The win-win-win case empowers the employee and generates a future-forward work culture—for a good cause.
At technology company Dell, a nomadic work approach has increased workforce satisfaction and saved $21 million by consolidating underused offices. More than 25% of Dell employees—approximately 25,000 people—have agreements to work from flexible locations, facilitating family priority and work on passion projects.
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