As it turns out, employees of all ages generally want the same things besides a raise. According to our 2018 SCALE survey, Baby Boomers, Gen X-ers, and Millennials all share a strong preference for three employee perks:
Other favored benefits have one thing in common: they promote work-life balance. Below are some examples of possible perks you can offer that are high in relevance and meaningfulness while low in cost:
Alternative Work Schedules
Like additional time off, schedule flexibility can make a benefits package and job offer more attractive. Alternative work schedules have been credited for boosts in employee productivity: more intensive time in the office means employees get more momentum and deeply involved in their work. Another perk: less rush-hour commutes due to employees coming in earlier or later – or both. This is why more and more companies are implementing the 4/10 workweek, where employees work four 10-hour days in the office, followed by three days off. Another popular option for achieving work-life balance is the 9/80 arrangement: Individuals work nine-hour days Monday through Thursday and get every other Friday off.
Paid Volunteer Time
Many experts have found that employee morale and retention increased when a company was more engaged with the community. Employees have been found to be generally happier at their jobs when they are empowered to make a positive difference. Additionally, employees often develop new skills through volunteer work including better leadership, communication, and teamwork. If you provide shirts for the events, this can be a great opportunity build brand recognition while supporting local causes, helping neighbors in need, and improving the community. Consider offering eight hours per year of paid volunteer time to your employees as an incentive to get involved in important community causes.
Employee Training, Workshops, and Education
The constant evolution of social media and new technologies quickly render our knowledge base outdated or even obsolete. Help employees master new tech by supporting training and workshops. Consider offering continuing education benefits to allow employees to update their skill sets and proficiencies. While the natural inclination might be to support building skills that are directly related to their jobs, opening up to training or education that broaden their personal horizons could pay great dividends towards work-life balance growth, and therefor employee engagement and retention.