Finance News & Insights

Nontraditional benefits as a retention tool: Here's how

If you can’t afford to bump up employees’ pay right now, you’ll probably need to do something to keep them from jumping ship.

So what can you do? Offering a variety of nontraditional benefits has been proven to help companies’ boost their retention rates. The best part of this strategy? Many of the benefits employees value the most are inexpensive — and sometimes even free.

Here are some of the more unique benefits workers are saying they’d like their company to offer:

  • The opportunity to work at home
  • Education completion benefits
  • Pet insurance
  • Free tickets to events, and
  • Adoption assistance.

Of course, the best way to determine what nontraditional benefits your employees want is simply by asking them. So consider putting together a list of eight to 10 benefits and surveying staffers on which ones they’d like to see the most.

Take their top three choices and apply them to your company’s benefits package. You’ll soon witness a happier workforce — these benefits should help you to hang onto your best workers.

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