As the world has changed in the past couple of years, so too have employees’ expectations about their work. Employees are putting their personal fulfillment and work-life balance first, which for many has meant changing roles, jobs or even entire career paths. But as the exodus of employees continues, many companies are left wondering how to retain their employees or attract new ones to take their place.
Below, a panel of Rolling Stone Culture Council business leaders offer a list of perks they believe companies will need to offer if they want to improve their employee retention and gain the interest of new talent.
Time for Creative Pursuits
At BUMP Agency, we think more agencies will be implementing time for their employees to focus on their own creative endeavours. Although it is important to focus on company projects and client services for an agency, giving employees time to focus on their creative pursuits can improve innovation for a company and create new revenue streams. – Robbie Murch, BUMP
At our organization, we are not your typical 9-to-5 group. We have team members who work remotely from around the world in different time zones and we’ve started implementing project management systems that encourage hybrid roles. We’ve seen tremendous interest from applicants and whenever we are recruiting talent. – Mo Ghoneim, Arts Help
Incentive-Based Compensation Plans
Typically, bonus structures are reserved for mid- to senior-level team members; however, implementing an H1/H2 or quarterly bonus structure for all employees can help attract and retain talent. This combined with a flexible work-life balance and a robust benefits package will be key in attracting talent. – Amanda Dorenberg, COMMB
Better Health Care
Hybrid Work Models
Gone are the days where being “in the office” means maximum productivity. Companies need to operate from a model of trust with their employees, empowering them with the skills, training and resources to manage their time and keep them accountable to completing agreed upon tasks. – Ginni Saraswati, Ginni Media
In-House Investment Opportunities
I think providing in-house investment opportunities for your employees can go a long way. You need to give them a reason to stay and put in work until the end. An employee (I hate the word “employee”) will be much more motivated and deeply invested if they have an incentive to stick around. – Christian Anderson (Trust’N), Lost Boy Entertainment LLC
Increased Time Off
Companies should allow more time off for each individual’s mental health and ability to reset, refuel and refresh. Those who are working on the team will be pushed to accomplish more and expect more from their contributions as the workforce becomes thinned out. The time off is as important as the time on to produce quality work and get it done together with balance and a holistic understanding. – Ricardo Roig, Roig Collection
Remote Work Perks
Remote work perks are the most popular in my personal opinion — flexible scheduling, vacation reimbursement and work equipment reimbursement. As the war for talent continues, these perks will most definitely help to keep companies’ most talented employees. – Jenny Ta, GalaxE by HODL Assets, Inc.
Money is not the motivating value it once was. For the next 10 years, working fewer days with increased hours will become the desired perk. This is because there are so many leisure activities to partake in. People want more time to have fun. – Thomas Bresadola, Simplified Entertainment
Company Bonding Opportunities
The pandemic has taken its toll on our country. But as a family business, we had to step up and grow together for us not only to survive, but also to thrive! My team was so appreciative of their work-life balance, we have been brainstorming ideas on the best way to celebrate them. I was pleased to learn the requests were more meaningful perks of dinner and karaoke at my home and a yearly work trip together. – Kelley Swing, Head Case Hair Studio