The recent talent market can feel like a never-ending game of musical chairs, with employees leaving their old jobs for higher pay, but the numbers show that the right work benefits can level the playing field.
A 2022 study by Gallup found that it would take well over a 20% pay raise to lure employees away from a quality manager who leaves them engaged and satisfied in the workplace.
Employees are prioritizing company culture and a sense of belonging over old benchmarks like a competitive salary.
And that means reimagining the work benefits employers use to retain employees, too. Here are some of the modern-day work perks that can help you attract and retain these modern employees.
Tech giants like Twitter, Uber and Facebook have already invested in providing in-office food to their employees to woo top talent in every department, from product to marketing.
Without their big company budgets, a more cost-effective meal program solution that makes both in-office and remote employees feel included is meal pickup or delivery powered by local restaurants.
Open buffets and traditional platters may offer the illusion of selection in a food perk, but meal programs run through food ordering apps give employees autonomy and let them order what they want, when they want and where they want.
Employees are increasingly likely to stay in an environment in which they feel valued and accommodated as individuals. That’s why one-size-fits-all work benefits are beginning to be replaced with more flexible alternatives.
For example, healthcare spending accounts (HSAs) are becoming increasingly popular with employers in place of rigid health and dental benefit. HSAs offer a more flexible and inclusive benefit for employees and a simpler, more cost-effective rollout for employers. Employees can allocate HSA funds, replenished quarterly or annually, to put toward therapy, contact lenses, and other unique needs.
While the use of perks and benefits in employee attraction and retention is nothing new, it is quickly becoming important to find ways to offer the same valued perks in a way that allows employees to tailor it to their needs.
In recent years, there have been a record number of job resignations, with many redefining their relationship to work. In the US alone, 47.8 million employees resigned in 2021.
Employee perks are meant to improve employees’ time at work and their lives outside of it. These outside-of-work perks include flexible work hours, fitness memberships, and company-funded meals.
In the modern work environment, employees are starting to emphasize their mental health and demanding their employers do the same.
This paradigm shift in employee engagement has forced employers to refine their employee attraction and retention strategies to remain competitive. Companies now offer employee perks focused on work-life balance, such as four-day weeks, work-from-home options, and even paid sabbaticals.
Employee engagement has changed since COVID-19, and the changes are here to stay.
To remain competitive, employers must continually refine their employee perks and retention strategy. This means listening to employees' needs and ensuring they feel valued within the workplace.
Ritual for Companies is an easy way for you to modernize your food benefits and boost team culture. It allows employees to choose individual company-funded meals with the option of ordering as a group. After setting up, employees can use the Ritual app to pick meals from participating local restaurants. Employees can redeem company-funded Ritual credits to place their order, either individually for pickup or as a group order, with catered meals right delivered to the office.