Creating a work environment that attracts top employees and retains talent requires being in tune with the needs of employees and a dynamic, innovative approach to building a corporate climate. On site services offer convenience that can help employees manage a demanding schedule. Financial incentives are attractive to entry level workers as well as those with limited family incomes.
Company On Site Services
Subsidized or free food – the larger the organization, the more relevant this becomes. Food is brain fuel and to increase productivity look to improving the quality of the food available to staff.
Child and/or elder care – onsite daycares for children or aging parents can be a huge benefit to employees that have family commitments.
Adoption support – support for the adoption process from subsided legal fees to time off when the baby or child moves into their new home demonstrates a broader definition of maternity or paternity benefits.
Other time saving services that companies can offer on site are:
- Laundry or dry cleaning pick-up and delivery
- Exercise facilities
- Personal trainers
- Massage therapist or physiotherapist
- Staff doctor or nurse
- Staff travel agent
Company Financial Incentives
Financial incentives beyond competitive salaries can help attract top talent. Many companies offer financial incentives such as:
Corporate discounts – company products and services offered at a discount to staff or negotiated corporate discounts with certain retailers, recreational facilities or hotels/airlines.
Other financial incentives can be:
- Stock options
- Retirement savings plans and pensions
- Low interest loans for home purchases
- Bonus based on performance
Competitive salaries – consistently set above industry norms and monitored on an annual basis by up to date salary survey information.
Deloitte & Touche LLP, a top Canadian accounting and auditing, tax, and management consulting firm according to Canada’s Top Employers 2008 offers employees:
- maternity top-up payments for new mothers (to 100% of salary for 17 weeks)
- international experience programs that allow employees work up to 2 years at office locations around the world
- generous referral bonuses (up to $12000) when employees refer a friend who is hired by the company
- a unique work-life balance initiative for women employees and offers a wellness subsidy of up to $1000 to be used as employees wish
Genentech, a biotech firm known for innovative perks such as a doggie day care and an onsite farmers’ market, increased it’s 401(k) matching program 100% in 2007 to 5% of base salary, according to Fortunes 100 Best Companies to Work For.
Innovative incentives that go beyond the basics can make an employer stand out and improve recruitment outcomes. Taking the time to research what competitors are offering their employees can help maintain a competitive edge when recruiting top talent and gaining a reputation as an employer of choice.
Related Article: Top Employer Corporate Policies: Creating Standard Operating Procedures for Employers of Choice
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