Your company’s growing, just like you planned. One of the biggest challenges you face now is building out your team with people who will propel you further down this path of growth. Finding the best talent for the roles you need to fill is difficult. Convincing them to join your team—when they have other options—is even harder.
Winning over top talent means understanding what they care about. For workers in the 25-40 age range, a competitive salary isn’t always enough. To get them to say “yes” to your job offer, be prepared to provide the best company perks and benefits.
In 2019, young workers expect modern benefits. To create a company culture they can’t wait to be a part of, consider adding these 10 innovative employee perks at your company.
1. Stock options
Money is nice, but stocks have the potential to grow. The average stock market return is 10% a year, so dollar for dollar, your employees stand to get more from a stock investment than the money that comes in their paycheck. Offering your new hires stock options also gives them direct buy-in to the company. When you win, they win. That gives them more reason to do their best work.
2. Flexible work hours
The 9-5 may have been the norm in the past, but savvy businesses today recognize that employees need more flexibility. Flexible work hours mean the best candidates can balance their responsibilities at work with those of their everyday life. In multiple studies, workers have put flexibility at the top of the list for business perks they care about.
Flexible hours are good for business as well. You don’t risk losing great talent to parenthood or senior caregiving if they can leave work in time to pick up the kids by 4 or leave in the middle of the day for their parent’s appointment. And flexible hours also give your employees the power to craft their schedules in the way that makes them most productive. If starting the work day at 10am instead of 8am means they do better work, that benefits you as well as them.
3. Flexible work location policies
Tech now makes it possible to stay in constant communication throughout the day, no matter where everyone on your team is located. Yet nearly two-thirds of employees still work for companies that don’t offer remote options—37% of whom have considered changing jobs because of it.
Remote work policies are a company perk that means a lot to potential hires, without costing your company anything. In fact, it can save your company money, Dell reportedly saved $12 million on real estate costs by offering remote work options to employees.
The average commute is nearly 30 minutes long, and it’s on the rise. For workers who live in cities, commutes are often even longer and filled with traffic-induced stress. Offering remote work options can remove the problem. But if you still need your employees together in the office at least part of the time, think about other ways to reduce the pain of a commute.
If your city has good public transportation, choosing a location that’s close to bus or subway stops can be a selling point. Offering commuting subsidies or covering the cost of a monthly bus pass can be an affordable employee perk. And in crowded downtown areas, a free parking space is a tangible benefit.
5. Good health insurance
Being sick is bad enough on its own, but in the U.S. it often comes with a helping of financial anxiety as well. For most job candidates, an offer of health insurance benefits that cover both the employee and their family members is a big consideration when choosing a job. 46% of people cite it as an influence on their decision. And notably, it’s important for keeping talent once you have it. 56% say liking their coverage is a key factor in choosing to stay with a job.
6. 401K match
Smart employees aren’t just thinking about today; they have an eye toward the future. Many of your best candidates will pay attention to what retirement benefits you offer. Offering a 401k plan to begin with is a start, but offering some level of matching is even better. And it’s a good way to be competitive, since 49% of employers that offer 401ks don’t match any contributions. Even offering a 0-6% match will make your offer more attractive than most.
7. Child care options
Childcare is expensive. On average, it costs families over 10% of their income. That adds up. And ferrying kids to and from their daycare or summer camps adds to parents’ commute time, making another burden of daily life worse.
People in the 25-40 age range are precisely those most likely to either already have young kids, or be thinking about starting a family. Consider company perks like on-site child care, child care subsidies, or discounts with nearby child care centers. And of course, a good parental leave policy is one of the best company perks you can provide for new parents.
8. Opportunities for career growth
To attract and keep young workers, you have to think beyond the job you’re offering them right now. If they stick with you, what job will they have in five years, or ten? Lack of career growth is one of the main causes in employee dissatisfaction.
When discussing the job opportunity with candidates, be proactive in bringing up ways you’ll aid them in their career growth. That can mean promises of promotions and impressive job titles if they do well, as well as a commitment to paying for educational and networking opportunities that will aid them in their career.
9. Company mission
The ideal new hire is someone who’s passionate about the work they do and believes their effort makes a difference.
How important is it to young people to find work they care about? A full 86% of all people aged 22 to 37 say they’d be willing to take a pay cut to work for a company whose values they shared.
No matter what amazing company perks you offer, the only way to inspire that kind of passion is to build a company that gives people the opportunity for meaningful work. Consider how your business can make the world a better place, and build that into your company mission.
10. Collaborative office environment
If a new hire is expected to spend 40 hours or more in your office, recognize that’s a significant chunk of their life. Can you promise them an environment that’s pleasant or, even better, fun? What will you offer to make the space comfortable?
That extends to things like design—the colors you choose and how much open space there is, as well as company perks like snacks and workday social opportunities. The physical workspace has a discernible effect on employee well-being and creativity, do what you can to make sure it’s a good one.
Making the best company perks easier
WeWork can help you check some of these items off your list. We’ve already designed office spaces that are comfortable and come equipped with some of the best company perks young workers care about. Learn more about the offices available in your city.