Out-of-the-Box Benefits to Boost Recruitment

January 1, 2023

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The new year is an opportunity for a fresh start and new beginnings. This year, for many employers, the most common recruiting challenges remain the same. More organizations will need to start thinking outside-the-box when it comes to attracting and retaining employees and identifying innovative incentives to offer is a good place to start. The more flexible, creative, and valuable a company’s employee benefits package is, the more likely employees are to remain loyal.

More Than a Paycheque

Employees typically look for work that offers higher compensation, but a paycheque isn’t the only thing they want. Employee benefits packages and other perks give companies an edge in the competition for talent. Research suggests more than half of employees say they’re willing to quit their jobs if they think their benefits package isn’t good enough.

Going above and beyond healthcare, dental and vision coverage starts with taking stock of your industry and current workforce. Every generation of workers has different needs and demands. Given their age and career stage, baby boomers may be more likely to appreciate traditional offerings, such as retirement and healthcare benefits. On the other hand, millennial workers may be attracted to employers offering student loan repayment assistance and flexible working schedules.

Out-of-the-Box Benefits

When it comes to innovative benefits offerings, the options are almost endless, depending on a company’s objectives, budget, and employee needs.

Here are five ideas for out-of-the-box benefits that could improve your current offerings:

Lifestyle Spending Account (LSA): This customizable benefit can be used to reimburse employees for a number of wellbeing and personal development activities and encourages employees to improve their mental and physical health. An LSA covers the cost of products and services that can support these initiatives, such as fitness classes, gym memberships, dietitian services or financial counselling. Employers can select the services and products they wish to cover as part of this offering, as well as the maximum amount provided in coverage.

Child Care Benefits: Child care costs in Ontario are among the highest in Canada. A full-time spot for a child under the age of four can cost up to $1,600 per month, depending where you live. Child care is expensive, and parents can’t work without it. Child care benefits can include coverage for services such as child care centre fees and subsidies, or a child care related spending account. Offering flexible work schedules could also help parents and caregivers balance responsibilities at work and home.

Education Benefits: Employee education benefits, such as tuition assistance, can help recruit and retain talent, especially as employers focus on reskilling or upskilling staff. Investing in employees through education funding can reduce turnover and improve skills. A certificate or degree can help move employees further along in their professional journeys, and employees feel valued knowing their employer is invested in their advancement. Encouraging the development of new skills and knowledge within an existing workforce also helps eliminate the need to look outside the company to fill various roles.

Student Loan Assistance: The student debt crisis is a growing concern, with about half of Canadian college graduates in debt, and the average cost of post-secondary education now at $80,000. Dealing with debt contributes to stress and can impact decisions in all areas of life. By offering student loan assistance, your company can attract and retain new talent, and help relieve the burden of debt for your employees.

Pet Insurance: Pets are part of the family, and any emergency involving a beloved animal could lead to an employee missing work in order to take care of matters. Pet insurance presents a solution, making these situations less stressful and less time-consuming. This offering can also help differentiate an employer from competitors looking for top talent, particularly Gen Y and millennial candidates who may be looking for pet-friendly workplaces.

Here to Help

Not sure where to start? We can help you determine whether any existing employee benefits offerings could be changed or improved to meet the needs of your workforce and give your company an edge in the hiring process. Contact us so we can work together to create solutions that work best for you and your organization.