NerdWallet: Three perks businesses can offer to attract—and keep—good workers

by | Feb 16, 2023 | Stock Market

This article is reprinted by permission from NerdWallet.  While big corporations make headlines for shedding large chunks of their workforce, many smaller businesses are still struggling to staff up. In fact, nearly a quarter (23%) of small-business owners listed finding and retaining talent among the top challenges facing their business, according to an October 2022 NerdWallet survey. 

Beefing up your benefits package is one way to solve your hiring woes — and it doesn’t have to be at the expense of your cash flow. There are cost-neutral perks that can make your company stand out to candidates, as well as big-ticket items for businesses with the budget to invest in benefits.Increase paid time off It doesn’t cost anything to offer more paid time off to employees, says Paaras Parker, chief human resources officer for Paycor, a payroll and human resources software company. And small changes, such as an extra day or two, can go a long way. How you frame that additional time off matters, too. Offering a paid mental health day or PTO for volunteering speaks to your company values and helps attract like-minded employees. Another time-off trend that can set your business apart: offering a sabbatical. This perk does carry a cost for employers, but companies can be strategic about how they structure their program, Parker says, noting sabbaticals can be a recurring or one-time perk that’s unlocked after employees hit a tenure milestone. “Sabbatical usage isn’t super high,” Parker says. “But you don’t know how many times I hear people say, ‘Just knowing that I could do that provides me so much peace of mind.’” Plus: The industries where jobs are most at risk of layoffs in 2023Offer more flexibility “The No. 1 thing we see candidates [say] they’re looking for in their next job is flexibility,” says Jen L’Estrange, founder and managing director of Red Clover, an HR outsourcing firm that specializes in small and midsize businesses. This includes flexibility on the big things, like when and where employees are expected to work, as well as small things like dress code expectat …

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