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More and more, employers are beginning to understand the value of providing benefits to their employees. When it comes to initial hiring and then to retention, tangible and intangible benefits can go a long way toward bolstering a company’s strength. However, it is important to ensure the benefits you are offering are in line with what your particular workforce needs and wants. At different stages of their lives and their careers, certain benefits will matter to your team more than others.
Those just starting out in the workforce are often interested in intangible perks, like a culture of innovation where young, bright minds get a chance to experiment. Employees at this stage are often interested in continuing their education, so tuition reimbursement programs can be particularly enticing. Benefits that help offset financial burdens such as reimbursement for transit passes or free parking can help employees who may not yet have reached their peak earning years.
Those at the mid-career stage are often juggling work and family demands, so they tend to place a lot of value on flexibility. Be it flexible start and end times or the opportunity to work remotely when time permits. Many people at this stage benefit greatly from an environment that makes space for their busy lives outside the workplace. Onsite childcare, where possible, is a benefit many employees at this stage find extremely valuable.
Later on, senior team members may be more interested in retirement planning sessions, retirement packages/pension plans, and programs to build and maintain wellness. Professional development opportunities in the form of seminars and conferences can also be valuable, giving those at this stage in their careers the opportunity to ensure their skills remain sharp. Further along, if you have a multi-generational workforce there may be opportunities where the experienced employees can mentor and coach the ones coming up the ranks to ensure your company remains vibrant and skilled.
Find Out What Your Team Values
While these examples give you a starting point, each team is unique. It is important to look to your team and find out what matters to them. You may find that your employees have specific needs that fall outside these categories. Hence, it is valuable to know what your team truly desires before making investments in different perks and benefit offerings. The little things matter. Across all ages and stages, there are certain intangible benefits that are valued by all employees, no matter what stage of their career they may be in. A supportive culture, compassionate managers, positive reinforcement, a healthy work environment, and fair compensation are valued by all employees, and will help contribute to ongoing success.
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