Merito Group estimates this blog to be a 4-minute read
Gone are the days when employees only cared about the size of their paychecks. In the modern workplace, employees are seeking more from their employers than just financial rewards. In fact, studies have shown that employees value non-monetary benefits just as much as if not more than, their salary. What are these benefits and how to add so much value to the job and work culture?
Non-Monetary Benefits Include Remote Work & Hybrid Jobs
One of the most significant changes in the modern workplace is the shift towards remote or hybrid work. With the advent of innovative technology and the pandemic, many employers have had to adapt to remote work to keep their businesses running. Now, it is more common than ever to walk into a local coffee shop to see dozens of adults working in their modern office.
Unsurprisingly, many employees now prefer the flexibility of working from home or their neighborhood coffee shops. Covid-19 has continued to shape the world around us, and one of its biggest contributions was the innovation of working from home long-term. Technology has quickly adapted and improved to make working remotely as easy as ever and continues to do so. Employers who offer remote work options have an edge in attracting and retaining top talent. Employees value the flexibility and work-life balance that remote work provides, and it can lead to increased productivity and job satisfaction.
From our perspective, as a top recruitment firm, being open to remote work as an employer opens the door for your team to become the greatest it has ever been. Your team is no longer limited to where your candidate is! The world has just become a lot smaller, and your team can become international overnight. Now, your team can source candidates that are the perfect fit for the job, regardless of where they are located.
Fun Fact! Merito Group’s team is located all over the country and even internationally. We source for “best fit,” not location.
Further Education, Training, Tuition Reimbursements
Another non-monetary benefit that employees are seeking is education and training opportunities. Employees want to work for companies that invest in their growth and development. Providing opportunities for employees to learn new skills and advance in their careers benefits the individual and the company. A well-trained and skilled workforce is a more productive and efficient workforce. Companies that offer training and development opportunities are more likely to attract and retain top talent.
Some would argue that further training and education are some of the most valuable non-monetary benefits an employer can offer to an employee. Additional training and education are skills that the employee can bring with them to further their career within or outside of the organization. Further education benefits the employee’s personal and professional growth and also the company’s growth and development. Successful companies understand that investment in people is the best investment you can make. Pouring resources and money into your staff benefits the success of the whole enterprise.
There are many ways employers can encourage further education for their staff. One way employers can attract new candidates and incentivize current employees is through tuition reimbursement. Tuition reimbursement programs offer employees financial support for pursuing higher education or professional training, such as earning a degree, attending workshops, or taking courses to enhance their skills.
Benefits, Work-Life Balance, and a Positive Company Culture
Benefits such as healthcare, retirement plans, and paid time off are also essential to employees. These benefits show that employers value their employees’ well-being and are invested in their long-term success. Healthcare benefits are especially critical in today’s world, where medical costs are skyrocketing. Employers who offer comprehensive healthcare benefits are more likely to attract and retain top talent. Similarly, retirement plans and paid time off demonstrate a commitment to employee well-being, which can lead to increased job satisfaction and loyalty.
Especially after COVID-19 and the new generations entering the workplace, there is a new expectation of a healthy work-life balance. Employees are seeking a work-life balance that allows them to pursue their personal interests and hobbies outside of work. Companies that offer flexible schedules, notable vacation time, or other non-traditional work arrangements are more likely to attract and retain top talent. Employees value the ability to have a life outside of work, and employers who recognize this are more likely to create a loyal and engaged workforce.
While work-life balance is important, companies still have a job that needs to be done. That said, cultivating a positive and generous company culture makes work feel less stressful and is a healthy contribution to work-life balance. Positive company culture includes things like open communication, teamwork, and a sense of purpose. Employees want to work for companies where they feel valued and appreciated, and where they can make a meaningful contribution. Companies that foster a positive culture are more likely to attract and retain top talent, as well as increase employee engagement and productivity. The motto “work hard, play hard” fits into this standard. Creating an environment where people love their job and see it as part of their life, rather than something they just “have to get done,” is what transforms a job into a career.
Final Thoughts on the Modern Workplace
In conclusion, while money is still important, it is not the only factor that employees consider when choosing an employer. In the modern workplace, employees are seeking a variety of non-monetary benefits, including remote or hybrid work, education and training opportunities, benefits, a positive company culture, and a work-life balance. Employers who recognize and invest in these areas are more likely to attract and retain top talent, increase employee engagement and productivity, and, achieve long-term success.