Six Popular Employee Perks Companies are Handing Out to Retain Talent in 2022

In case you weren’t paying attention, the so-called Great Resignation is still going strong in mid-2022, and virtually every company is pulling out the stops to recruit and retain top talent. A recent headline on Fortune.com screamed (in HUGE bold type): “Great Resignation shows no signs of slowing down: 40% of U.S. workers are considering quitting their jobs” which leaves no room for guessing what that means.

It means companies like yours are facing a potential mass exodus of workers and the people who may have to replace them are VERY picky about where they want to work. So, what are companies like yours doing about it? They’re adding more perks and benefits for their employees.

Many businesses give important employee benefits such as health care, dental, vision, sick days, paid time off and 401(k) contributions. But now, sometimes companies offer more than that to make them a more attractive workplace. It increases job satisfaction for current employees and is a tempting bargaining chip to attract new employees.

Here are six of the most sought-after perks by employees and job candidates:

1. Remote or hybrid work and flexible work schedules

With the length of the pandemic, many people are missing the social aspect of going into the office. Guardian Insurance recently pointed out that in their 10th Annual Workplace Benefits Study in 2021, 42% of workers prefer to work fully on-site, including 56% of Baby Boomers and 46% of Generation Z workers.

However, many workers have also embraced being able to work from home. Therefore, companies not offering at least the option of a hybrid environment will be ignored by many potential employees depending on the industry.

The other piece that dovetails right into this is the topic of flexible work schedules. Every employee is different and has unique demands on their time outside the office. Giving them the flexibility to come in an hour later than others to get kids off to school, for example, relieves a ton of stress and makes that employee happier and more productive in the long run.

2. Financial well-being

Gather 50 of your employees and ask them to secretly write down the biggest source of stress in their lives, and you’ll probably have 45 say finances. That’s why creating a financial wellness program for employees is one of the fastest-rising perks today.

These financial wellness programs help employees regain control of their finances, measure their money stress and create budgets to help cover bills and pay down their debts. When employees have access to financial counselors, they can gain the knowledge and advice to invest their money wisely and save for retirement.

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3. Companies devote more resources to better mental health

Let’s be blunt … since the pandemic hit in the spring of 2020, literally everyone’s world has turned upside down, and the pressure on everyone’s mental health has never been greater. Thankfully, more companies are devoting legitimate resources to helping employees and staff with their mental well-being. Perhaps the greatest change from the past five to ten years is that leadership has normalized mental health within the company culture and the day-to-day running of the business.

Ensure that executives and leadership at all levels of your organization discuss well-being as a priority, removing any residual stigma attached to mental problems and giving better access to behavioral health resources in HR and workplace policies, employee benefits offerings, and employee communications. According to Guardian Insurance, 9 in 10 employers plan to increase their mental health benefits spending in 2022.

4. Help with student loan repayment

Oh sure … you can feel Gen X and older workers seething when it comes to this one. (“Hey... I spent years paying off my student loans and had no help doing it. Why should these kids get help?” An ACTUAL quote from a colleague of mine when we were discussing this!)

But the truth is that getting a 4-year college degree is crazy expensive today. Exponentially more so for them as it was for us. And a lot of parents of my generation pushed our kids into getting a degree right after high school because it’s what was expected of us

These days, Millennials, who make up the largest American workforce in history, have more student loan debt than any other generation. So it makes sense that adding student loan repayment to your benefits packages can help you attract and keep employees. 

There’s more incentive than ever to consider this benefit in 2022. Last year, Congress passed the Consolidated Appropriations Act, which allows employers to make tax-free contributions of up to $5,250 to their employees’ student debt without the payments being included in the employee’s taxable income.

Originally, this was part of the pandemic-related CARES Act, but Congress granted it an extension until the end of 2025. Many companies and legislators are hoping the change will become permanent. 

5. Reskilling and upskilling chances through training and educational opportunities

It’s estimated that, because of the constant technological improvements in all industries, the skills your employees will need to do their jobs at the same high levels will likely change every five to seven years. That means you’ll need to upskill or reskill your workforce regularly. And honestly, you’re better off training your current employees than completely changing them all out from a cost/benefit standpoint.

Investing in your current workforce always boosts productivity in their daily performance. That means a fantastic perk you can give them is hosting educational, skill-based seminars and workshops for individuals and groups of employees. Another option is to sponsor and fund courses employees are already taking via tuition reimbursement or allow them PTO or sabbaticals to take advanced classes.

6. Childcare assistance 

Ask any 20- or 30-something employee with young children under school age what they think of the daycare situation in this country, and you’re liable to get an expletive-filled rant heading your way. You can ask anyone paying for daycare how long they have to work during the week to pay for it, and they can probably give you the exact time and day during the week when they are no longer working to pay for daycare. (“Every Thursday at 9:45 am when I start working for myself and not Kindercare Inc.”)

Businesses that provide childcare assistance alleviate that enormous stressor and costs parental workers must deal with. Childcare assistance comes in many forms, including on-site care, flexible schedules and backup child care. And best of all for the employer — other than having happy employees who are actually at work — under specific circumstances, employers who provide child care subsidies can earn up to $150,000 in annual tax credits. 

In conclusion, there is always something you can do

These are just a few of the many perks and added benefits companies use to reach out to their employees and potential future employees. These things assure them that the organization values them as people, not just human assets. While the pandemic, as tragic and life-changing as it has been, has created the need for change, it has also broken long-standing rules, policies and procedures that companies were slow to accept but had to to survive. Everyone will benefit in the long run.