From custom $1,200 suits to a gifted Peloton
By Natalie Zfat, Business Insider | April 12, 2020
From fully remote work to seemingly endless video conference calls, COVID-19 has no doubt changed the way we work over the last year.
And while its long-lasting effects remain to be seen, the increased desire to continue working from home post-pandemic has inspired many workers to consider more flexible workplaces — a trend that has businesses scrambling to compete for talent.
“You have the Silicon Valley companies who are paying for dry cleaning and massages,” said Million Dollar Baby Co. CEO Teddy Fong. “But if not done properly, those perks can be like a Trojan horse to get people to stay longer and just do more work.”
Instead, Fong opts for smaller, more thoughtful changes that can make big differences in the lives of his employees.
Here are seven unique benefit ideas from small business owners who have successfully recruited talent this year.
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6. Think of the long haul
“68% of millennials consider fertility benefits when choosing an employer,” said Parham Zar, the founder and managing director of The Egg Donor & Surrogacy Institute in Beverly Hills, California.
And EDSI is taking note, covering 50% of the total cost of IVF and medication for their employees.
With the average IVF cycle costing $12,000 or more — and medication starting at $1,500 or more per cycle, the cost savings to their team are astronomical.
And while 2020 births were down compared to 2019, Miami-based law firm Mark Migdal & Hayden is also confident that family planning is top of mind for their employees.
The firm offers four months of 100% paid parental leave for any employee welcoming a child through birth, surrogacy, or adoption, also allowing employees to schedule the four months of leave at any time throughout a six-month period.
“Studies have shown that [parental leave] is not only advantageous for employees and businesses, but also for combating postpartum depression and boosting emotional development in children through parental bonding,” said MM&H founding partner Etan Mark.
Caring for your employees — especially when they’re not in the office — is paramount for long-term retention.
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