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Benefits to attract, engage and retain top talent.

8 Great Benefits Companies Offer to Lure Top Talent

Posted by Julia Quinn-Szcesuil on 7 Oct 2014

Consider this situation: You have a good job with decent benefits, but you just received an offer from another company -- it's a lateral move with the same base pay, but this new company has better benefits and killer corporate culture. Is it a move worth considering? 

Mike Weinholtz, CEO of CHG Healthcare Services, says that some companies see attractive benefits as a "nice to have" option. But as the head of the Salt Lake City, Utah-based business, which ranked third on Fortune's 100 Best Companies to Work for 2013 list, he says he sees great benefits differently.

"We view it as a must have," he says. "There is an altruistic side to doing this and doing the right thing. But this is a business strategy. We want to recruit and retain the best employees."

But which benefits would make an employee consider a career move? Here, we'll take a look at some of the benefits and work perks leading companies are using as recruiting and retention tools. 

  1. Fully-Paid Health Insurance 
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    In the era of double-digit health insurance price increases, the full coverage offered by companies like Weston, Fla.-based Ultimate Software and the Everett Clinic in Everett, Wash., takes a big burden off employees' shoulders, so they don't have to worry about out-of-pocket expenses.

  2. Flex Time 
    More and more companies are offering flexible schedules, including telecommuting and off-hour schedules, to bring in the best workers. At Cisco in San Jose, Calif., nearly all employees take advantage of company technology to telecommute some of the time. Illinois-based Kraft Foods encourages employees to create a flexible schedule and allows them to telecommute up to three days a week. And many companies offer paid sabbaticals to certain employees, including PricewaterhouseCoopers, based in New York City.

  3. Child Care and Backup Child Care 
    On-site day care and backup care for when your kids are home sick or have a snow day or school vacation are much-desired benefits for employees with children. Capital One in McLean, Va., lets employees use their backup child care facility up to 20 times a year at no cost. And companies like Yahoo in Sunnyvale, Calif., iRobot in Bedford, Mass. and Honest Tea in Bethesda, Md. offer employees free access to the online nanny- and babysitter-finding service. 

    Learn more about Care.com Workplace Solutions 

  4. Free Food 
    Everyone loves free food and companies realize that picking up the tab for lunches or dinners, or even having readily available snacks, keeps employees happy. Vistaprint in Lexington, Mass. brings food trucks to the office for employees.

  5. Health Perks 
    Busy employees appreciate any kind of convenient exercise or wellness class or incentive to keep healthy. And companies know healthy employees are productive employees. San Francisco-based Salesforce.com employees are encouraged to de-stress with free yoga classes and a $100 monthly wellness benefit. Employees at National Instruments in Austin, Texas can choose from 16 gym classes a week and volleyball court time on two sand courts. When medical care is needed, employees at CHG's office can use the new on-site, employee-suggested medical clinic.

  6. Vacation Time 
    When job hunters consider all the options, time off is a big deciding factor, and many companies are starting to offer generous vacation packages to new hires. Along with needing a flexible schedule, employees want a company that respects and encourages time off to recharge. Emeryville, Calif.-based Clif Bar & Company employees automatically have 15 days of paid time off, plus eight holidays, which increases to 25 days by their fifth year with the company. At Millennium in Cambridge, Mass., employees call in sick on a no-limit honor system and are entitled to three weeks of vacation and three weeks of holidays as soon as they're hired.

    Check out 7 Retention Strategies to Keep Your Top Employees

  7. Retirement Matching 
    Getting a good salary and a generous vacation package is important, but employees want to know they'll be covered when they retire, too. Organizations are investing in employees with retirement matches worth thousands of dollars. Workers at San Antonio, Texas-based insurer USAA get a 100 percent 401(k) match for up to 8 percent of their salary.

  8. Stock Options 
    At EOG Resources in Houston, Texas, employees are all stockholders and have seen over a 500 percent increase in stock value over the past decade. Hourly and salaried employees at Robert W. Baird & Co. in Milwaukee, Wis. receive profit-sharing from an amount that equals 10 percent of the company's pretax net operating income. And after 90 days at Rackspace in San Antonio, Texas, new hires automatically receive stock options. And creativity pays off at Intuit in Mountain View, Calif., where a software developer won an innovation award that came with $1 million in cash and stock.

Companies want top-notch employees and are offering greater benefits to attract potential workers to their organizations. Employees like the perks and companies like the low turnover rates that satisfied employees bring.

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