Job openings in the U.S. reached a record high in June. While this is good news for employees searching for new jobs, it’s bad news for companies. Hiring has been difficult and more competitive for companies in recent months. The current unemployment rate is 3.7%, and for decades wages have been nearly flat for middle-wage workers, only growing 0.2% per year from 1979 to 2013, according to the Economic Policy Institute. Flat wages means that a company can’t offer overly high salaries to recruit new employees, so they must find new methods for recruiting and retaining employees.
Is your company finding it hard to hire or retain your current employees? Below are recommendations for essential work perks that every company should offer during the hiring process to keep their employees happy:
1. Financial Wellness Programs
Employee financial wellness programs are an increasingly popular work perk. Nearly half (47%) of Americans cannot afford an unexpected $400 expense, according to a Federal Reserve study. In other words, Americans need better financial education. While the workplace may seem like an odd place for these types of programs, research shows that employees who feel comfortable financially are more likely to stay at their jobs.