According to one survey, the turnover rate of female in certain industries is much higher than men (36% compared to 24%). Since modern women are now rising up to occupy positions across various industries, it’s high time employers started paying more attention towards keeping this valuable human capital retained (while attracting more). One great way to do that is to offer them the best employment benefits that suit the lifestyles of most women.
Investing in your business begins with investing on your employees. Man or woman, if you’re not doing enough to compensate them on top of their basic pay, you’ll eventually lose them.
While keeping the budget in check is important, in a landscape where you have to compete with much larger players, you ‘can’t afford to cut costs’ when it comes to rewarding your female employees.
Unlike the majority of the previous generation, the modern working woman is just as challenging as their male counterpart, to provide benefits for, if not more. The point is, they need more than just equal pay to stick around.
Continue to find out the best employment benefits that you can offer to a modern working woman.
1. Professional Development Programs
As mentioned above, women are no longer sticking around just to stay in their comfort zones.
They’re just as hungry for challenges as any other employee.
Besides being offered equal opportunities (which is now considered the bare minimum), female professionals are now looking for opportunities to learn, expand their skillsets, and rise to the top.
Considering all of the above, you must invest in creating a decent professional development program, if you already haven’t.
The goal of such programs is to provide your employees with the opportunity to learn and get better at their careers.
Here are the characteristics of an ideal professional development program:
- It should offer formal training classes (either in-house or online) that are relevant to the careers of your employees.
- Alongside courses and classes, relevant seminars and workshops should also be conducted.
- Employees should be offered professional counselling whenever needed.
- The progress of each employee should be gauged.
By providing professional development opportunities to your female workers, you’ll be able to retain the best of them and attract the same level of talent.
2. Work/Life Balance or Blend
For modern employees, regardless of gender, there’s nothing more important than the good ol’ fashioned work/life balance.
This doesn’t cost a dime, which is why companies are putting so much emphasis on work/life balance.
Some top-level employers are going one step further and applying a unique “work/life blend” approach that involves maximum flexibility i.e. the employees have full authority to work from wherever they want, however they want, and whenever they want, as long as they get the job done.
Setting this trend is quite straightforward.
Here’s what you should do:
- Evaluate if offering this level of flexibility is suitable for your industry/line of work.
- Offer flexibility with no strings attached.
- Set clear expectations to avoid having this benefit misused.
Remember, the key is to set clear expectations and to trust your employees to make the right decision.
3. Grocery Allowance
As per the survey conducted by Bureau of Labor statistics, the average American household earns somewhere around $75,000 per year. Out of that $75,000, nearly $7,203 is spent on food alone.
When you add that to the annual cost of cleaning supplies, household items, and clothing/accessories, the average cost of groceries goes through the roof.
To tackle this problem, and help the modern working woman make ends meet and put food on the table, you should consider offering grocery allowance; the next entry on our list of best employment benefits.
Designate variable amounts as grocery allowance – this is as simple as it gets.
To keep things fair, you can offer greater allowance to workers with lower income.
For example, someone who takes $45,000 home per year could get around $200 per month (on top of the basic pay, of course), whereas someone who takes $90,000 should only get $100.
At the end of the day, it depends on your budget and how you’d like to simplify things.
4. In-Office Spa
Everyone deserves to relax and unwind from time to time, especially women.
Nap rooms and office pets are nice, but when it comes to de-stressing a workforce, nothing beats in-office spas.
Employees appreciate when employers show genuine concern for their mental wellbeing.
You could partner with local spa centers and offer free memberships to your employees, but you have to consider that not everyone has the privilege to take time out from their busy schedules and get treatments/therapies.
To overcome this problem, why not bring the spa to them?
Contact them to see which one fits your budget.
Retaining the modern employee, whether male, female, or whatever they identify as, can be expensive. However, it’s not nearly as costly as dealing with a high employee turnover rate.
Apart from the smart benefits discussed above, have a look at what your competitors, with a significant number of female employees, are doing, and you’ll be able to offer the best employment benefits to your workforce, all of which goes into positive benefits outlook.