The global job market is extremely competitive. And as economies begin to recover after forced shutdowns due to COVID-19, companies worldwide will resume their hiring plans en mass. When the economy is strong and unemployment is low, U.S.-based companies struggle to attract and retain top talent. These types of talent shortages in the United States are at historical highs, with 69% of employers having difficulty filling jobs—the highest shortage in more than a decade.
Companies increase their chances of bringing in qualified talent by offering a benefits package above and beyond standard perks such as paid time off or company-sponsored healthcare plans. Top businesses around the world are getting creative and adding in additional rewards to help employees enjoy coming into the office every day, feel fulfilled and engaged at work, and achieve a work-life balance.
Unique Benefits From Top Companies Around the World
Benefits packages at the world’s leading companies look a little different today than they used to. As the job market becomes more competitive, workers are in the position to demand more benefits and unique perks that fit their modern lifestyles.
Companies that want to stay competitive in the global marketplace and recruit top talent should consider adding some of these noteworthy benefits, in addition to what local laws require:
1. Expanded Parental Leave Policies
Companies like Netflix raise the bar when it comes to offering competitive parental leave policies. At Netflix, new mothers and fathers receive a full year of paid time off. Parents have increased flexibility during this year, and they have the option to take the full time off, work part-time, or come back and leave again at any time. Microsoft and Deloitte also have competitive policies, offering six months and 22 weeks of paid leave, respectively.
2. All the Comforts of Home—In the Office
Companies want their employees to be comfortable in the office, but organizations such as Casper and Houzz go above and beyond. Houzz, an interior design company, gives each employee a pair of slippers to wear around the office. Casper, a mattress manufacturer, has “nap pods” so employees can take a break and rest their eyes during the workday.
3. A Ticket to Anywhere in the World
Traveling is an excellent way for employees to grow and appreciate other cultures, which is why some companies offer their workers travel stipends. AirBnB, for example, offers its employees $2,000 per year to take a trip anywhere in the world and stay at an AirBnB property of their choosing.
AirBnB isn’t the only company that prioritizes international travel. At Velocity Global, we offer employees a similar benefit, as increasing global awareness and connecting with our international clients is a crucial aspect of our business.
4. Extended Vacation Time for Dedicated Employees
Paid time off (PTO) is another standard benefit for full-time employees, but the amount of PTO workers receive—and when they can take it—differs. However, healthcare tech provider Epic Systems gives employees a month-long paid vacation after five years of service to the company. Workers take this month off work to travel or spend more uninterrupted time with their families—a luxury that typically isn’t possible.
5. Perks for Pet Parents
Adding a new member of the family necessitates some time off, whether that’s a new baby or a puppy. Scottish brewery Brewdog broke the typical maternity/paternity policy mold by offering one week of paid “pawternity” leave for workers who just adopted a new pet.
6. Extra Worksite Amenities
Ping pong tables are now a thing of the past as companies raise the bar and offer more on-site office amenities. Google, for example, has a free, fully-stocked food court as well as a bowling alley and bocce ball courts to help employees take a break from a stressful workday. Cisco Systems offers a gym with physical therapy and acupuncture sessions to their employees.
7. Time off For Volunteering
More companies prioritize giving back to their communities—and help their employees give back as well. Businesses such as Salesforce offer additional PTO days to employees who want to volunteer. Salesforce also gives workers $1,000 each year to donate to a charity of their choice.
8. Enjoying the Outdoors
Getting outside for fresh air and exercise has many physical and mental health benefits. Patagonia knows how much their employees appreciate the outdoors, so they regularly have surf breaks at lunch and other outdoor activities that help employees take a break from their computers.
9. Cross-Border Team Bonding
Since connecting with a global team isn’t always easy, companies with international employees must get creative. Bain & Company employs thousands of workers in multiple countries, but each year they come together for a global soccer tournament. The tournament helps Bain & Company employees bond with their foreign coworkers while taking a break from the typical work routine.
10. Subsidized Child Care
Nearly half of American families spend 15% or more of their household income on daycare, so it’s not surprising that child care is quickly becoming one of the most in-demand benefits for job seekers. SAS, a business analytics software provider, is ahead of the curve and offers all employees subsidized, on-site child care facilities.
Competitive Benefits Attract and Retain Top Talent
Although COVID-19 slowed the economy by forcing shutdowns and increasing the unemployment rate, markets are already stabilizing, and businesses are recovering. As this happens, the job market will heat up again, which means that now is an excellent time to revisit benefits packages and determine how your company can make more competitive job offers.
As the global workforce changes, so do their benefit expectations. Offering a wide array of unique benefits is a great way to attract top talent. Reach out to Velocity Global today to learn how our experts help provide the right benefits to employees in over 185 countries.