Here's Why Start-ups are Gifting Paid Leaves to Employees

Highlights:

Startups have found that extra paid leave is the one present that retains workers
Additionally, a recent study suggests that when individuals are satisfied with their jobs, retention is not primarily driven by pay
Workplace flexibility and being able to achieve a work-life balance is important to employees

As 2022 concludes and employees return to their offices, many firms are awarding their employees’ leaves to ring in 2023 after two difficult years of the pandemic.

Start-ups have uncovered the most desirable perks that employees regard as a festive season gift - and they are not Amazon gift vouchers but paid leave.

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‘Start-ups have discovered the most coveted benefits that employees view as holiday gifts are paid leaves rather than Amazon gift cards.’

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Recently, a Philippines cosmetics company awarded its employees five days of additional paid leaves as part of a Christmas package. The CEO of the Philippines’ native makeup firm Colourette Cosmetics said she was inspired to make the move after reading on Twitter about how monetary presents are meaningless if you do not have time to enjoy them.

According to reports, companies such as Patagonia (a clothing brand) and Airbnb have already begun to provide employees with additional paid time off to help them recharge and care for their general well-being.

What Motivates Employees to Stay at Their Jobs

Higher compensation remains the most important element attracting workers to positions, but it is not the primary motivator for them to stay.

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A strong package does keep employees too but according to a new study, the compensation drops down lower on priorities when individuals examine what would make them remain in their existing roles.

According to the Adecco Group’s Global Workforce of the Future research, below are the top 5 reasons that retain employees at their jobs:

Being happy and comfortable at work

Having a steady job

Maintaining a healthy work-life balance

Having good coworkers

Flexibility

A reasonable salary is sixth on the list of considerations for employees. Companies need to reevaluate their methods for retaining personnel because of these growing trends.

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How Serious is Workplace Stress

Research by the Adecco company showed that roughly four out of 10 workers report having encountered burnout in the last 12 months. One in four people has taken a career pause for this reason.

Workplace stress can be reduced through wellness programs, relevant initiatives, and workplace gatherings. A happy employee, the research revealed, was a productive employee.

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Employees who are engaged rate work stability as an important quality that contributes to their retention.

When they are engaged, 38% of employees appreciate a sense of security at work more than a salary.

Over a third (35%) of respondents were driven to be loyal to their firm because of the great work-life balance it affords them. The term ‘responsibility’ refers to the act of determining whether or not a person is responsible for his or her actions. Employees are less likely to depart if they have strong emotional links to the firm.

Last but not the least, workplace flexibility is important to employees. The pandemic has demonstrated the practicality of working from home, and many employees prefer it. As a result, people are increasingly pursuing hybrid work arrangements and abandoning jobs with overly strict work location policy enforcement.

Source-Medindia