A new year provides an opportunity for companies to explore ways to grow and adapt to changes. One of the biggest changes businesses are seeing is the desire of employees for new and unique benefits. These are benefits that address a variety of aspects in life that promote increased health, well-being, and financial stability. Here is a look at some key employee benefits that companies should consider offering in upcoming months.
Benefits that Promote Financial Wellness
Today, job seekers not only favor employers that cater to their health and wellness needs, but have come to expect these benefits. Many businesses are taking the initiative to develop better health and wellness programs to meet employee expectations and improve morale, productivity, and retention in the workplace.
Holistic benefit plans are becoming more common among businesses across the country. These plans are designed to address all aspects of care, including mind and body ailments. This is especially important in a time when mental health conditions such as excessive stress and depression are common.
In an attempt to address those conditions, many companies are placing a greater focus on mental health benefits. Stress and other mental health issues can have a significant impact on a person’s ability to perform normal work tasks. To help employees better manage stress, many businesses are offering wellness coaching, therapy, and similar services.
Many job seekers are also responsible for providing healthcare for their families. While many companies extend benefits to direct family members, more workers are seeking equal benefits for alternative families. This may include health benefits for aging parents, blended families, or extended family members in their care.
Benefits that Focus on Living
Employee turnover has noticeably increased over the last year. According to a 2019 Retention Report by the Work Institute, voluntary employee turnover exceeded 27 percent in 2018, meaning 27 out of every 100 U.S. employees quit. This is an 8.3 percent increase in turnover since 2017 and a whopping 88 percent increase from 2010.
While employees leave employers for a variety of reasons, one of the most common is due to inflexible scheduling. Today’s top talent are on the lookout for flexible schedules, as well as remote work options. For this reason, many companies are choosing to allow employees to work from locations other than the employer’s primary site, even at home.
Most employers understand how difficult it can be to maintain a healthy work-life balance. Modern parents often do not have the finances needed for their children to spend long hours with a childcare provider or daycare center. Benefits such as on-site childcare can save employees a significant amount of money in productivity and travel time.
Inflexible work schedules and long work hours also make it difficult for employees to deliver self-care. Employees may be too tired or unable to find time to exercise or attend dental or medical appointments due to work commitments. To encourage employees in self-care, some companies have built on-site gyms for their staff.
Benefits that Celebrate Diversity
One concern with traditional employee benefits is that they are targeted to traditional situations. As an example, maternity and paternity leave are essential benefits for men and women who are interested in extending their family. However, this provides no value for those who are not in need of that type of leave.
When considering what benefits a company may offer its employees, it is important to be diverse in those selections. There is no one-size-fits-all in terms of personal benefits. Therefore, it is wise to have a variety of options to meet unique lifestyles. For example, an offer to earn airline miles for staff that enjoy traveling may outweigh other benefits.
Companies may also want to reconsider the way in which currently established benefits are offered. For example, instead of giving employees predetermined paid holidays, such as Thanksgiving and Christmas, consider offering floating holidays. This allows staff to choose when they want to celebrate based individual situations.
The personalization of benefits package is more important today than ever. As a multigenerational workforce, having a broad array of benefits available brings real value to employees who want to live full lives outside of work. This not only benefits workers, but also employers as workers who are happier tend to be more productive.
Benefits that Encourage Usage
Many employers are concerned about increasing the number of benefits available to employees. While making a company more diverse and attractive to employees for retention, it is critical to evaluate the cost of the benefit to the company.
The expense of providing the benefits must be balanced with the expected return. If a company overextends itself the employees will suffer in the long run.
It is also important to be creative when choosing employee benefits. There are certain employee benefits that can be highly advantageous to staff members without resulting in extra expenses for your company. For example, implementing an employee discount program that can save staff money on various expenses.
There are also many other low-cost or no-cost benefits that can be offered to employees that they are also likely to use. Perks such as a casual dress code, flexible schedules, telecommuting, and tickets to the movies or a sporting event can go a long way towards boosting morale.
Speak with a Benefits Consultant Today
Taking the opportunity to make a difference in the health and wellbeing of employees can promote a positive return in retention as well as attract new talent. For more information about employee benefits to consider offering in 2020, contact an experienced benefits consultant at the Business Benefits Group.