As you know, attracting and maintaining a top-notch workforce requires much more than straight-up salary compensation. Hiring and retaining the right people in today's market requires a competitive — and some would even say creative — benefits package, too.
Here are seven top benefits your employees and prospective employees are asking for. Which ones are in your portfolio?
1. Paid time off
Whether it’s paid family leave, personal business days or traditional vacation, people want to take time off and still get paid. Family leave is a growing trend with a lot of public support and it shows a huge commitment to employees. In many areas, penetration of this benefit is so low that simply offering it could provide a significant advantage in your hiring.
While family leave naturally aids some families more than others, vacation time is a more traditional benefit all employees enjoy. It gives them a much needed outlet for de-stressing (either through relaxing or through accomplishing some personal goals) and coming back rejuvenated, both of which can lead to increases in productivity.
2. Flextime and remote work arrangements
Today’s workforce wants flexible hours. Whether that means sleeping in and working late, taking afternoon siestas, or working longer days for shorter weeks is all a matter of preference. Work from home opportunities also provide several advantages for both employers and employed. As more workers opt for these solutions, making these choices available will help access a broader, more diverse workspace.
3. Professional development
Encouraging (and facilitating) personal growth in and through your workplace is another powerful benefit. This not only includes making sure employees are fully and properly trained to do their jobs to the best of their abilities but also includes helping them learn new information and skills in order to pursue their personal and professional goals. Sponsored training programs, speakers, seminars and tuition reimbursement plans are just a few of the ways you can invest in your employees’ futures.
4. Identity protection
As technology governs more and more of our lives, we’re almost always connected, hooked in, at risk. The need for identity protection became even more obvious when Gallup reported that one in four Americans has already experienced cybercrime. These incidents not only cause stress, but can also be measured in lost time and productivity. Tens and even hundreds of hours can be lost as employees put their lives and finances back together, with significant portions of that spilling over into the workplace.
Identity protection also goes hand-in-hand with other benefits. Cybercriminals targeting the hospitality industry make vacationers prime targets for identity theft and fraud. So helping employees avoid that risk means more workers come back refreshed and ready to work.
And when it comes to flexible workspaces, remote workers conducting business from inside their own homes will always be a security concern. Even a child’s online game can inadvertently leave you exposed. A strong identity protection plan will go a long way towards minimizing those risks, protecting both your employee’s data and your own.
Identity protection is easy to provide as a voluntary service and answers a very timely need at a minimum of cost. For more on what an identity protection program should include, click here.
5. Financial services, stocks and investment programs
Stock plans and investment devices such as the 401k are well-known traditional benefits. So how can your benefits package stand apart? Adding financial advice and planning services gives your portfolio a more modern edge in terms of financial compensation. Helping employees leverage what they earn, plan for their futures, and do more with their finances now can reduce one of the major stress factors in your workforce’s lives: money.
6. Wellness programs
Health coaching, fitness goal incentives, healthy snacks and eating plans are just a few of the popular wellness benefits provided by some companies. These programs are effective because they can potentially improve all aspects of employee health: physical, mental, emotional, and even spiritual. And at the same time they’re making your employees happier and more productive, they’re also reducing risk factors and driving down your insurance costs.
A subset of wellness programs, gym memberships and onsite fitness facilities promote better health for more productive employees. For a modern twist that sets your benefits package apart, include some non-traditional activities such as yoga, meditation, zumba, spinning, martial arts and kickboxing.
7. Healthcare and insurance
Employer provided healthcare, insurance plans and prescription drug services make up the bulk of most benefits packages. For this reason, offering a top-notch healthcare portfolio is crucial in both recruiting and retaining employees.
What’s changed in recent years is that employees no longer want healthcare for just themselves or even their families… now they want it for their pets, too. And with veterinary and petcare costs continuing to soar, pet insurance could become the one benefit that pushes you above your competition.
Which of these benefits does your company offer? Which ones are you planning to offer? And which ones should you be offering your employees?
For some important details on why identity protection is a benefit you should consider for your company’s benefit portfolio, download this ebook “Why Should My Company Offer Identity Theft Protection as an Employee Benefit?”
If you have further questions or need assistance, we’re here to help. Please contact us today.