Employee recruitment, engagement and retention continue to be pressing points for employers to address. Companies are looking for ways to show both employees and candidates that they’re an excellent employer.
One way to market your company as a great place to work is offering a competitive benefits package, according to a Unum study of 1,500 working adults. 75% of employees who rate their benefits as excellent or very good also rate their workplace as above average. The challenge is deciding on the right benefits to offer.
To start the conversation in your organization, here are five employee benefits that an increasing number of employers are considering:
1. Financial wellness
Employees can become distracted or stressed by financial worries, which doesn’t help productivity. Financial wellness programs can help employees become better money managers. Programs could come in the forms of financial advice, education or literacy programs. These programs are often integrated with other components of an overall benefits package.
2. Voluntary benefits 70% of employers offer voluntary benefits as a way to improve employee satisfaction and increase retention. These types of benefits include life insurance, disability insurance, critical illness insurance, accident insurance, pet coverage, ID theft monitoring services and legal services. These benefits are usually offered and administered by the company but paid partially, or entirely, by the employee.
3. Paid leave
There are many different types of paid leave scenarios. Some organizations are implementing paid leave programs in response to trends in recent legislation. Others are taking a more proactive approach toward paid leave, so the company is seen as forward-thinking. Either way, it’s a benefit that’s viewed favorably by candidates and employees.
4. Fitness trackers
Employees and employers are being proactive by looking for ways to get up and be active. Trackers like Fitbit and Apple Watch are changing the way people think about health and wellness. Some companies are offering employees discount options to purchase fitness trackers.
5. Student loan repayment
Young professionals today are saddled with massive student loan debt. This financial burden can keep employees from furthering their education or devoting resources to other things like saving for a home or retirement. A student loan repayment program can help employees get a good financial start to support their careers.
The goal for any employee benefit is to align with your organization’s culture so employees will value and use it. But it takes time to properly research, budget and implement programs. Staying current with employee benefit trends can help you remain competitive and find the best talent.
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Given the wide diversity of people in the workplace, it only makes sense to offer a wide array of options for coverage. However, there’s a lot of confusion about what voluntary benefits are, and how much employees really value them.