Savvy employers know that it takes more than just a market-competitive salary to attract and retain talented candidates. You must offer them enticing perks; in other words, an attractive employee benefits program. 90% of Millennials, who are on their way to amounting for the majority of the global population, prefer good employee benefits over an increase in pay.
As we progress through 2019, revising your employee benefits package to keep in line with the top trends should be on your to-do list. Focusing on improving your fringe benefits program will help you improve your turnover rate and retain qualified employees.
These top predicted trends will guide employers about benefits that need to be implemented.
Mental Health Counseling
The society is increasingly recognizing the importance of mental health and wellbeing. As a result, more and more companies are including mental health counseling for a wide variety of issues in their employee benefits program. Adding mental and behavioral health issues in standard insurance coverage is becoming a standard industry practice. Counseling for issues such as stress, broken relationships, anxiety, grief, and other pressing issues is being included.
Assistance with Student Loans
Considering the fact that Millennials and Gen Z will comprise the majority of the workforce in the upcoming years, including benefits that are attractive to them, will be a huge perk. A lot of people in this age group are struggling with on-going or future student loan liabilities.
Employers can assist with managing student loan debts by offering programs such as:
- Undergrad academic assistance
- Graduate academic assistance
- Educational scholarships, etc.
Sick Leaves: Not offering flexible sick leave policies may seem like a good way to cut costs upfront, but it can end up costing employers more in the long run.
According to an SHRM survey conducted in 2018, employees that weren’t offered sick leaves were more likely to delay getting necessary medical attention and treatment. Not receiving sufficient medical care leads to the individual taking more time off and a steeper decline in productivity.
Flexible Holidays: While offering paid holidays is a standard part of many employee benefits programs; recent trends have seen a shift toward accepting diversity and inclusivity at work. Consider offering your employees a flexible holiday plan in which they can choose to take off on holidays they recognize and that are in line with their individual values.
Parental Leave Benefits
A record number of employers are offering increased paid family leaves and this trend has carried on to this year. Companies can take a number of steps to ensure that their paid parental leave program is flexible. This includes offering:
- Extended paid leaves
- Additional unpaid leaves with job security
- Flexible return options to work
- Equal parental leaves for both women and men
- Same parental leave benefits for birth as well as adoption