Employee benefits play a crucial role in recruiting and retaining top talent. It is not easy getting the most talented individuals to work for you, which is why so many employers are scrambling to put together a comprehensive employee benefits package.
The idea this time around is to offer a robust package that is tailored to suit the unique needs of the employees. This is understandable because the workplace has become more multi-generational than ever before, with millennials slowly starting to dominate and seniors delaying their retirements. You can’t realistically expect a one-size-fits-all employee benefits plan to suit every other person on your payroll.
Of particular note are non-traditional benefits that were previously seen as unimportant by many businesses. These include flexible work schedules, working remotely, and extended paid time off from work.
How to Create a Competitive Package
Start by analyzing what your successful competitors are doing and replicate it at your own workplace. Make sure you systematically eliminate benefits that are seen as redundant or not important enough. Next, you have to customize your employee benefits according to the interests and needs of multiple generations.
The Trends That Will Dominate 2020
On the top of our list is healthcare, for obvious reasons. Most millennials step out of their universities with a crippling student loan. The last thing they need to worry about is the cost of going to a doctor. This is why many employees are actively seeking out healthcare benefits and employers are responding in kind by taking a more proactive approach to offset these costs.
Student Loan Repayment
Student loans have become woven into our educational systems. If someone has a degree, chances are they’re in massive debt and are looking for ways to pay it off. This is where employers can step in and cover a part of the debt. These college graduates are fairly ambitious, and they’re likely to start their professional careers as employees, not entrepreneurs. A survey by Unum found that 55 percent of millennials actively hunt for ways to repay their student loans.
On-Site Clinics
On-site clinics are more exclusive to the larger companies on account of the cost factor. But once they’re able to get these on board, the result is a substantial reduction in absenteeism from work and a major increase in ROI as a result of workers being highly motivated. On-site clinics are geared specifically towards the employee, resulting in much shorter waiting times and next or even same-day appointments. The only problem is that it’s too expensive for small and medium-sized businesses.
Egg Freezing or Fertility
This is a niche benefit that very few companies are offering, including Google, Facebook, and Apple. The perk is expensive, but it also pays off in the long run. A new study says that workers are 62% more likely to stay with the company.
Get in touch with JS Benefits Group to help you craft a robust and comprehensive employee benefits plan without breaking the bank. Click here to learn more.
