2020 is going to be huge. There’s the internet of things (IoT), machine learning, 5G networks, and autonomous driving. But what about employee benefits?
Competition has never been tougher than it is now, and things will only crank up as the new year unfolds. To attract the top talent, you have to keep an eye out for the most desirable benefits. We have rounded up our list of the most desirable employee benefits for 2020.
1. Employee Transportation Benefits
Employers who offer transportation benefits to their employees will gain several benefits. Tech giants like Google and Apple are famously known for offering company shuttles or commuting reimbursements to ease the angst over commutes. It’s a relatively affordable strategy that attracts the top talent in the highly competitive labor market.
2. Pet Insurance
A growing number of businesses now offer some form of pet insurance to employees. In fact, health insurance for pets as a benefit has grown by 6 percent in the past 4 years. Some employers allow offer paid time-off to employees who adopt a pet. This time-off mimics maternity and paternity leaves, and is aptly known as the ‘paw-ternity’ leave.
3. Student Loan Reimbursement Programs
There is a massive debt crisis in the US that has affected over 45 million borrowers with a collective student loan of over $1.5 trillion. This makes student loan debt the second highest consumer debt category, trailing just behind mortgage debt, and higher than both auto and credit card loans. For obvious reasons, employers who offer student loan reimbursement programs are going to attract top talent. It could be their one ace in the hole to improve productivity and engagement and reduce the rate of turnover.
4. Remote Work
Thanks to the spread of the internet and hand-held devices, it is possible to work from home. Most employers can offer remote working options to their employees when they feel it is conducive to their productivity. A growing number of companies are realizing the value of remote work, with 66% of them allowing remote work.
5. Stock Options
Stock options give employees a certain level of ownership in the company they work and feel more connected to it. The best part being, that they can reap some of the financial benefits of the business. This time, they have more of a personal stake in the company, and they may increase their productivity to increase the bottom line. Stock options are a great way to attract and retain motivated staff.
6. Paid Time-Off
Paid time-off is an important component of the work-life balance. By offering employees PTO, companies show that they truly care about the wellbeing of their employees and the future of the business. Sometimes, taking a break is simply better for business. Although PTO means that your employees won’t be working for a few days, the long-term advantage is that they will return to work with renewed zeal. PTO gives workers the time needed to fully reenergize themselves.
With the New Year right around the corner, you should reevaluate your current benefits plan and see if it needs adjustments. Get in touch with experienced consultants at JS Benefits Group to better understand the best employee benefits in 2020.
