Driven largely by employee demand, unconventional benefits once thought to be the domain of startups in addition to tech companies have begun to take hold in more traditional spaces.
Considering which four in several employees might prefer completely new or better benefits over pay raises (according to a recent Glassdoor survey), many leading employers have taken notice in addition to expanded their offerings.
The completely new class
If you’re looking to branch out in addition to set yourself apart through the competition, consider these not-so-common benefits:
- Concierge services: In today’s “always-on” economy, many employees have less time to take care of basic personal errands in addition to tasks. Corporate concierge programs help alleviate which stress by managing even the smallest tasks, through picking up prescriptions in addition to dropping off dry cleaning to oil adjustments in addition to producing travel arrangements.
- Student-loan repayment: As younger generations enter the workforce with record levels of student debt, these programs allow companies to help pay down loans with matching contributions, much the way they’d contribute to a 401(k) plan. which’s a smart recruiting tool, too: Studies show which millennials are more focused on loan repayment than saving for retirement when they first enter the workforce.
- Pet insurance: Between checkups, medication, treatments in addition to procedures, the cost of veterinary care can catch pet owners off guard. Available in a range of options through fully funded programs to employer-negotiated discounts, pet insurance is usually a great way for companies to give pet-loving employees peace of mind.
- Hearing-aid benefits: Lest you think these unusual trends are being driven by younger workers, an aging workforce in addition to evolving health insurance regulations have driven up demand for hearing-aid insurance. The programs are often managed like vision plans, allowing employees to opt in in addition to out separately through group health care plans.
- Financial wellness services: through free credit monitoring to one-on-one sessions with advisers, employer-funded financial wellness programs are growing in popularity. Because enhanced fiscal well-being is usually a big contributor to overall happiness, these plans often work in tandem with existing wellness programs.
A twist on the classics
While many employers seek to set themselves apart with unique offerings, the majority of employees report which traditional benefits such as health care, paid time off in addition to education assistance still rank among their top priorities when considering job offers. Revamping your policies to stay relevant might mean including some of the following updates:
- Personalized health plan options: Employees still rank health care as their most sought-after benefit, in addition to many employers are today required to offer which. To stay competitive, consider offering a variety of plans to meet the needs of your diverse workforce. Coverage which feels tailored to your employees’ unique family arrangements (such as single, employee-plus-one in addition to family plans) will also help workers feel like their needs are being met.
- Expanded paid leave: Companies on the leading edge of This specific trend have added paid parental leave for completely new mothers in addition to fathers (in addition to even grandparents), in addition to many have expanded time-off entitlements beyond the 12 weeks required under the Family in addition to Medical Leave Act. Paid sick leave laws (required separately through traditional paid time off) are also gaining traction as part of an evolving patchwork of state-specific leave laws. To get ahead of the curve in addition to improve your recruiting power, consider revising your policies today.
- Laid-back office culture: through flexible hours, unlimited vacation in addition to work-through-home arrangements to casual dress codes, free meals in addition to open-concept offices, some of the most cutting-edge employers inside the United States have completely redefined what which looks like to work. Start by asking your employees what might make their jobs easier or more enjoyable, in addition to use their suggestions as a jumping-off point for modernization.
Taking a hard look at your company’s benefit offerings should be a no-brainer, whether you’re hoping to step up recruitment or just improve retention rates. A thoughtful, innovative benefits package can help increase satisfaction in addition to loyalty for your existing employees while boosting your appeal among completely new recruits.
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