There’s more competition than ever for top talent. One of the biggest challenges, aside from recruitment, is retainment. To combat the competitive marketplace many organizations are upgrading their benefits kits and offering additional perks.
50% of adults would leave their current jobs for better benefits and 42% said they’d leave their current company for one that offered a flexible work option. Many individuals are looking for more from their job than just collecting ja paycheck, especially for Millennials and Gen Z employees.
Here are the top 10 perks and benefits trending in the workplace:
1. Student Loan Assistance- This perk especially resonates with Millennials and Gen Z as debt from undergraduate or graduate degrees has increased exponentially over the past decade. Many employers are offering assistance in paying back debt instead of a 401(k) contribution match. Another option is providing employees with a platform to learn how to consolidate their loans and develop a payment plan through vendors such as CommonBond.
2. Financial Wellness: Better Budgeting & Savings Strategies – A focus on financial wellness in the workplace has significantly increased as finances can contribute to stress levels. Organizations are taking action by bringing vendors onsite for educational sessions on topics such as budgeting or understanding equity, or even providing onsite 1:1 sessions with a financial advisor.
3. Workplace Wellness- Many companies have increased their workplace wellness spend. From onsite fitness classes, ergonomic assessments, discounts to fitness and wellness vendors, gym discounts and more- companies are investing in the overall health of their employees. A healthy employee is a more productive employee!
4. Mental Health Initiatives- Managing Stress and Mental Health Awareness are on the rise in the workplace. In an effort to break the stigma often associated with mental health, many employers are offering services to assist employees. From onsite meditation or meditation apps to platforms that employers sponsor to connect employees with mental health providers- helping employees find a solution contributes significantly to workplace well-being. Helping employees address their mental health can help reduce absenteeism and improve productivity.
5. Paid Leave of Absence- Implementing a paid leave of absence policy can create a more family-friendly environment, especially for employees have yet to accrue paid time off. In New York, and especially New York City FMLA has increased to paid family leave time off to 8 weeks and will soon increase to 12 weeks.
6. Family Planning Benefits- In addition to paid time off, companies are also looking to expand their family planning benefits. Creating a family planning benefit that is inclusive of all your employees is a great way to attract talent and show them that they will be supported throughout all stages of their life at the company. Some cutting-edge benefits include family planning with a focus on IVF, egg freezing, or adoption, assistance with childcare or emergency care, and nutrition based offerings for young children.
7. Health Navigation Benefits- The healthcare space can be confusing. As an employer, you want to offer your employees the best healthcare but also be mindful of spending. Bringing in a partner to help employees navigate their benefits can not only help them obtain the best in class care but also help reduce unnecessary healthcare spend.
8. Health Savings Accounts- As healthcare costs continue to rise, many organizations are offering High Deductible Health Plans with a seeded Health Savings Account (HSA). Contributing to an employee’s HSA is a great incentive to have them enroll in a HDHP and control the costs of your healthcare spend.
9. Flexible Time Off- For full-time staff that doesn’t work on an hourly basis, having flexible time off is a great way to encourage accountability, empowerment of one’s schedule, and less worry over counting vacation or sick days. Providing employees with flexible time off gives them the power to control their schedules and be accountable for their work- this can also allow employees to feel they have a more balanced work-home life.
10. Telecommuting- Gallup reports that workers who spent 60-80% of their time away from the office had the highest rates of engagement. Whether for engagement or green initiative purposes, more companies are offering flexible/telecommute options for employees. While this isn’t a feasible option for every organization, an alternative is offering telecommuting 1 day a week (commonly Wednesday’s) where everyone has the option to work from home.
Deciding which benefits and perks to include in your benefits kit can be difficult to sort through. If you are interested in learning more about the benefits that would be a fit for your company, please reach out to MBL Benefits Consulting for more information.