Whether someone is seeking out a new role, making a final decision on a job offer, or happily employed, it’s common practice to review what benefit coverage is provided by the company. This way, they can decide whether or not the employee benefits package is one that fully meets their needs.
What are employee benefits you ask? They are a form of non-salary compensation that can vary from company to company but that often provide health and/or lifestyle benefits for employees. Businesses commonly provide them in addition to a salary as a way of creating a competitive package for a potential or current employee.
As more employees seek employment opportunities that fit into their lifestyle, it takes more than just a good salary to find qualified candidates. To find (and keep) the best talent there is, employers will need to take a good look at what they themselves are bringing to the table.
In today’s day and age, a competitive benefits package is flexible and has employee’s values in mind. Here are six various types of fringe benefits employers can offer their staff to make a difference and improve employee engagement, productivity, retention, as well as recruitment.
Employee wellness programs are initiatives implemented by employers to maintain (and improve) their staff’s health and overall well-being. They can include a variety of things such as:
- Employee assistance programs
- Access to therapists and crisis counsellors
- Mental health assistance
- Access to nutritionists
- Stress management workshops, etc.
- Offering preventative health screenings
Employee wellness programs are a key element in your employee’s health and well-being. Those who take part in employee wellness programs are healthier and satisfied with their jobs. As a result, they’re less absent from work, more engaged, and have higher productivity, meaning greater profits for the business.
From improving employer brand, building loyalty among current employees, and potentially even saving money, offering employee wellness programs is an excellent benefit. Overall, a healthier workplace means that everyone wins.
Tuition reimbursement and student loan repayment
The student loan crisis is something that has only grown over the past several years. As of 2018, there were nearly 45 million Americans burdened by $1.5 trillion in student loan debt. It’s safe to assume your employees are among them.
In an effort to proactively tackle this issue, various employers will offer partial tuition reimbursement and student loan repayment programs to their staff. These programs help lighten the financial burden on employees while also encouraging them to pursue further-advanced degrees.
If you’re wondering how this will benefit your organization, here’s something to keep in mind. Employees who are not financially burdened with student loans are less likely to leave their current job for a company offering a higher salary. In addition, employees who seek more education related to their field will continue to learn and bring additional value to their current role.
Overall, an investment in your employees’ education and future is an investment in the business.
Relocation and housing options
When organizations choose to offer relocation assistance or any form of relocation benefits, they can expand their geographic scope when looking to fill a new position. This is a great way to bring in great talent should there not be enough qualified individuals nearby.
Typically, when a current employee is offered a promotion in a new location, or the perfect job candidate lives in a different city, companies will provide a relocation package. While employers aren’t obligated to provide relocation assistance, it can incentivize a valuable (or potential) employee to relocate, and help retain them in the long term.
While it’s difficult to know the specifics of a relocation package until you know the situation, it’s important to have a general idea of what the benefit will offer. It could include:
- Moving company costs/shipment of household items
Professional movers, packing and unpacking services, moving truck rentals, and any other moving-related expenses are commonly the #1 part of a relocation package.
- Travel costs to the final destination
Organizations typically pay for the employee’s travel expenses to the new location. This includes airfare, cost of gas, or a rental car.
- Short term housing
It’s common for a business to cover the costs of either 30, 60, or 90 days of short-term housing while an employee searches for more permanent accommodation. This can include hotel stays, Air BnB’s, or other forms of rental costs.
Remote work options
With the uprising of remote work in 2020, it should come as no surprise that workplace flexibility is a critical topic in the future of work. Gallup reported that 60% of American employees who have been working from home during the COVID-19 pandemic would prefer to work remotely as much as possible in the future.
When given the option to work from home, employees experience fewer interruptions and higher efficiency. This, paired with the lack of a commute, leads to remote workers having more time and fewer distractions. This, in turn, leads to increased productivity—a considerable benefit of working from home for both employers and employees alike.
The pandemic may have been the catalyst for remote work for millions of people around the world—but it’s far from the only reason to work from home. Flexible remote policies are becoming a top benefit for many people. Keep in mind that employees who are permitted to work from home tend to be happier, more loyal, and are less likely to leave their current position for a new role.
Professional Development Training
Organizations can keep their employees satisfied and committed through growth and professional development initiatives. Research shows that 42 percent of employees said that learning and development were the most important benefits when deciding where to work, so it’s imperative that you invest in the growth of your staff.
When organizations offer training and development opportunities, both employers and employees reap the benefits. This includes increased job satisfaction levels, internal promotion opportunities, and overall better retention. It also can mitigate employee turnover and drive more productivity.
Keep in mind that businesses that attract the most highly driven and career-focused candidates offer their staff more than just a competitive salary and benefits. They also provide opportunities to grow professionally or to expand the career avenues available to them if they accept the position.
Overall, ongoing professional development is incredibly appealing to workers today who are looking to keep their skills relevant in a rapidly changing world.
As mentioned above, financial stress can damage an employee’s engagement, productivity, and attendance. As a result of organizations recognizing financial stress being detrimental within the workplace, companies have started to take interest in offering financial wellness programs to help their employees take control of their finances by equipping them with tools and resources that help them spend smarter, reduce debt, and save more.
Offering financial wellness and planning benefits will go a long way in helping an organization grow. Benefits include:
- Employee engagement and retention
Offering employees a benefit that directly reduces their number one stressor by setting them on a path for financial success will go a long way. They’ll feel supported by you, their employer, and they’ll have a stronger desire to stay with the company.
If you want to have a competitive edge in your hiring efforts, offering a financial wellness benefit will entice more top candidates to apply for open roles.
- Increased productivity and improved bottom line
When employees experience high-stress, they can sometimes underperform. As a result, their work suffers, goals are barely met, and team performance drops. By alleviating the stressors that keep employees distracted and disengaged will help increase their productivity, boost team morale, and improve overall company performance.
Now more than ever, employees want, need, and deserve support with their personal finances. Be sure to provide your employees with the financial tools and resources they need to make significant financial improvements.
|If you’re looking to provide your employees with financial wellness and planning benefits in 2021 and beyond, there’s a good chance that Savology for Employers might be the right fit for your organization. |
Provide benefits that will make a difference
Always remember that employee benefits are a necessary recruitment and retention tool. By building a workplace and culture for your employees that demonstrates how the business cares about them, you’ll, in turn, create an environment where they will want to stick around. Not only that, you’ll create an environment where employees will continue to put their best foot forward and will show you that they also care.
Your financial future starts today
Savology is a free financial planning platform providing fast and free financial planning. In just five minutes you can get access to a free, unbiased, personalized financial plan. Your Savology plan will give you tailored action items to start working on as well as an overview of your financial progress so that you can continue making improvements. As you complete action items and modules, you’ll receive new ones to stay motivated and working towards your financial goals.