Your company’s employee benefits likely need a makeover. As new generations enter the workforce, the needs of your employees change. If you want to boost employee retention in the coming years, you must focus on what you offer your team — and benefits play a huge part.
Are you wondering what employee benefits make sense in the new world of work? Learn about the benefits employees are craving now.
Why you need unique benefits
While benefits like paid time off and health insurance are essential, they don’t help you stand out as almost every company offers employees health insurance and 401(k) access. Rising above the competition means offering something unique that makes your business shine as a great place to work. The companies who stand out today go above and beyond to provide benefits that their teams will enjoy.
Benefits and the current job market
According to a recent report by Hypercontext, 52% of employees cited competitive salaries and benefits as a factor of engagement. When an employee decides between job offers, benefits and compensation will likely significantly impact the job chosen.
Employees are switching jobs for better salaries and benefits in the current job market. If your organization wants to keep up, you need to look at what you offer employees.
52% OF EMPLOYEES CITED COMPETITIVE SALARIES AND BENEFITS AS A FACTOR OF ENGAGEMENT. WHEN AN EMPLOYEE DECIDES BETWEEN JOB OFFERS, BENEFITS AND COMPENSATION WILL LIKELY SIGNIFICANTLY IMPACT THE JOB CHOSEN.
8 unique benefits that can help your organization stand out
Benefits don’t have to be boring or typical. Companies offering stellar benefits can attract top talent and stand out in the job market. Here are the top new benefits your organization should consider offering:
- Paid sabbaticals
Paid time off is an essential benefit for companies to offer, but often employees have a limit (i.e. 10 days), and it can be hard to take those days all at once. As a result, employees feel the need to spread their breaks out over the entire year. At most, an employee might take 5 days off in a row.
Paid sabbaticals are an employee benefit you can offer tenured employees to get the rest they need. For example, you might provide a month-long sabbatical for every 5 years of service to your organization. A sabbatical is challenging to prepare for, but it will ultimately help your employees reset and reimagine their time at your company.
- Holiday savings programs
Did you know that 36% of Americans took on debt during the 2021 holiday season? It’s common for people to spend more than what’s in their bank account in order to get the perfect gift, especially those with young kids. Debt can set anyone back and make the first months of the year hard to manage.
You can help with this financial challenge by offering a holiday savings plan as an organization. For example, if the average holiday debt is $1,249, saving $105 per month is likely far more manageable for most employees.
- Student loan repayments
While student loans have paused during the pandemic, the break will not last forever. Soon Americans will once again face the $1.75 trillion in student loan debt they collectively owe. The numbers are astronomical and profoundly impact Americans who pursued a degree in order to have better job prospects. If you are searching for an overlooked benefit that will change the trajectory of your employees’ lives, try student loan repayments.
Similarly, another employee benefit you could offer is tuition assistance for employees who need continuing education.
What’s your biggest 2022 HR challenge that you’d like to resolve
Answer to see the results
Simplify benefits administration
Improve our virtual onboarding experience
Streamline HR processes
Automate repetitive and time-consuming tasks
Any of the above
- Homebuying assistance
If you’ve been keeping up with the housing market, you know that buying a house is more challenging than ever. There are many hoops to jump through, and the prices are astounding. Companies who want to offer an overlooked employee benefit might opt for helping their employees buy a home.
Here are some of the home buying assistance benefits you can offer your staff members:
Paying moving fees
Helping with mortgage payments
- Family planning
Starting a family can be stressful, particularly for anyone who has a difficult time or faces fertility challenges. Families positively impact your employees, so supporting new additions is a no-brainer. Family planning comes in many forms. Offering benefits like infertility treatments, egg freezing, and adoption assistance will absolutely help your organization stand out.
- Caregiving services
Caregiving impacts about 1 in 4 American adults. Pre-pandemic, it was easy for companies to ignore the impact of caregiving, but that all changed when employees began working from home more. Employers had to face that employees had a real life and that included unexpected guests who would occasionally show up on the screen. Your employees may be dealing with aging parents or kids who need special attention. Caregiving can often feel overwhelming, and often there aren’t enough resources available. Companies can help by providing employee benefits related to caregiving, such as:
Stipends for home health aides
Mental health services to deal with the toll of caregiving
Unpaid and paid leave outside the requirements of the Family and Medical Leave Act
- End-of-life planning
Life is sometimes shorter than we hope it will be. While planning for what happens after you pass can feel overwhelming, it’s crucial. Your employees have to protect their families. This discussion doesn’t have to be stressful. Work with your employees to help them push through the pain to create a stable life for their loved ones. Offering benefits like life insurance, estate planning, and covering funeral expenses are great options for employers.
- Flexible benefits spending
40% OF EMPLOYEES SHARED THEIR LOYALTY WOULD INCREASE IF THEIR BENEFITS WERE CUSTOMIZABLE.
Another unique way to give out benefits is by moving towards a flexible benefits spending model. In a survey conducted by Rogers Gray, 40% of employees shared their loyalty would increase if their benefits were customizable.
There are some negatives to this, mainly in losing the group discounts you get for some benefits. Nevertheless, some companies are embracing flexible benefits in order to create a better employee environment.
With this model, you can decide to give out a monthly or yearly stipend to all employees to use how they see fit. They might want to use it on insurance, paying back student loans, saving for their house, etc. Running a program like this will take more HR intervention, but it will create a personalized experience for workers.
Invest in unique employee benefits your team will love
Investing in the best employee benefits will do wonders for your organization. It isn’t always easy to understand what benefits your employees will resonate with. Be willing to experiment until you find those with a high adoption rate. As you integrate new benefits into your compensation structure, don’t forget to put them on your team’s radar as you want to give every new option an equal chance to succeed at your organization. Before you know it, you’ll be claiming your title as a top place to work.