We live in the age of nap pods and pet-friendly workplaces. And like most things, the concept of the ultimate employee benefits package has evolved over the years. A paycheck boost and a few weeks of PTO may not be enough to get the best employees through your door. It’s no secret that a younger workforce has taken over multiple industries. This new generation of workers brings a new expectation of what great employee perks look like. They involve features such as shortened work weeks, summer hours and student debt assistance. So, how are employers supposed to keep up? This post outlines a few of the top employee benefits employers should consider offering in order to attract and retain the best.
Work flex arrangements.
A sizable paycheck alone doesn’t cut it anymore. According to a 2017 study conducted by Glassdoor, 57% of candidates report that great perks and benefits are among their top considerations when accepting a job. Today, those great perks center around flexible working arrangements including:
- 4-day work week. A traditional Monday through Friday, 9 to 5 workplace now limits the quantity and quality of potential candidates a company attracts and can even lead to a high employee turnover rate. Recently, a New Zealand company tested out the 4-day work week with 250 employees. The six-week study showed a 20% increase in productivity, 24% improvement in the work-life balance of employees and a 7% decrease in stress levels.
- Remote employment. There has been much debate around the question of whether or not working from home increases productivity. Multiple studies over the past few years have strengthened that argument. FlexJobs, for instance,conducted a survey of 5,500 professionals and found that 66% agreed that their productivity improves when they are not in the office. Additionally, 76% thought that because there are fewer distractions outside of the office, they would get more work done. Overall, research has shown that remote work can lead to an overall boost in productivity, increased employee satisfaction and higher employee engagement.
- Health Savings Account (HSA). An HSA is a common offering of major healthcare insurance providers. Employees who enroll in an HSA can save for any unplanned, qualified healthcare expenses down the road. And depending on how much they contribute to their HSA per year, it can also help lower tax burdens. Employers should consider exploring healthcare insurance providers that offer HSA’s to provide an added benefit to their employees.
Providing top employee benefits can allow a company to stand out in its industry and attract the best people. More progressive companies such as Google, NASA, Facebook and Samsung have gone so far as to include unique perks like nap pods in their offices for employees to take breaks in. It’s important for employers to consider altering their benefits packages to include shortened work weeks and extended vacation time. This helps employers acquire the highest quality of work from their employees. And if you need help with that, we’re here to assist.
Financial assistance.
We’re not talking about salaries. Employees are searching for financial help outside of a large paycheck. Paid family leave continues to be one of the most desirable benefits among employees around the country. But as a younger generation moves into the forefront, there’s something else they’re looking for. Assistance in paying off student loans. The $1.5 trillion student loan debt crisis affects more than 4.4 million Americans or approximately 70% of new college graduates. Employees are now looking to their employers to help. On top of providing comprehensive health insurance, top companies are starting to add assistance in student loan debt to their employee benefits packages. PwC is a prime example. The worldwide accounting company offers employees who participate in their Student Loan Paydown (SLP) program $1,200 a year to pay towards their student loans.
- Health Insurance.It’s no secret that employees want the most out of their company’s health insurance plan. So, employers who offer an all-encompassing health insurance package tend to attract higher quality candidates. Fortunately, when you partner with a PEO (that’s us) the cost of group health insurance packages decrease significantly for the employer. If you have questions about how we make that happen, we’ve written a post about it here.
We can help.
Great employee benefits can attract the highest quality employees to your company. However, it can be difficult to select the benefits that best fit your people and your budget. We’re here to assist in that process. Our team of human resource experts step in as your partner to determine and build the best benefits packages unique to your organization. Along with a variety of administrative, strategic and operational HR services, we offer the most up-to-date employee benefits packages for your team to take advantage of.
At SourcePointe, we utilize our industry experience to provide you with a multitude of customizable HR services, support, and solutions. All so your business can do one thing – more business. We’ll provide tailor-made solutions that fit your company’s needs while providing a solid return on your investment that pays off immediately – and for many years after that.
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