The Evolution of Employee Benefits Packages

The workplace is constantly evolving and so is the competition in retaining talented employees.

Some of the core benefits for employees include medical insurance, life insurance, retirement plans and disability insurance. It is nothing new that benefits packages have been put in place for the purpose of obtaining suitable employees. In fact, they have previously been used as workforce development tools in order to focus on the employee’s ability to further their skills necessary for business success.

But can employee benefits packages be expanded to help companies win the fierce “war for talent?”

In present-day education, the bar has been raised and most of the individuals, who are referred to as Millennials, Generation Z and Generation Alpha, are expected to obtain more prestigious educations. This leads to a war in which companies are fighting to attract these students and graduates who portray talent and intelligence.

As part of workplace evolution, companies need to be staying ahead of the curve and plan out benefits packages that are going to further ensure the attraction and retention of employees who will be an asset to their field. After all, offering benefits to your employees is crucial in showing them that you are invested in both their health and their future and it also causes your company to stand out in the range of competitors.

Let’s dig into some benefits programs that are unique and still largely hiding in the shadows, with a minority of companies currently offering them.

How would you feel about a paid birthday?

I get to be absent from work and still get paid just because it’s my birthday? That’s awesome!

Most employees, on their birthday, continue to go into work so that they don’t undergo a reduction in pay. Allowing employees to collect pay while being absent on their birthday shows your appreciation for their hard work. This can, in fact, be a major factor in decision making for an employee and may even boost their confidence at their job.

Encourage your employees to stay healthy through incentivized wellness programs

Many jobs provide medical insurance. The effects of offering this are very beneficial, however there are other exceptional ways to go above and beyond in caring for your employees’ health. Some options include providing healthy snacks on a chosen day. As your staff is hard at work and even working up an appetite, maybe you can provide healthy snack Fridays so they have healthier options to pick on in their place of work.

On selected days throughout the month, you can even think about offering yoga classes that your staff can participate in on site. This promotes physical and mental health, resulting in a happier, healthier staff.

Another option is to provide your staff with discounted gym memberships. This can be tagged on as a bonus stipend toward a gym membership or in the form of directly providing the membership with a gym membership of your choice. Sometimes, employers form relationships with facilities in proximity to their office space.

Fortunately, this works as a two-way street. Healthy employees have more energy which gives them more motivation to do their jobs efficiently.

Traveling to new places is an employee’s dream

Many employees would love the opportunity to take time to travel. Unfortunately, some employees don’t have the time or the money for these luxuries. When your company offers to pay for employee vacations, you may find that you are more likely to attract and retain workers that are full of potential and talent. This can be done by making contributions to vacation or travel funds.

Some companies offer sabbaticals which give the employees a chance to travel or take a leave while being promised their position at the end of their leave. Sometimes sabbaticals are paid and sometimes they are not. Providing some sort of pay to absent employees is, oftentimes, a very attractive feature.

What if your job can help you get out of your student loan debt?

Student loans are a primary sector in the consumer debt category. If possible, some employees resort to jobs to assist them in paying off these loans. Although many great benefits are offered at various jobs, assistance in paying off this great debt may be one of, if not the, biggest incentive in deciding upon entering a certain job. Because of this, many jobs have turned to expanding their benefit programs to help shorten student loan debt, which has resulted in attracting recent college graduates and retaining experienced employees.

Provide a relaxing workplace for your employees

Many workspaces are centered around the idea of having cubicles and intimidating office spaces. It is good to have some zones where your employees go in order to be serious and focused, but it is also important for you to provide your workers with an employee-friendly workspace.

You can establish a productive location by setting up quiet spaces for employees to go and relax, clear their head or even reduce their work stress. These can be lounges with comfortable furnishing or even implementing fun things for the employees to do on break. This can be a pool table or other similar activities.

It’s a win-win!

Benefit programs allow for an employee to feel economically secure at their job by obtaining health, retirement and other benefits vital to raising living standards. On the other hand, companies are able to stay competitive in the market and find new ways to appeal to and keep beneficial employees.

As an employer, start looking into benefits you can integrate and offer at your company and then begin to notice the talent and potential accumulating in your staff.