Today’s workforce is guided by doing important work rather than simply earning a paycheck with good benefits. What sets an employer apart is a great compensation package that not only covers the basics, such as healthcare and planning for retirement but also focuses on life balance as the key benefit offered. The new workforce expects more from their employer because as employees, they have options. In today’s market, companies no longer compete with each other in the compensation department only, but in the lifestyle that they provide. As employees evolve, employers must adapt. Below we share a list of employee benefits that are not unusual to see offered in the compensation packages of some industry giants:
The List of Employee Benefits Your Company Secretly Needs
College Savings/529 Planning:
The national student debt has reached $1.3 trillion dollars, making saving for college a real concern for household across the US. Most millennials now agree that contributing to their children’s college education is a top of mind household concern. At the same time, financial wellness programs are becoming a popular benefit option amongst progressive work environments, with HR managers realizing the importance of offering benefits for each of their workforce’s life stages. This is one of the most progressive and successful perks on our list of employee benefits you secretly need. Download our guide here for information about employer-sponsored college savings/529 plans.
Another adoption taking place in the workplace is the increase of maternity leave and the granting of a parental leave to employees. Millennials regard a good quality of life to be a greater benefit than anything else being offered by their employer, and studies show that when working parents take more time to be with their newborns, outcomes are better for the children and families. In order to keep your best talent on board, a key focus is to provide a work-life balance that goes beyond the work week and starts to integrate with their life events. Another progressive benefit on our list of employee benefits, this perk can help enlist loyalty from new parents.
Career Development Programs:
In today’s work environment, if you are not developing your team, you are holding them back from their potential. The reality is that employees have choices when it comes to selecting an employer, and more of than not, they will go with the employer that will offer them more growth potential than money. This is why profitable companies currently experiencing massive growth have one thing in common, employee development programs, and thus why we chose to include it on our list of employee benefits you secretly need. Programs such as leadership development coaching, rotational programs, and mentoring are effective ways for organizations to invest in the growth of their employees while shaping them to be the ideal candidates for every job growth opportunity within your organization.
Mobility has become an intricate factor needed for companies looking to recruit top talent, regardless of location. It is no longer necessary to be in an office from 9-5 to prove your worth in front of your supervisors, in fact, many workplaces are adopting a culture of flexible work schedules, or even hiring remote employees to join their teams. The reasoning behind this is simple when recruiting top talent, should you limit your company to its geographical location, or allow for a wider net of prospective employees? Giving the flexibility for your workforce to work in an office environment or remotely not only send the message that you trust them to fulfill their responsibilities, but it also relays a feeling that efficiency is regarded higher than marrying the 9-5 schedule that might not work for all individuals.
Read the second part of our list of employee benefits your company secretly needs on Careerminds website.