At the end of the day, what is truly the best way to reward your employees?
Most of us long for a career which offers a harmonious work-life balance. In return for the hard work and time we devote to an organization, we hope for a better quality of life.
With the right benefit offerings, employers can make that happen. To best reward their teams, employers are rolling out increasingly inventive and creative benefits packages.
Being proactive in designing an employee benefits management system not only helps to attract top talent, a challenging feat in today’s tight labor market, it also helps to retain current talent.
Let’s explore some employee benefits options that are trending in 2020.
Mind and body wellness
In today’s workplaces, wellness means more than installing a foosball table in the break room. Many companies are embracing the full mind and body approach to health.
Adopting a well-rounded approach to wellness covers all bases, from physical fitness to personal hobbies and art. Some would call it “self-care”. Health is wealth and smart employers know that individuals who are healthy and happy perform better and stay more engaged.
When given the chance and time to pursue hobbies that make them feel good, people can relax. Having a little downtime to pursue their own wellbeing helps them return to work in an improved, inspired mood.
Many companies are encouraging their teams to pursue hobbies and enriching activities, so they can return to work refreshed and ready to tackle tough projects.
At Byrne, an ENR top 400 construction company, employees have the opportunity to use a fully-loaded recreation center, which is equipped with a library, an on-site gym, aerobics and dance room, a running track and even a rock climbing gym.
The Gap has ties with the San Francisco Museum of Modern Art, which means all of their team members get free access.
For some, volunteering for charities is what leaves them feeling fulfilled. At Absher Construction Co., team members are offered the chance to embrace their humanitarian side. Employees can take the opportunity to give back and support a variety of organizations, including the American Cancer Society, Habitat for Humanity, American Heart Association and more. Employees can even nominate charities to support, allowing them to vouch for the causes they are most passionate about.
This full mind-body approach is vast in its options and easily customized. Employers have a lot of creative leeway with what they want to offer their team, and there are many different avenues they can appeal to.
Airbnb caters to those who have a strong wanderlust. Voted a Glassdoor best place to work in 2016, Airbnb rewards its employees with an annual travel stipend of $2000 and a chance to stay at an Airbnb listing anywhere in the world.
Encouraging your team to pursue activities that leave them feeling enriched—mentally and physically—helps them return to work rejuvenated. After all, nothing gets the creative juices flowing like some “me time” and a change of scenery.
Freedom from the 9 to 5
Not everyone is built for the 9-5 lifestyle. It’s becoming more common for job applicants to inquire about flexible scheduling and remote work options. This is one of the biggest questions applicants are asking potential employers in 2020.
Different roles call for various skill sets and people with different personalities. While some embrace the liveliness of a busy jobsite, others perform better in a silent environment—and many may prefer to work in the quiet of their own home.
At the end of the day, people want to be judged on the quality of their work and want to complete projects in a location where they feel most comfortable and productive. If work can be done as easily and well outside the office as on site, managers should consider giving employees the option to work remotely in a limited capacity at least.
Healthcare that goes above and beyond
Nothing is worse than not having your healthcare needs met. What happens when you fall ill and can’t afford to take care of yourself?
Not every company expands their offerings beyond basic healthcare benefits. When employer offerings fall short and fail to meet their needs, even the most dedicated team members are likely to look elsewhere for opportunities.
Offering options that encompass a wider variety of healthcare needs can have a hugely positive impact on someone’s life.
Wells Fargo has offered its employees assistance with gender reassignment surgery since 2011.
Stretching your offerings a little bit goes a long way. Don’t lose your top talent because your employee benefits options don’t meet their needs.
Benefits for pet parents
Many people, especially millennials, are opting to own pets instead of have children—and they want the benefits other parents receive. Pet parents want time with their fur-children, too.
Having an animal companion can be an extremely rewarding experience, and studies have shown that pets reduce stress. With tough work schedules and long hours, it can be tough to find the time to be a pet parent. A little freedom and flexibility to run home during lunch or leave a little early to let the dog out can make the difference between being able to have a pet or not.
Many offices even offer dog-friendly workspaces now, solving the challenge of commuting home for a pet. With reduced stress levels thanks to their pets, employees may even perform better. Plus, it boosts office morale. After all, it’s harder to feel overwhelmed about a project when a puppy peeks its head around your cubicle.
No one wants to feel stagnant in their career. We long for the opportunity to learn and grow. Without an indication from their employer that there is a chance to move up, talented team members are likely to move on and search for opportunities elsewhere.
Considering the current situation with the severe talent shortage in US technology companies, many employers are being proactive and are taking steps to increase talent retention. With the rising demand for jobs in tech and not enough skilled workers to fill these positions, it’s too easy to lose employees to a competitor. This can apply to any industry, not just the technology sector.
To prevent losing their top talent, many organizations are shifting towards programs which offer career nurturing. Data shows that many people are more motivated by the promise of growing in their role than monetary compensation.
Understanding that each employee has a journey within your company is vital. It’s important to remember that each person’s journey is ongoing and they want to plan for the future. With a career development program, employees can receive the guidance they need to excel and grow into leaders.
Cajun Industries LLC, a leading provider in fully integrated self-performing EPC (Engineering, Procurement and Construction) services, offers an outstanding progression program for its employees. They take pride in investing in their talent, making sure they have clear direction and a variety of opportunities, leaving people empowered to follow their unique paths.
Career ascension doesn’t just instill hope for one’s future. It directly assists in performance management as well, since it provides the chance to assess performance, identifying skills that need to be brought up to date or the need to learn new skills. Overall, it’s a useful tool to help people perform their roles to the best of their ability.
Get creative with your employee benefits management system
Avoid turnover this year by responding to the unique needs of your employees and appealing to the avenues which will make a difference in their diverse lives.
Applying a creative employee benefits management system can help retain top talent and attract new individuals from the talent pool who may not have noticed you before.
Upping the ante with your benefits offerings is also a great way to manage performance and help your team step up their game.
With the help of HR and Workforce Management software such as the modular Arcoro platform, it’s easy to enhance your current benefits offerings as well as attract and retain top talent. With HR technology solutions, staying connected with your team and encouraging their development has never been easier.