Now that we’re in full-swing of open enrollment for HR benefits, it’s a great time for an HR professional to consider what benefits to provide in 2019 to remain competitive. In a job seeker’s market (like we’re in), it’s imperative that HR professionals propose a robust benefits package for organizational consideration to keep your employees and attract new ones.
Remember that benefits may be seen as more valuable by your employees than they are expensive for you.
Happy employees are challenged, in motivating environments, and feel cared about. This is often manifested by the entirety of their compensation package. First and foremost, consider these non-paycheck-related benefits to keep good employees.
Don’t forget that one rule does not have to fit all. Each and every employee has individual needs that can be easily catered to with just a little schedule flexibility.
“Buying Power” Benefits
It’s likely that you can secure better rates for such things as accident, critical illness, disability, and life insurance. Many local merchants will also offer better rates because can offer a large group of prospective customers to an outside organization. Don’t underestimate the perceived opening doors and providing discounts will have for your employees.
Student Loan Assistance
Turn student debt into debt relief as you provide programs to attract employees with debt and generate employee loyalty. This benefit helps almost everyone – the average length of time it takes to pay off student loans is currently 21 years, that means Gen Xers are paying off the last of their student loans, with Millennials and Gen Z still having decades of payments left. According to Forbes, almost all professionals under 30 are more likely to accept a job offer that included student loan assistance.
Catering to an employee’s total well-being isn’t just a perk for the employee, but for the company. Wellness programs have been shown to improve employee health behaviors, thus driving down health care costs. Programs that cater to everything from diet and exercise to mental health to financial wellness help improve productivity.
Shiny Objects (Technology)
Providing a smartphone, tablet, or laptop does more than show what a supportive employer you are – it helps to ensure employee availability and may even encourage an increased commitment to getting the job done.
Consider if your maternity and paternity leaves are keeping up with the times as organizations are becoming more generous in this area. Many employers offer flexible time to ensure home-work balance and some are even offering fertility treatment and adoption cost assistance.
These ideas are not meant to be an exhaustive list of possible HR benefits. We’d recommend you take a look at what’s new in the marketplace as well as ask your own employees what’s important to them. If you’d like assistance in reviewing how your benefits package impacts your employee life cycle, fill out this form>>