Please ensure Javascript is enabled for purposes of website accessibility

19 May

4 Unique Perks to Add to Your Benefits Package

Posted at

5:00am

in

Employees are looking for greater benefits packages and work perks more than ever before. One study found that 80% of employees want perks and benefits more than they want a raise.

Of course, many companies offer a variety of health insurance plans and paid time off (PTO), but it goes deeper than that for employees. The unique perks that employees are searching for go outside the realm of traditional benefits. The working population is craving a better work/life balance, and thus, they are seeking the help of their employers.

Here are some non-traditional perks and benefits to consider offering your employees.

Wellness Programs

While the title ‘Wellness Program’ seems pretty broad, it isn’t. That’s because there is no one way to build a program like such.

For example, one company could host monthly competitions to see who can get the most steps in and award the winner a small prize; another company could bring in a mental health professional twice per month for employees to speak with.

Employers could even go as far as to provide reimbursement for gym memberships.

Whatever the make-up of a wellness program is, it’s a great perk that could have a positive effect on your employees. Approximately 83% of employers said they believed their company’s wellness program had a great impact on workers’ health and 84% believed their programs had a positive impact on productivity and performance.

Childcare Assistance

No one should ever have to choose between their career and their family. Unfortunately, with the high cost of childcare, many workers have made career changes or quit their jobs altogether. This is especially true for women.

A study shows that 57% of white women and 62% of women of color said they were unlikely to think about leaving their companies when they felt their life circumstances were respected and valued by their companies.

Let’s look at childcare costs in the state of Arizona:

  • Infant care will cost about $786 per month.
  • The cost of childcare for a 4-year-old is only slightly better at $625 per month.
  • Families with one infant can spend approximately 20% of their income on care.
  • Families with one infant and a 4-year-old, on average, could spend more than the cost of their monthly rent on care.

Needless to say, childcare assistance from an employer will be helpful to an employee and beneficial to your retention efforts. If you aren’t able to put together an assistance program, consider offering your employees some form of paid leave. Approximately 35% of all employees said paid leave was their most sought-after benefit.

Financial Literacy Training

There are more Millennials working today than employees of any other generation. However, only 24% of working Millennials understand basic financial literacy.

We can’t just call out Millennials, though. A survey shows that 44% of Americans don’t have enough cash to cover a $400 emergency and 58% of Americans have less than $1,000 saved.

Having a lack of financial knowledge can be incredibly stressful and may lead to a loss in productivity. That is why it’s important for an employer to provide employees with basic educational materials that will help them understand finances.

You may even want to start by providing employees with a guide to 401(k).

Pet Insurance

Everyone knows someone with a pet that they love. In fact, approximately two-thirds of U.S. households (about 85 million families) have at least one pet.

Unfortunately, less than three million pets are insured.

Fortunately, working with a professional employer organization (PEO) like Vensure Employer Services will give you access to affordable pet insurance from companies like Nationwide Insurance. The pet protection that Vensure offers pays 90% of the veterinarian invoice for all medical expenses after a $250 annual deductible. Vensure does more than offer great benefits packages, they’ll also supply you with a library of free resources to help your business functions flow smoothly. To learn about  more benefits and perks to offer your employees, check out the Choosing an HR Provider Checklist, Work From Home Policy Template, and  Employee Burnout Handbook.

Tags: