Better Benefits: The New Pay Raise

13 Jan

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Employees are expecting greater benefits packages and work perks 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), which are all standard offerings. But benefits go deeper than that for employees. The unique perks that employees are searching for extend far beyond the traditional definition of benefits. Even more so since the pandemic, the working population has been 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

The term ‘Wellness Program’ may sound broad, but that’s because it’s just open to interpretation. That’s because there are thousands of different ways to design one. You can tailor it to what you think is most beneficial for your employees.

For example, one company could host monthly competitions to see who can walk the most steps 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. The possibilities are endless.

Employees could benefit greatly from wellness programs and perks, whether it’s reimbursed fitness memberships, easy access to wellness professionals, or designated mental health days. It’s a great way to engage your team and have a positive effect on your employees. A recent study on workplace health and wellness in the U.S. shows that approximately 83% of employers believe their company’s wellness program has a great impact on workers’ health, and 84% believed their programs had a positive impact on productivity and performance.

Childcare Assistance

There’s a reason why work/life balance is such a huge factor for employees. 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 jobs they enjoy altogether due to these demands. This is especially true for women.

For example, let’s look at childcare costs in the state of Arizona:

  • The annual cost of childcare for an infant is $10,948 (or $912 per month).
  • This is more expensive than the annual cost of in-state tuition ($10,557) at a four-year public college.
  • The annual cost of childcare for a four-year-old is just a bit lower, at $8,547 (or $712 per month).
  • Less than 9% of Arizona families are capable of affording infant childcare.

Needless to say, childcare assistance from an employer will be more than helpful to an employee and their family and beneficial to your retention efforts. If you aren’t able to put together an assistance program, you may 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

Financial stressors, especially in our current post-pandemic economy, are becoming increasingly common. Now, more than ever, financial literacy is crucial; especially when fewer than 25% of Americans have budgets in place.

Having a lack of financial knowledge can be incredibly stressful and may lead to a loss in productivity. It can even deter employees from making the best decisions when it comes to retirement planning and contributions. 

Offering a financial literacy program is a great way to boost fiscal knowledge and eliminate some financial stress among your employees. There is a wide variety of options for employers to choose from, so you can pick what you think will work best for your team. Maybe you want to offer online courses so employees can choose what they’d like to learn at their own pace, or maybe you think your workers would prefer a peer-to-peer setup with achievement recognition features.

Whatever you choose, your employees will gain important knowledge that they can apply in their lives—inside and outside of the workplace.

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.

However, 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 will pay 90% of the veterinarian’s invoice for all medical expenses after a $250 annual deductible. 

All pet owners understand that having a furry friend can get expensive, and fast. By offering your employees pet insurance, you are taking one more stressor off their shoulders. This is a great way to increase morale and even productivity.

Vensure does more than offer great benefits packages. We also supply you with a library of free resources to help your business functions flow smoothly. Business needs are constant, and Vensure understands the need for 24/7 support and up-to-date information, which is exactly why we offer it. To learn more about the benefits and perks we can offer your employees, schedule a human resources consultation today.

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