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Beyond Healthcare: Exploring Unique Employee Benefits That Go Above and Beyond

17 Aug

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Attracting and retaining top talent has become increasingly challenging. While traditional employee benefits like healthcare and retirement plans are essential, they might not be enough to set your company apart from your competition. According to Points North, roughly 60% of employees consider their benefits package as part of their decision as to whether to accept a job, and nearly 80% of employees would prefer better benefits to a raise. To truly stand out, more and more companies are embracing innovative employee benefits that go beyond the norm.

In this blog, we will explore the advantages of offering unique employee benefits and how they can positively impact employee retention, talent acquisition, work-life balance, and overall company culture—without breaking the bank.

The Benefits of Offering Innovative Employee Benefits

Introducing unconventional employee benefits can prove to be a game-changer for your company. A recent Zywave study found that 50% of employees are willing to change jobs for benefits that matter to them. Here are some advantages that come with offering such perks:

  • Enhanced Employee Engagement: Unique benefits, like flexible work arrangements and mental health support, show team members that their well-being is a priority. This, in turn, boosts their job satisfaction and commitment to the organization.
  • Improved Employee Retention: When employees feel valued and supported, they are more likely to stay with the company for the long term. Innovative benefits create a strong sense of loyalty and reduce turnover rates.
  • Increased Productivity: Unconventional perks, such as offering sabbatical programs for self-discovery, can lead to rejuvenated and inspired employees. This translates into increased creativity and productivity in the workplace.
  • Positive Company Culture: Embracing unique employee benefits fosters a positive company culture. When employees see that their needs are recognized, they are more likely to become enthusiastic brand advocates, attracting like-minded individuals to join the company.

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Inspiring Examples of Unique Employee Benefits

Several forward-thinking companies have already implemented unconventional employee benefits with remarkable success. While larger organizations often pioneer creative ideas, many can be scaled to fit your organization or serve as inspiration for your unique business. Let’s look at some inspiring examples:

Unlimited Paid Time Off (PTO)

One company that has gained significant attention for utilizing this employee benefit is Netflix. The entertainment giant offers its employees unlimited paid time off, empowering them to take a break whenever they need it without worrying about accumulated vacation days. This approach demonstrates a high level of trust in employees and fosters a healthy work-life balance.

Salary Transparency

Buffer, a social media management platform, has taken transparency to a whole new level by openly sharing all employees’ salaries within the company. This approach not only promotes fairness and trust but also eliminates wage disparities, creating a more equitable and motivated workforce.

Personal Development Stipend

Dropbox, a leading file hosting service, provides its employees with a personal development stipend. This stipend can be used to pursue personal interests and skills outside of work, such as attending workshops, taking courses, or engaging in hobbies. This unique benefit encourages employees’ growth and well-being beyond their professional roles.

Additional ideas for enhancing employee wellness include bringing in a yoga instructor once a week for a lunchtime class or providing free or reduced gym memberships. Many companies also choose to offer a supplemental health management program that incorporates behavioral health support, disease management through preventative care, and individualized health coaching with a trained professional.

Student Loan Repayment Assistance

With the rising burden of student loan debt, some companies have taken steps to alleviate this financial stress for their employees. Fidelity Investments, a financial services firm, offers a student loan repayment assistance program. Through this benefit, Fidelity contributes a certain amount towards employees’ student loans, helping them pay off their debt faster and reducing financial strain. This thoughtful benefit not only attracts young professionals burdened with student loans but also promotes financial wellness among the workforce.

Additional options for overall economic fitness include offering financial wellness programs. Examples include offering financial seminars, hosting guest speakers, or providing webinars on topics such as reducing debt and retirement planning.

Pet-Friendly Offices

Recognizing the significant role pets play in employees’ lives, companies like Google have embraced the concept of pet-friendly offices. Google’s headquarters allow employees to bring their furry friends to work, creating a more relaxed and enjoyable atmosphere. In fact, 91 percent of employees who work for a pet-friendly company feel the company supports their physical health and wellness versus 59 percent who work in non-pet friendly workplaces.

When having animals in the workplace isn’t a match, many companies choose to offer pet insurance to help care for their worker’s four-legged family members. This is a wonderful acknowledgment of the important role that pets play in employees’ lives.

Volunteer Time Off (VTO)

Encouraging a culture of giving back, some companies offer Volunteer Time Off (VTO) to their employees. Salesforce, a cloud-based software company, is a leading advocate of this unique benefit. Salesforce provides its employees with paid time off specifically designated for volunteering activities. This benefit not only supports employees’ interests in social and environmental causes but also reinforces the company’s commitment to corporate social responsibility. By participating in VTO, employees feel a sense of purpose and fulfillment, further strengthening their connection to the company and thereby strengthening employee retention.

Unlock the Potential of Unique Employee Benefits

Offering innovative employee benefits can significantly impact your business’s success. By prioritizing individuals’ well-being and engagement, you can attract and retain top talent, boost productivity, and create a positive company culture. So, consider stepping beyond traditional healthcare benefits and explore the endless possibilities of unconventional employee benefits to take your business to new heights.

If you would like help creating specialized benefits that fit your company, or would like assistance reviewing your current employee benefits, connect with a VensureHR representative.

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