BlogsEmployee Benefits: Are You Providing Benefits Your Employees Want?
April 19, 2017, by Ryan Miller
We hear a lot of talk about the employee benefits that companies like Google offer. Some are really innovative, some are very practical and some are just plain silly, but it is a great topic of discussion. Not every company needs to provide “Google benefits” in order to have satisfied employees.
The truth is that not every employee in your company will find value in over-the-top benefits like the ones Google offers. That said, just providing health insurance and some basic employee perks may not cut it any more. Employees do expect more these days. It’s not a one size fits all approach, though. There might be something specific that your employees want and that you can provide affordably, so it is very important to understand their needs and shape your benefits package accordingly.
Most of today’s successful companies are providing more than traditional health insurance. Let’s take a look at some ideas for additional benefits you can offer that will make your employees feel more satisfied. These are some of the most desired employee benefits out there.
1. Personal Welfare
Beyond just the traditional healthcare coverage, consider additional healthcare and personal welfare benefits such as mental health, bariatric and vision/laser vision surgery. Many modern employees value coverage that will help their current busy lifestyles more than their retirement coverage, so a trade could be made to keep the modified coverage affordable.
2. Preventative Health and Wellness
There are companies offering bonuses, discounts and non-cash incentives for people meeting wellness goals and taking preventative health measures such as not using tobacco products or receiving annual health risk assessments.
3. Retirement Planning
Now more than ever, employees are wanting retirement savings and planning benefits, so think about it when you are designing a benefits package.
4. Paid Time Off and Flex Schedules
PTO or “Leave” benefits and flexible schedules are sought out by employees. This can be a tricky subject, so you have to come up with options that will satisfy employees without hindering your workplace’s productivity.
5. Training and Development
Look at your training and educational offerings. Career development is a major issue, so consider ways to help compensate employee education costs that will enable them to grow professionally. It’s a win-win idea.
6. Business Travel and Relocation
If the job requires a lot of business travel or a relocation to a new area, factor those travel and moving expenses into the employee benefits program.
7. Bonuses and Compensation Benefits
Whenever cash or other financial incentives can be offered, it will certainly enhance recruiting and retention.
8. Community Programs
Today’s younger workforce is very socially conscious. Look for community programs and sponsorship opportunities that connect your employees with the community.
These are just some of today’s most popular employee benefits offerings. For more information about creating and managing the ideal benefits package for your company, contact Centennial today.