The Top 9 Employee Benefits That Your Staff Really Wants

2020 has brought some changes to what employees want when it comes to benefits.

working-home-school-workest
Have you considered updating your company's benefits package?

Offering a generous and unique benefits package is crucial for talent retention and plays a significant role in attracting top candidates. While some employee benefits come at a high financial cost to the employer, others can be relatively inexpensive and easy to implement through policy and planning.

When it comes to better health insurance and more flexible working hours, most Americans agree that they would weigh those benefits when considering a new role or salary.

The need for strong employer benefits is even more important now as employees are feeling increased stress and pressure when it comes to their work-life balance, workload, and saving money for their future.

As COVID-19 continues to unravel, a focus on mental health, telemedicine, and overall employee wellness will be top of mind for employees as we continue to weather the global pandemic.

People’s appetite for certain benefits will look different this year. If you’re planning for 2021, be sure to include the following 9 benefits to your package.

The need for strong employer benefits is even more important now as employees are feeling increased stress and pressure when it comes to their work-life balance, workload, and saving money for their future.

1. PTO/PTO for volunteering

According to Hartford’s Future of Benefits Study, paid time off and paid time off for volunteering are the most desired benefits by employees. This study indicates that as the pandemic continues, employers have begun to increase the amount of PTO being offered. Large tech companies like Google have offered extra weeks off for employees to take care of themselves and their families.

2. Flexible work schedules

With so many people left taking care of their kids or family members, enabling a flexible work schedule makes it possible for people to balance all the household and family duties while still managing their workload.

3. Employee assistance programs

EAPs act as the short-term frontline assistance program for your employees when they are suffering from any personal, financial, or health problems.

EAPs act as the short-term frontline assistance program for your employees when they are suffering from any personal, financial, or health problems. When employees make use of their EAP, it can result in less absenteeism and a reduction in sick days. It also helps employees reduce their level of stress and required visits to medical professionals.

The need for strong employer benefits is even more important now as employees are feeling increased stress and pressure when it comes to their work-life balance, workload, and saving money for their future.

4. Paid sabbatical

The above mentioned Hartford’s Future of Benefits Study indicates that 49% of employees would be interested in taking a paid sabbatical. Paid sabbaticals allow employees to take a paid leave of absence to pursue whatever it is they want while holding their job secure over a predetermined time frame.

5. Hospital indemnity security

This kind of benefit helps people pay for costs incurred when staying at a hospital. With so many people getting sick with COVID-19 and needing to visit the hospital it’s no surprise that this is top of mind for employees and employers.

6. Mental health services

Right now, most people are experiencing some level of anxiety, isolation, or stress. To help your employees get through this time, focusing on mental health and well-being programs can offer support to them.

Offering tools for mindfulness training or financial support for counseling are just a few ways that companies are doing this.

7. Telehealth

71% of employees have accelerated their telehealth and virtual care offerings.”
A survey from the Business Group on Health indicated that “71% of employees have accelerated their telehealth and virtual care offerings” in order to make medical support more accessible for their teams.

8. Pet insurance

The pet industry has seen a boom over COVID-19, with increased demands for pet adoptions across North America up to 90% in some cities. With this increase in pet adoption comes the need for pet insurance, as new pet owners welcome their furry friends.

You may even want to consider creating a “bring your pet to work” policy for your office.

9. Student loan repayment plans

The burden of educational debt on young professionals can be hard enough under regular circumstances. Add a global pandemic to the mix, and the situation is even serious for recent graduates.

Offering support with student loan repayment will make your benefits plan attractive and competitive to new employees. It will also encourage them to stay with you for longer.

Beyond offering these benefits, it’s crucial that companies do what they can to educate their employees and create better awareness of what is available to them. Consider your education, communication, and marketing strategy as you roll out your new benefits plan.

Jonathan Bennett, head of Group Benefits at The Hartford says that “Now is the perfect time for employers to address employees’ changing attitudes about benefits”. Consider what your employees need, rather than defaulting on your regular package.

What benefits will your company be offering as we approach the new year? Let us know in the comments below!

Bookmark(0)

Might also interest you