KM Viray
While we all work to finance our everyday expenses and save for the future, it’s no secret that we all want some perks every now and then. Other than those mandated by law, it pays to give employees a pick-me-up every now and then to boost morale and re-energize after a hectic event.
Studies have shown than employees nowadays are looking for more than just a paycheck when it comes to considering staying with a current employer or finding a job elsewhere. Employers, for their part, have also begun re-considering their employee benefits, aside from compensation, as a way to recruit topnotchers and college grads.
Based on a joint study conducted by the Society for Human Resource Management (SHRM) and Colonial Life, these are the top employee benefits career seekers are demanding from hiring companies in 2014 and beyond.
These benefits may be common already for some companies, but others should consider these if they want to keep their employees.
1. Health Care and Personal Welfare
The survey showed that companies are increasingly offering employees vision, contraceptive, mental health benefits that even include bariatric, and laser vision surgery. Companies who take care of their employees and invest more in their welfare can keep then around longer.
2. Preventive Health and Wellness Benefits
Instead of paying for medical services when their employees get sick, companies opt to prevent illnesses instead. Preventive health and wellness programs for employees have been established, including health care premium discounts for not using tobacco products, for receiving an annual health risk assessment, and discounts for taking part in a wellness program. Companies have also begun offering bonuses or non-cash incentives to those who meet their wellness goals.
3. Retirement and Savings Planning
Naturally, employees want a good back-up plan when the time to retire arrives. Employees, even the younger ones, look for companies which provide retirement savings and planning benefits. Employees are becoming more responsible for their savings and as a result, employers are pulling back on the amount of defined contribution savings plans, hardship withdrawals, and plan loans. Companies need to show they’ll still care for their former employees through and through.
4. Leave Benefits
This is one benefit no employee can do without. For whatever personal, emergency, or any reason at all an employee has, he must have leaves ready just in case. From 2010 to 2014, there has been an 11% increase in the number of companies offering employees paid time-off , according to the SHRM and Colonial Life survey. However, the number of companies offering paid personal time-off still needs to increase. Personal time, after all, is just as important as time offsetting.
5. Flexible Schedules
Not all employees can stand working in the normal Monday-to-Friday, 8 a.m.-to-5 p.m. or 9 a.m.-to-6p.m. shift. Employees want to have a lot more flexibility in their work schedule. Employees want to have a social and family life outside of work and flexible schedules allow them to choose time that more convenient for them. Flexible schedule benefits include flex days (choosing your days off), work-at-home options, and flexible shifts (choosing your time). This helps more people get the most out of their workdays while maintaining adequate work life balance.
