Attract & Retain Talent with New Benefit Trends
By Danielle Schweiger —
According to a 2017 survey of employee benefit plans, performed by the Society for Human Resource Management, 4 in 10 employees considered seeking new employment at a different organization within the next year. The primary incentive for the search was more pay, with the next leading incentive being better overall benefits.
The key word being “overall”, it is important for employers to note that improving the value of their medical benefits is perhaps not the only task at hand for enhancing a benefit plan. As the supply of talent in the workforce struggles to meet the demand, keeping up with the latest benefit trends (as well as examining the benefits offered by other similar employers) is pivotal for employers.
Here is a quick look at a few of the newest benefit trends that may be of interest to those seeking to differentiate themselves in the employer market:
Student Loan Debt Assistance
With many employees in the work force struggling with student debt, some employers are now offering programs to help with the burden. Some employers contribute a small amount monthly towards debt, while others provide direct access to partners that can help refinance debt for their employees. Either way, such a benefit shows employers to be thoughtful of the financial health of their employees—in a new way besides the standard 401K.
Flexible Work Arrangements
With the rise of telecommuting, flexible scheduling and work-life balance focus, a flexible work arrangement is now a popular recruiting tool. Forty percent of organizations polled in the 2017 SHRM survey cited that flexible work arrangements were among their most effective recruiting strategies. Furthermore, flexibility to balance work and life issues was the second most popular motivator for employees to stay with their current employer (the most popular being compensation).
Fastest Growing Benefit of the Last Five Years: Standing Desks
Growing almost three-fold in popularity over the last five years, standing desks are a hot new trend in employee benefit offerings. There is plenty of research to support the benefits of standing rather than sitting through the work day. Sitting for long periods is connected to negative outcomes such as heart disease and obesity.
Have questions about the strategy around implementing these trending benefits? Give us a call!