Offering employees benefit packages has emerged as something of a standard practice. Organizational leaders remain keenly aware that common benefits are necessary to attract and maintain a robust talent pool. That’s generally because team members understand that the company considers their contributions valuable, and these perks add to the quality of their life.
Although this practice has been a win-win, forward-thinking industry leaders add what many now call a “unique employee benefits list” of items designed to foster improved health and wellbeing in the workplace. Items that decision-makers include on this unique employee benefits list continue to drive organizations in positive and productive directions.
Employee Benefits and Its Impact on Recruiting
An increased number of employees enjoyed access to benefits in 2020. According to the Bureau of Labor and Statistics, perks such as paid sick leave were available to 75 percent of the private sector workforce. Leisure sector employees enjoyed these benefits at a rate of 52 percent compared to 93 percent of people in the financial industry. Although the public sector outpaced private industry, the latter delivered more quality of life benefits such as flexible work schedules. The essential point is that everyday people consider both salary and benefits before taking a position or making a career change.
Resources such as the Harvard Business Review indicate that the pandemic has employers rethinking the employee experience. Industry leaders now want to pivot and support their employee’s life experiences. Companies that include unique employee benefits designed to improve health and wellbeing saw tangible improvement in employee performance.
The Gartner 2020 Reimagine HR Employee Survey indicates that more than 20 percent of staff members stated they enjoyed improved health and wellness due to such perks. Employers that added these items to their unique employee benefits list also saw a significant return on investment. High performers in these organizations hit 21 percent, exceeding those that did not invest in health and wellness support.
Employee Benefits and Impact on Retention
Health insurance ranks among the more commonly offered employee benefits today. It also serves as a prime example of why people take positions or remain with their company. Recent studies indicate that upwards of 56 percent of people stay or leave their job based on employer-sponsored benefits. Approximately 46 percent reportedly said the decision to take a position was heavily weighted by health insurance. The logical conclusion is that private and public sector employers are immersed in a competition to hire and retain talent, driven as much by benefits as salaries.
Common Employee Benefits
Being able to compete for valued employees tasks employers with including benefits packages that are at least equal to others in their industry. These packages were once considered veritable hiring and retention magnets. However, the following only serve to keep organizations in the hiring and retention conversation.
- Health Insurance
- Health Savings Accounts
- Life Insurance
- Dental Insurance
- Flexible Schedules & Remote Opportunities
- Retirement Accounts
- Paid Vacation and Sick Time
- Paid Medical Leave
- Paid Federal, State, and Religious Holidays
- Education and Training Opportunities
The common denominator running through these and other employee benefits is they add little to improving the workplace environment. Although no one questions the value of baseline benefits, everyday people still experience the same stress, anxiety, and workplace struggles. By contrast, a unique employee benefits list typically emphasizes quality of life.
Unique Employee Benefits and Perks
Considering adding a unique employee benefits list of options requires significant thought leadership. Many of the perks do not necessarily translate to things that drive the bottom line, at first blush, or appear to deliver improved retention. But these seemingly qualitative benefits raise the bar on employee engagement and job satisfaction. Feeling good about going to work typically translates to people being more productive and willing to stay with the company. A unique employee benefits list may include the following.
- In-House Mentoring Programs
- Employee Recognition
- Financial Wellness Programs
- Health Coaches
- Yoga Programs
- Access to On-Demand Wellbeing Content
- Mental Health Support
One of the unique benefits that fosters retention and attracts talented people involves wellness programs. Organizations such as Grokker that provide wellbeing solutions are largely credited with workforces exhibiting improved employee health. Lower stress, anxiety, and a growing sense of wellbeing prompt employees to take fewer sick days and stay with an organization longer. Although many consider these programs a unique employee benefit, a reported 80 percent of large U.S. companies offer wellness support of some kind. It won’t be long before organizations must offer these perks to keep pace with competitors — and offer them in ways that meet employees’ expectations for inclusivity, personalization, whole-person content, and community support.
An Organization’s Unique Employee Benefits Drives Success
Even a cursory look back at the growth and popularity in employee benefits proves that perks make a significant difference. Everyday people weigh salaries, health insurance, and retirement options as financially prudent reasons to accept a position or remain in place. Once touted as reasons to join one outfit instead of another, such perks are often considered standard.
Today’s workers continue to place increased value on health and wellness. Salaries and insurance are only considered a financial aspect of taking a job. Unique benefits such as health and wellbeing support are already becoming deal-makers and breakers in terms of attracting and keeping talented people.
