Marie Raperto, The Hiring Hub
Employee benefits are ever-changing but they do take time to evolve. Combine that with a job seeker’s market and employers need to find new and better ways to attract talent. Here are 10 benefits that are being added or enhanced:
- Student Loan Repayment. While employers have been offering tuition assistance, student loan repayment is now used by 8% of employers according to the Society of Human Resource Management (SHRM.)
- Healthcare and Health Services. According to SHRM, 20% of employers have increased their offerings as well as the percentage they cover. Preferred Provider Plans and High-Deductible Plans were added along with flexible spending accounts.
- Child Care/Family Wellness. Providing child or elder care benefits and wellness plans can make a big difference to potential hires. One-fifth of companies report that they offer family leave beyond the time required by law.
- Professional Development. Investing in your employees can pay off. According to SHRM, 14% of companies reported increasing employee benefits in this area.
- Pet Insurance. According to Futurecast, 73% of millennials have a pet at home. Pet-related perks are one new employee benefit being used to help find new hires.
- Unlimited Vacation Time. This allows employees to decide how much time off they take per year and give them the ability to decide when they will go and for how long.
- Sabbaticals. Higher education has used sabbaticals as a perk for a long time. For-profit companies are starting to offer the opportunity to take a sabbatical at regular intervals throughout employee’s tenure.
- Food. Research has shown that 32% of companies gave away some kind of free refreshments in 2018 vs. 20% in 2014. Whether it is pizza Fridays or free breakfast, this perk can contribute to a more positive culture, morale and job satisfaction.
- Flexible/Remote Hours. Most workers want flexible work options. It does not have to be a full work from home situation but research has found that flexible options are one of the most important factors when candidates evaluate a job offer.
- The Other Stuff. Lets not forget on-site gyms, fitness classes and gym memberships, outside fun days, subsidized cafeterias, nap rooms, quiet rooms, standing desks etc.
Are you seeing any new employee benefits?