Even as we see a greater emphasis on benefits to attract and support workers in an increasingly competitive labour market, traditional benefits models still struggle to keep up with the evolving needs of the modern workforce.
Employers are thinking outside the box to attract top talent and retain their people. Here are some out-of-the-box ideas that are catching steam.
- Reimbursement for work-from-home expenses: With remote work getting increasingly popular, employers have introduced a Remote Employee Reimbursement Policy. Employers now furnish employees with the necessary equipment, furniture, and other items required to complete their job duties in a traditional office setting.
- Training and development opportunities: Successful organizations know that the biggest asset of any business is its employees, and they know how important it is to invest in talent. Many studies show that companies with dedicated employee training and development programs see a sharp increase in profits and high staff retention. Today, employee training is no longer a proposition reserved only for C-Suite professionals, but rather, it is an overall growth engine that drives business success.
- Increased focus on employee financial wellness: Financial wellness has clear links with higher productivity, lower employee turnover and increased financial returns. In contrast, financial stress costs employers millions in productive hours per year. Employers now provide financial wellness programs to employees. They are partnering with companies like Earnipay – a zero-cost employee benefit that keeps employees out of predatory debt cycles and empowers them to build better financial health by helping them access flexible and on-demand salaries.
- Mental health support: One of the effects of the pandemic has been increased mental health issues, especially in the workplace, due to increased demands, heightened isolation and a skewed work-life balance. Employees’ mental health and wellness can reduce overall costs and improve workplace morale. Employers are providing mental health benefits to offer extra support to employees whenever required.
- Employee engagement efforts: Employers understand the importance of camaraderie and bonding in the workplace. Investing in activities like happy hours or game nights can be effective ways for employees to establish bonds and foster a great work culture. Employee engagement can also include employee recognition programs, employee-led education programs and more. The key is to find meaningful ways to keep employees happy, engaged, and feeling like the critical element to the business’s success.
- Personalized benefits options: Attempting to meet the needs of all employees through one standard benefits offering can be tricky. This is why some employers are turning to personalized benefits instead. They can give employees a set stipend for them to allocate as they wish, from childcare to home gym options and other options. This way, employers are giving employees exactly the perks they want
Download our FREE guide to discover the 5 must-have employee benefits that top companies and HR leaders utilise to build loyalty and grow productivity in the workplace.