Company benefits play an important role in the lives of employees and their families. Investing in a benefits package that existing and potential employees actually want is one of the best ways to attract and retain quality workers.
Health, Dental, And Vision Coverage
According to a study done by Fit Small Business, 34 percent of Millennials cite health care as the most important benefit a company can offer, and 88 percent of workers ages 18-81 considered it important in a study done by Harvard Business Review. While this is one of the more expensive benefits for businesses to provide, skimping on health coverage could be detrimental to your business’ bottom line. Offering only a subpar health care package could mean that your company will miss out on quality applicants, and lose current valuable employees to the competition.
How many hours do your employees spend each day commuting to and from work? Think about how those hours might be better used by getting actual work done, and you will begin to realize the benefits telecommuting may have on your company’s bottom line — depending, of course, whether it’s the right solution for your particular type of business. Improvements in wireless data speeds, video conferencing and instant messaging make telecommuting easy. Employees, too, see the value of this benefit — no one likes spending hours sitting in traffic, trying to get to and from work each day. If full-time telecommuting won’t work for your business, consider allowing employees to telecommute a few days a month.
Flexible Work Hours
The 9 a.m. to 5 p.m. workday has long ago disappeared. Many employees start checking email from their mobile devices alongside their morning coffee before even stepping out the front door. This “always on” mentality has left hard-working employees with less “life” and more “work” in that perfect work-life balance we all strive to attain. Companies who are sympathetic to this have adopted a flexible work schedule policy, meaning as long the job gets done well and on deadline, it doesn’t necessarily have to be done from an office chair between the hours of 9 a.m. and 5 p.m. Companies have come to realize that giving employees this flexibility has improved morale and increased productivity. In fact, “more flexible hours” came in second on HBR’s list of “Most Desirable Employee Benefits” study.
Student Loan/Tuition Assistance
The graduating class of 2016 will acquire an average of $37,172 in student loan debt. Companies are now using student loan and tuition assistance as key differentiators to attract top talent. In consideration for this assistance, employees are typically required to stay with the company for a defined period. The employee wins because he/she has financial assistance, and the company wins because it’s able to secure top talent to meet its business objectives.
We have evolved a great deal over the last 50 years. In the 1960s, it was not uncommon for women to lose their jobs for becoming pregnant. By the early 1970s, maternity leave legislation was being adopted by many states. Paternity leave is now becoming more mainstream across the U.S., with companies now providing paid-time off to fathers (similar benefit as mothers) to provide childcare to their children.
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