The Employee Benefits Packages You Should Be Offering Your Employees

If you think benefits no longer matter to your up-and-coming Millennial and Gen Z employees, think again! Benefits continue to be one of the main contributing factors when it comes to choosing an employer, and these days, your company is up against not only local competitors for top talent, you’re now up against other states -- and even other countries.

In today’s world, employees (mainly Millennials and Gen Z) want to feel connected to the company they work for in the form of purpose. Check this out. 75% of Millennials expect their employer to participate in social good, either with donations or through volunteering. And, 51% of workers expect their employers to allocate work time and resources for their employees to volunteer for social causes.

Employees are more curious and conscious about an organization’s impact on the world than ever before. This may seem daunting; however, simply giving employees the autonomy to give their own time to their preferred organizations is a huge stepping stone in achieving greater employee engagement, better employee retention and more productivity.

Allowing employees to take a day off to volunteer at their favorite organization is a win-win situation. One, it allows the employee to feel a greater sense of purpose, boosting their confidence and wellbeing. Second, it allows your employee to come back to the office recharged and ready to focus.

Check out this cool resource provided by United Way. It breaks down the top organizations that offer Volunteer Time Off (VTO), including data by state, the cities that offer the most VTO, and more cool information!

All of this points to the need to strategize employee benefits packages that match the expectations and needs of your current and future employees. It’s all about attraction and retention! Here are some of the key ingredients baked into the type of benefits package that you should consider offering right now in your company.

What Should Be Included in Your Employee Benefits Package?

1. Mental Health Support

Since the rise of this pandemic, mental health issues have skyrocketed. Harvard Business Review reported that 42% of global employees have witnessed a decline in their mental health since the COVID-19 pandemic began. While it’s completely understandable, all employers must do more to help support their employees mentally. 

Now, you may be thinking, why should this fall on the employer? And I get it, we are all expected to do more today than yesterday. But try to think of it this way -- do you know who is the largest group of people that report child abuse? It’s teachers. Why? Children are in school about 40 hours a week just like their parents are at work 40 hours a week.

As an employer, we see employees more than the other people in their lives. We can catch early signs of depression, we can give employees resources and tools to help combat poor mental health, and we can make a big impact during this mental health crisis. Benefits in the form of mental health days off and Employee Assistance Programs are usually the obvious answer. But, employees want and need more.

Spring Health conducted a national study. Here’s what they found. 43% of respondents said their employer-sponsored health plan mental health benefits did not meet all of their mental healthcare needs in 2020. So, where’s the disconnect? You can read the full report for yourself,  but here’s a quick snapshot:

- 21% of employees want a simplified way to find out which therapists or psychiatrists are in the network and specialize in the mental health concern they have. Easier access via mobile devices, or even a mental health liaison that can help employees navigate the benefits available to them. 

- 19% of employees want a simplified way to find out which therapists or psychiatrists are taking on new clients. Think about how frustrating it would be if you were seeking help and were running into barriers and dead ends in scheduling an appointment. Spring Health talks about adding an extension of your team in the form of a professional care navigator. This person can work with your employees to provide high-touch guidance, referrals and emotional support. 

To sum up, you can have the best mental health resources available on the market. But if you’re not communicating these resources or making it easy for employees to access, then they’re simply not being seen as valuable from the employee’s perspective. 

2. Financial Wellness

Did you know that 44% of Americans don’t have enough money saved to pay for a $400 emergency? On top of that, 69% of Americans have less than $1,000 saved. If there’s one thing that brings stress into the household AND the workplace, it’s financial issues.

If you offer a retirement plan, great! But what’s even greater? Going beyond the retirement account to offer financial wellness in the form of education. Many employers are teaming up with professionals, vendors, even credit unions to offer ongoing financial education to promote financial literacy to help employees be savvier with their money. 

For example, Advancial Federal Credit Union offers an @Work program. They team up with employers to assess their employees’ current financial skill set, and then they put together a strategy to improve financial literacy within the company. Organizations that team up with Advancial receive ongoing employee education, financial resources, assessment tools, and even access to financial challenges and contests. And what’s even better, this is a no-cost solution for the employer!

When employees take a more active and healthy role in their own personal finances, they can be more engaged and productive at work. According to participation surveys, 96% of employees who attended Advancial’s education events say they plan to make a change to improve their financial position. Not only is this practical education that works, but it can be a healthy and rewarding experience for both the employer and employee!

3. Family Support

What can be a huge differentiator for your organization? Support when it comes to family care. 

- Childcare: In the majority of U.S. households, both parents are working. And let’s not beat around the bush, childcare is expensive! If your organization had a program that offered just a little bit of help, it could make all the difference in attracting top talent. But, only 6% of companies offer childcare benefits. What does this mean for you? Big opportunity!

Think about offering on-site childcare, flexible employee schedules and Dependent Care FSAs. Want to go even bigger? Consider paying employees to help subsidize childcare costs, or try negotiating with local childcare providers for discounted rates.

- Parental leave: This is a tough one. It’s hard being without an employee for an extended period of time. We get it. However, we have learned so much during this pandemic. And one thing we know for sure is that a lot of work can get done from home. Here’s how you can stay competitive with parental leave:

• Offer parental leave for both mothers and fathers (speaking on behalf of all the women out there, it’s nice to have dad home, too, during this precious time).

• Offer paid maternity leave for at least 12 weeks. According to SHRM, 30% of women without access to family paid time off dropped out of the workforce within a year of giving birth. And one in five did not return to work for more than a decade. Studies continue to show that the more support women have during that first year of childbirth, the more likely they are to stay in the workplace.

• Develop a return-to-work plan with flexibility. Perhaps after the first 12 weeks, mom can work in a hybrid model (in the office and from home) for a few weeks, slowly transitioning to full-time in the office after a specific time period. Or, perhaps a 30-hour workweek before jumping to 40. 

• Offer a pumping room. And we’re not just talking about a closet at the back of the building. We’re talking about a dedicated room that is clean, has adequate space, is bright and cheerful. Yup, I said it, cheerful. Look, there are a lot of emotions mothers go through when returning back to the office - guilt, anxiety, pressure and more. If you can create a warm and welcoming space for your mothers to pump in peace, they will have a tremendous amount of appreciation for their employer and be more willing to come into the office every day. 

4. Pet Insurance

I don’t know if you’ve heard, but pets are the new babies. Don’t believe me? Just click here to be brought to the most adorable pet announcement pics. And, pet insurance actually makes a lot of sense. Have you seen the costs lately to get your dog’s teeth cleaned or get an X-ray? I personally admit to probably spending way more on my dog than myself when it comes to healthcare.

If you have a current employee population or a prospective employee population that loves their pets, consider offering pet insurance. It makes sense financially, and it’s such an easy benefit to add to your overall employee benefits package.

5. Student Loan Assistance

Student loans are on the rise. Many employers are teaming up with vendors like SoFi to help employees refinance their student loans to a better rate. This was built for Millennials (who carry most of our country’s student loan debt) with easy access to customer support, an online application and no prepayment penalties. Perks like these at your organization could make a very big impact on your employees’ overall well-being.

6. Growth & Development

When we surveyed employees across the country, we learned that tangible benefits like unlimited vacation, low-cost health insurance and healthy snacks will get people in the door. But, it’s the intangible benefits that keep employees at the company.

Growth and development is a major perk for both employees and employers, and it’s one of the most sought-after benefits that employees mention after being hired. This also means that this benefit can easily fall under the radar. There are a plethora of online development classes that you can offer to your employees to improve their emotional intelligence, build better communication skills, confidence with conflict resolution, leadership and much, much more. Not only are you building the skills of your employees, but you’re also building a better team, which will of course benefit your organization!

7. Bonus Benefit That’s Sure To WOW!

Fridays off. Okay, maybe wishful thinking on our end that three-day weekends should just be a thing. Can you blame us?

Can you try this in the summer? Or during your slow period? Alternate Fridays off?

Half of employees get the first and third Friday of the month off, and the other half get the second and fourth Friday of the month off. Reality check, this takes a specific culture -- a culture of employees that will gladly get their work done in four days as opposed to leaving it for the following week. If your organization has a team of all-stars that could make this dream a reality, then go for it! You’re sure to stand out!

The Big Takeaway on Employee Benefit Packages

You can offer the latest and greatest benefits, and you can have the best employee benefits package there is, but if you’re not communicating it properly so that all employees know what’s available to them, then you mine as well not have any benefits. Communicate! Communicate! Communicate!

The key is to celebrate your employee benefits package all year long. This helps keep your employees motivated, involved, engaged and happy!

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