Remember what employee benefits meant 10 years ago? Most likely a healthcare program, a sweet 401k, and a parking spot - maybe a name plate if you were really lucky - and that was pretty much it. Then millennials entered the job market and everything shifted. Now, in 2016, the way businesses treat their employees has drastically changed. Google pays 20% time for work on outside projects, Evernote offers its staff house cleaning twice a month, and LinkedIn even has a stage for aspiring musicians.
Sure, it would be nice to give out benefits like the ones Silicon Valley is able to offer up, but it isn't always realistic, no matter how much you'd like to treat your employees. But you can keep them happy in ways that are specific to your company and its unique culture and vision.
Why Benefits Are So Important
Staying on top of the modern style of employees benefits doesn't mean you have to offer things exactly like a glitzy Silicon Valley package, even though it definitely helps bring in top talent and maintains a productive workforce. According to Care.com, some 62% of people would leave a job for another purely based on benefits, and according to MetLife, about 50% of employees stay with their present employer for the benefits.
The numbers say it all - benefits are incredibly important. But that doesn't mean they have to break the bank. These benefits can also make themselves very cost effective while still maintaining retention rates. It can be a challenge to negotiate which benefits are best suited for your industry and workforce, but the positive effects will prove to be more than worth it.
That's exactly why we put together these tips on how to stay current with the employee benefits trend that also perfectly fit your company and needs.
Listen to Your Employees
Great employers care about their employees, and that means listening to them. You have to provide a benefits package that fits their company culture and reflects their needs. Ask questions. Find out what their biggest issues are within the workforce and recognize them. Listen and react. This simple tactic will reshape benefits in the form of an equation. Employee problem + employer solution = a happy, productive workforce.
The best part? Benefits tailored to the culture of your workforce will create a stronger employee base and reinforce values across companies. What's better than loyal and productive employees? Being able to attract and recruit a bunch of great new ones, too!
Create Benefits That Are Universal
Not every benefit will suit every single person, but they no doubt will for a healthy percentage of your population. The key is to avoid benefits that have no purpose for the majority of your workforce. Younger employees would appreciate free Lyft rides, while an older base would rather receive good life and disability insurance.
Communicate Benefits and Their Values
Proving the benefits are valuable is essential when figuring out which ones to offer up. If an employee receives great benefits but does not how to utilize them, that's just wasted time, money, and resources. Be consistent and vocal with them. Educate your workforce on how to take advantage of their benefits.
At TelaCare, we offer high quality telemedicine benefits for both clients and employees. Our education and communications are run by a TelaCare client service team to ensure that every employee understands how their benefits work and what they are. On top of that, we boast a 44% utilization rate!
Offer Great Benefits, Don't Break The Bank
Maybe becoming the next Google isn't on your to-do list, but that doesn't mean you can't make smart healthcare choices for your staff that will keep them happy while also bringing in skilled potential employees. After all, employee benefit trends are rising in importance within the competitive marketplace, and you don't want to be left in the dust.