According to recent surveys, the majority of employers remain committed to providing benefits to active employees. Offering health care benefits remains important for market competitiveness and employee satisfaction. However, with the implementation of ACA and the rising cost of healthcare plans, many employers are focusing on restructuring their health and benefits strategies over the next three to five years. Whether employers continue to choose to offer group health insurance or send their employees to the health care exchanges, voluntary benefits and employee perks will continue to emerge as solutions to maintaining a competitive employee benefits package. There are a wide array of voluntary benefits and perks to select from when designing your company’s benefit offerings. Well-designed benefit packages should be based on the desires and needs of your employees.
The 3 top employee benefits offered by employers are healthcare (includes medical, dental, vision, life insurance), retirement plans (401k plans), and paid time off (vacation, sick, holidays). Other common benefit offerings are short and/or long term disability plans, gap coverage, cancer, critical illness, prescription, employee assistance programs and hospital supplemental policies. With voluntary benefits, employees can customize their benefits package and choose what suits their individual needs. Some non-traditional voluntary benefits are employee purchase programs, financial education, pet insurance, legal plans and identity theft policies. Financial education and financial wellness programs are becoming more popular to help employees with their spending and saving behaviors and increase their financial literacy, including on-site money management, and financial planning seminars.
Perks can supplement an employee’s salary and benefits package. They may sway an employee to value one company’s employment offer over another. Some of the top perks offered are remote office (work from home or anywhere), paid or subsidized gym or health club membership, free food (during the work day, free meals, snacks, treats), concierge services such as dry cleaning drop off/pick up, car drop off/pick up for cleaning or servicing, tuition reimbursement and on the job paid training.
Some impressive examples of company perks are those offered by Google that include physicians on-site, and even death benefits to surviving spouses. Also Zappos.com is reported as having a program where each employee is allocated $50 per month to give to another employee performing above and beyond. Many companies don’t have the budget for expensive perks, but there are other more affordable, innovative perks to consider such as movie gift certificates, on-site massages, mentoring programs, bring your pets to work and onsite haircuts.
Employees spend the majority of their waking hours during the week at the office. Many companies understand this and offer perks not only for the competitive advantage but to also have happy employees which can also translate to higher productivity and better output.
At WageWatch our compensation consultants are focused on your organization’s compensation needs and ready to help you ensure that your compensation programs are supporting your company’s business strategy and objectives. WageWatch also offers accurate, up-to-date benefit surveys, salary surveys and pay practices data that will allow you to stay current with the times. This information is highly beneficial in creating the best salary and benefits packages that meet or rival the industry standards. For more information on our services, including consulting, salary survey data, benefit survey data and market compensation reports, please call WageWatch at 888-330-9243 or contact us online.