There are numerous factors that a company must take into account when developing or modifying their employee benefits program. Offering a useful, meaningful benefits package can have a significant impact on employee morale, and often plays a role in retaining a company’s quality talent by reducing the turnover rate. So what are some defining characteristics of a high-quality employee benefits program? Let’s delve a bit deeper into 4 creative ways that organizations can improve their employee benefits program.
The trend of flexible scheduling is dramatically increasing in popularity, across a wide array of industries. The best companies try to foster cultures in which the employees are granted autonomy and given ownership of their production. As a natural result, allowing team members a certain amount of latitude over their own time management and encouraging creativity (without set parameters, of course), is a benefit that can result in a higher level degree of employee satisfaction. In addition, trusting your employees often leads to more involvement and engagement on their end.
Help with continuing education
There is no debating that higher education is important to any employee; paying for this education is the tricky part. Here is an opportunity for an innovative organization to offer a creative benefit: tuition assistance. It’s a win/win for employers to offer this type of assistance, if the stipulation is given that the courses taken are for the purpose of furthering the employee’s education in an area that they can use to advance in the organization.
Child Care Assistance
Although the many American companies offer child care subsidies, they are still 8 times more likely to provide some form of tuition assistance. With the evolution of the work force to include many single parents (especially mothers), this is an aspect of employee benefits that companies can certainly improve upon. However, because the needs of a given company can vary greatly depending on the makeup of their employees, there is no uniform standard for organizations to follow. Instead, the unique mix of employee and company values should be examined, and a custom plan tailored to best suit the differing needs.
As we progress further into the digital age, this is an area where progressive companies are taking advantage of technology to offer a mutually beneficial employee benefit. According to a 2015 study from Gallup, the number of Americans who are currently (or have at one time in the past) worked more than 1 day a month from home increased by 300% from 20 years ago. Obviously, that is a dramatic uptick; increases in technology have played a large role, but the (false) perception that remote workers are not as productive figures into the equation as well.
The workforce in the United States is continuously evolving. Consequently, it is incumbent upon organizations to adjust their employee benefits accordingly. Flexible scheduling, tuition assistance and reimbursement, help with child care costs, and the option to telecommute are all viable employee benefits that offer creative solutions to the changing needs of the American worker.
Please feel free to contact us if you have any questions about your employee benefit package.