4 Employee Benefits Trends Smart Employers Will Adopt this Year

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Whether you’re wanting to recruit better quality employees, or you’re simply interested in having a happier workforce, you can make sure your business stays competitive by adopting these employee benefits trends immediately.

When looking at the state of talent at your business, your benefits offerings are the first place to start. A company’s benefits package is often the determining factor when employees are looking to make a change in employment. We want to help make sure those high-quality employees are looking at your business.

These are the top employee benefits trends (outside of competitive pay and basic benefits offerings) that you should be considering.

The 4 Top Employee Benefits Trends To Consider Adopting in 2016

1. Wellness Programs

A study by SHRM shows that 70 percent of over 400 employers surveyed currently offer wellness programs.

These programs often include information, resources, and incentives geared toward improving the health and lives of employees. Not only do they encourage employees to be healthier and happier, they impact health care costs, and create a sense of community in your organization. Some ideas to get your own wellness program started are:

  • Smoking cessation programs
  • Health and lifestyle coaching
  • On-site massage therapy
  • Incentives or bonuses for employees who participate in fitness programs or complete health assessments

2. Health Savings Assistance

Health savings plans like Flexible Spending Accounts or Health Reimbursement Accounts are huge assets to your benefits arsenal. They allow you to round-out a weak or high deductible plan nicely. They are also a great way to lessen the burden of health care costs and dependent care costs for your employees. They even offer tax benefits to your employees and your business. FSA and HRA popularity among employers and their employees have risen in sync with high deductible plans and health care costs over the recent years.

Learn more about savings accounts through these resources:

What Are Flexible Spending Accounts? The Complete Employer’s Guide

What is a Health Reimbursement Account?

What’s The Difference Between HSA and FSA?

3. Financial Health

Financial wellness is something Millennials and Generation Z employees will be looking for as they enter the workforce. Helping workers to better manage financial stress is a great way to improve the health and happiness of your workforce. Benefits like these will be valuable recruiting and retaining tools:

  • Student-Loan Assistance
  • Paid Parental Leave
  • Retirement Planning
  • Assistance with Medical Expenses (like savings accounts mentioned above)
  • Financial Education Services
  • Employee Discount Programs

4. REAL Appreciation

Aside from salaries, benefits, and perks, high-quality employees expect to be appreciated for the high-quality work they produce. How your business shows appreciation is up to you. But, make sure it appropriately fits the actions that warranted recognition.

The top reason employees leave their current jobs is due to a lack of feeling valued by their direct supervisor, according to Gallup.

March 4th is Employee Appreciation Day! Celebrate their hard work by showing them you couldn’t be where you are without them.

Basic benefits and salaries are not enough these days, especially for the generations raised up during the recession. Quality employees are looking for something more than a paycheck. They want security, purpose, and expect employers to care about their wellbeing.

If you have questions or would like help improving the lives of your employees, please contact us anytime and subscribe to our blog, The Owner’s Manual, below.

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