We know you are probably tired of hearing about the pandemic, but it’s hard to stop talking about it when its impacts are still being felt. COVID-19 not only shifted our economy but our mindsets. Being in isolation really got us thinking, about our jobs and the overall state of the world. We are no longer in an employer job market. Employees have options, and employers need to be able to adapt to the changing needs of today’s workforce.
The stage of a person’s life largely impacts what they seek in their benefit plan. Are they planning for children? Are they close to retirement? Do they have dependents that rely on them for care?
Younger and older workers have totally different needs, so employers need to ensure inclusive benefits across all generations.
According to Zety, a professional resume tool, 61% of job seekers expect to find benefits listed in the job description. So, start there and make sure you are at least advertising what makes your company great.
Traditional benefits such as health insurance and retirement plans are still top priorities across all ages. However, a few newer benefit trends have become highly attractive to the younger generation, including flexible work arrangements and student debt repayment assistance.
Here are some non-traditional benefits employers can offer:
Disaster relief - During the pandemic, many employees saw an increase in expenses like remote work and childcare, and don’t get us started on food and gas prices. Employers can show they value their employees by providing tax-free dollars to employees via Section 139.
A small token of appreciation can go a long way. When the pandemic hit, Medcom provided all employees with a “MedcomCares” debit card with disaster relief funds available to use as they went remote. Then we issued a monthly stipend for volunteers who returned to the office.
Financial education resources – Medcom offers financial literacy classes, tools, and other materials through our Enrich platform.
Mental health resources - 91% of Generation Z and 78% of Millennials believe that every company should implement a mental health policy for employees.
Education assistance – Such as tuition reimbursement or student loan repayment.
Commuter benefits – Employers can offer a tax break to employees with qualified transportation expenses related to their employment. This benefit is most common in large metropolitan areas.
Telecommuting – Hybrid workplace arrangements are still a huge topic, and many companies have already adopted this model, including Medcom. With the option to work from home, employees of all ages get the flexibility and work-life balance they need.
Dependent Care Assistance Programs (DCAPs) – Employers can subsidize childcare or eldercare expenses with this added benefit.
There are so many options; see what’s right for your team. In a study done by TeamStage, 78% of employees say they would stay with a company because they like the benefits. So, the benefits employers offer can be a great tool for recruiting and retention.
Remember, this is about attracting and retaining the best talent and keeping them happy and healthy in more ways. Benefits give employees peace of mind and make them feel valued, which in turn makes them more productive. Prepare for the future of employee benefits by keeping your employees happy, and the rest will fall into place.