4 Innovative Trends in Employee Benefits
In today’s business environment, cash is not enough to recruit and retain quality employees. Providing an attractive employee benefits plan is also critical.
The Society for Human Resource Management’s annual Employee Benefits Survey released in June found that employers are redirecting more of their spending toward wellness expenses such as health coaches, smoking cessation programs, and insurance premium discounts for employees willing to submit to health-risk assessments. There’s a belief that these expenditures, in addition to helping employees, will ultimately help control a company’s rising healthcare costs.
Additionally, many companies are going outside the traditional options to offer new perks for their employees.
4 innovative trends in employee benefits include:
Whether it is classic games, such as pool, darts and foosball, or new school video game choices, many companies are adding game rooms to their company floor plan.
Benefit to employees & employers- A fun outlet to raise commitment and creativity levels that brings employees together to help boost collaborative efforts and create a company’s culture
Real company example: killerinfographics.com has a climbing wall and 2 kegerators with locally brewed beer for employees to enjoy at any time.
Options can include everything from weekly treats like Doughnut Day Thursday or Pizza Fridays to free catered breakfasts and lunches.
Benefit to employees & employers- A chance for different departments to come together, socialize and celebrate accomplishments
Real company example: Moz.com has a never-ending cereal bar
Many companies are offering fitness options in the office including yoga, Pilates or CrossFit
Benefit to employees & employers- An opportunity for employees to clear their minds, take a mental break and increase camaraderie.
Real company example: Gravity Payments has a weekly running club where team members can be excused from their work for an hour to go on an organized run around the neighborhood.
Two weeks paid vacation has become an antiquated concept for many companies. While some offer unlimited vacation days, others are giving employees an additional incentive to take the days they are entitled to. Still others are adopting a 4-day work week. (For example, 9 hours a day and 36 hours a week with Wednesdays off)
Benefit to employees & employers- Helps retain employees and increase satisfaction. The 4-day workweek gives employees more time to handle personal lives and essentially 52 extra days of vacation.
Real company example: Netflix offers employees unlimited days off.