Because of modernization, the trend of employee benefits are also changing. To keep up with changes in society, trending employee benefits such as having remote work available is becoming more prevalent.
Employee benefits are an integral part of keeping employees and uplifting their morale. It is crucial because it pays respect to the well-being, safety and security of the workers. With sufficient benefits, this can impact to an organization having an engaged workforce.
Employee benefits also do more than just make to make the employees happier, healthier and more productive. If employees are engaged, revenue of the organization can go up as much as 600%. This is according to the book, “Corporate Culture and Performance”.
However, employee benefits now is a big factor when an individual is looking for or is deciding to accept a job. This could mean that if you offer employee benefits that is inferior to others, your organization could end up becoming irrelevant.
This is why it is important to know the trending employee benefits so you won’t be left behind with what a lot of job seekers are looking for from an employer. Here are the trending employee benefits you need to know.
Flexible Hours and Remote Work
The fierce competition of offering the best employee benefits include having flexible hours and or remote work available for workers. A dominating group of the global workforce population are the millennials.
They value work/life balance over everything. To achieve this, millennials believe that having flexible hours or working remote can enable them to have the lifestyle and work life that they seek.
According to TriNet, employees have ranked having flexible working hours as the most important non-traditional perk.
Studies have shown that having flexible hours or remote work do have a positive impact on employees. These are the results from the study of Zenefits called “The State of Flexible Work Arrangements”.
- 78% of employees stated that they have become more productive after switching to a flexible work arrangements.
- 77% of employees consider having a flexible work schedule as a major consideration when they evaluate job opportunities.
- 36% of employees are likely to leave their job because of lack of flexible work arrangements.
According to talentlms, 85% of remote workers stated that it was their decision to work remote because they wanted to work on flexible hours. These are the impacts of working remote:
- A study by Cisco found that partially working from home can cause a 12% increase in productivity.
- A survey by Polycom Inc concluded that 2 out of 3 employees said they were more productive working remotely than having to work in an office.
There’s also the benefits of working remote. According to a study by Stanford University, some of the benefits of working remotely are:
- Time spent on commuting is less
- Greater autonomy
- Lower costs
A company that practice enabling employees to work from home is Dignity Health, a non-profit hospital and ancillary care service that operates in 3 US states. Dignity Health employee benefits include not just working from home but also life insurance, tuition reimbursement, performance bonus and more.
Benefits that Promote Financial Wellness and Security
According to TLNT, the purchasing power of paychecks has decreased over the years. A huge factor of this are rising health care costs. A report from PBS showed that even families with two incomes are having trouble trying to get by with their salary.
Because of this, employees now look for jobs that offer them employee benefits for better financial security. Other companies have been offering perks for financial security before and now they have become trending employee benefits because of rising costs and decreased purchasing power.
These benefits include:
- Student loan repayment
- Tuition reimbursement
- 401k contributions
- Employee discounts
There are more other benefits that help employees for financial security. Your organization can experience better employee retention and engagement if you offer these types of employee benefits.
An excellent company that offers perks for financial security is Kaiser, a pharmaceutical giant in the health care and hospital industry. Kaiser employee benefits include:
- Health insurance
- Dental insurance
- Vision insurance
- Mental health care
- Disability insurance
- Retirement plan
- Vacation and paid time-off
- Paid holidays
- Bereavement leave
- Employee discount
- Mobile phone discount
- Tuition assistance
Those are just to name a few. There are now a lot of companies that offer these trending employee benefits for financial wellness and security. You can do your own research to know more about other organizations that implement them.
Benefits for Employee Well-being
Work can become stressful and stressed-out workers become less productive and their performance also declines. If the overwhelming amount of stress is not managed, employees can become disengaged.
According to Gallup, a shocking 70% of American employees are disengaged. That’s not all. The same study also suggested that there’s a percentage of disengaged employees that are willing to go out of their way just to sabotage the company they are working for.
Mental health awareness has flooded the public consciousness. According to Winston Benefits, “many organizations are looking to offer employees comprehensive health care coverage, including mental health benefits.”
Here are some ideas that Human Resources Today has given to improve mental and emotional well-being:
- Include mental health services on health insurance plans.
- Have trainings for time management because procrastination can cause stress.
- Mediate between employees that have conflicts.
- Teach communication skills because poor communication skills is the number one stressor for workers.
- Develop a positive company culture.
- Offer benefits that can lower stress such as yoga or massages.
To summarize these are the top 3 trending employee benefits for 2019:
- Flexible hours and remote work
- Benefits that promote financial wellness
- Benefits for employee well-being
These employee benefits are trending for a reason. Employees are having an ever growing need for work/life balance, financial security and mental health awareness. Having these for your employees is crucial not just for them but also for the growth and survival of your organization.