Workplace disruption from the pandemic has highlighted the need for flexible employee benefits to retain existing employees and attract others back into the workforce. A Bureau of Labor Statistics (BLS) Job Openings and Labor Turnover Summary revealed job openings rose to a new high of 10.9 million in July 2021 after many employees left the workforce involuntarily to provide care for their families. A better understanding of the interconnectedness between work and home life has encouraged companies to look at innovative employee benefits that help workers deal with home and work responsibilities. Take a look at these great ideas from Mindset for Success.
Childcare and Senior Care
Child and senior care are major factors behind women leaving the workforce. To keep women employed and engaged, companies are starting to provide care facilities and child and senior care subsidies so women can better integrate their home and work life.
Work Flexibility
Flexible working hours and conditions have come to the fore. Initially implemented to accommodate work-from-home rules, work flexibility is here to stay. Some employers allow employees to work longer shifts in exchange for more days off each work cycle. Others favor a combination of work-from-home and in-the-office tasks. Additional possibilities include morning, afternoon, or evening work so parents can spend time with their children.
Paid Vacation and Time Off
Providing paid time off allows employees to manage their affairs and unwind. In return, their productivity increases. Some examples include:
- Vacations: Increasing the number of paid vacation days, especially with longer service
- Sick leave: Offering more paid sick days each year
- Family responsibility time: Paid time off to attend to family matters such as a sick child or senior care
- Maternity and paternity leave: Eight to 12 weeks paid leave
- Personal time: Allowing a certain amount of paid personal time off
Expanded Medical Benefits
Expanding medical benefits coverage means employees have less stress about expensive medical bills, particularly for chronic conditions. Healthy employees are happy employees. Examples include:
- Better health coverage
- Dental insurance
- Vision insurance
- Health savings accounts
- Prescription drug coverage
Matching 401(k) Contributions
By matching employee 401(k) contributions, companies help employees save for retirement and, in return, encourage employee retention. Alternatives include traditional IRA and Roth IRA options.
Workplace Environment and Wellness Benefits
Wellness benefits like subsidized gym memberships, fitness programs, and free health screenings improve employee health and reduce workplace stress. Improving the workplace helps by providing more pleasant workspaces and relaxation rooms where employees can take breaks.
Subsidized Employee Education
Upskilling employees by paying for or subsidizing a college education is a real win-win as employees can apply the skills learned to their jobs while increasing their pay. The BLS projects that associate’s, bachelor’s, and master’s degree employment will increase by between 10% and 16% from 2020 to 2030. Online school programs give employees the flexibility to balance school, work, and family life. Organizations like Amazon, Target, and Walmart already offer free college education to employees.
Enhanced Employee Benefits Make for a Happier Workforce
As U.S. companies face the challenge of finding and retaining employees, enhanced employee benefits will play a large role in improving workplace morale and employee retention. The costs associated with these additional benefits are compensated by better employee motivation and greater employee loyalty. An employee benefits survey conducted by the International Foundation of Employee Benefit Plans shows that innovative benefits offerings are becoming increasingly popular.
Another great way to reward your employees for a job well done is coaching services to help them achieve new levels of personal and professional success. Contact https://mindset-for-success.org/coaching-services/ to set up an individual or group caching session!
