Employee Benefits: Traditional vs. Perks
Employee benefits aren’t what they used to be – or at least they aren’t limited to what they used to be. Medical, life, disability and retirement remain important, but how do employers stand out from the competition?
Benefits help employers differentiate themselves in order to attract and retain quality employees. If that’s true, then offering the typical benefits only achieves part of the goal.
Consider these stats…
- The national unemployment rate is 3.7% – this is the tightest job market employers have faced in decades
- By 2025 millennials will represent a whopping 75% of the workforce – and many will be decision-makers
- This recent study shows nearly half of Americans own a digital assistant (hello Alexa and Siri) – 69% use it every day showing our behaviors and expectations for service are definitely changing
Limiting a benefits package to “traditional” offerings is a thing of the past. It’s part of why we started freshbenies, and also why we were at the PERKS Convention in LA last week.
Have you heard of the PERKS Convention? It’s a national showcase of innovative services that have a direct impact on employees and enhance workplace culture. The video and recap below give a quick overview of the top trends we saw at the show...
- Workplace fun and convenience: including food, beverages, massages, clothing, rewards programs, engagement surveys, team bonding events, and more
- Pet benefits: insurance, as well as help with making “bring your pet to work” day safe
- Unique wellness: not standard wellness programs, but yoga, massages, desk elliptical machines, visiting dental care, guides to help employees through life issues and more
- Financial tools: help for school debt, paying medical bills, budgeting, and more
- Women in the workplace: products and services for family planning and fertility, contraception, lactation, feminine products, pregnancy, childcare, and more
The team at Perks has compiled their Big Book of Perks that includes 100 companies and services. Click the image below to download your copy.
Employers need to stand out against the competition. If you’re an employee benefits consultant, you want to do the same. With these ideas, you can position yourself as a strategic partner to your clients (and get your foot in the door with new employers) by bringing new ideas – and leading with something different.
Now it’s your turn! What next gen benefits do you think employers need and employees want? Comment below or email me at firstname.lastname@example.org.