Employee Benefits Trends to Be Aware Of
When was the last time you evaluated your employee benefits? If the answer is longer than 5 years, it’s time to update. With the power of digital technology, an increasingly generational workforce, and growing competition; not updating your benefits can leave you vulnerable to poor employee retention rates and less job applications. As you start looking into your plans, here are some of the big employee benefit trends we are seeing.
Unlimited Time Off
For many years it was a standard that employers would give employees a set amount of sick and vacation days to use in a year. Within the last 4 or 5 years, however, employers have started testing new amounts offered time off based on positive employee satisfaction, workflow, and expense changes. After testing different options, many employees found unlimited time off as a great option to offer. This option lets workers take off as much as they need for vacation, appointments, or sick leave.
Health Savings Accounts
The amount of financial accounts employees need is steadily increasing as it keeps their finances more organized and helps them plan for the future. What started as just retirement savings and checking accounts, has welcomed a new player to the game – health savings accounts. Health savings accounts let employees contribute money to spend on medical expenses.
Click here for health savings accounts pros and cons.
Paid Parental Leave
Employees aren’t just employees. Many are parents, too. Yet for a while, not many companies prioritized being a parent within their benefits options. Companies that don’t let employees take care of sick kids, go to school events, or be involved in other parental needs during work hours can have lower employee satisfaction and motivation. Letting parents be parents is important to your employees and for your company growth.
Student Loan Assistance
Student loan debt has drastically increased over the last 5-10 years, with debt reaching 1.4 trillion dollars. Many employees on your team probably have student loans. Offering to help pay their loan debt can drastically increase their motivation to work for you and keep them at your company.
Employee benefits are more than just offering disability or accident insurance. If you need help creating an employee benefits package that can motivate workers, save you money, and increase job applications, we’d love to help. Reach out to us here, or take our Milliman’s Benefits Benchmarking Survey for a custom report on how your health, dental, PTO days, and 401K benefits stack up against your competitors.