With companies like Google offering swimming pools, haircuts, and many more imaginative amenities at their headquarters, lifestyle benefits are quickly becoming a point of differentiation for attracting and keeping employees. Although most companies will not go to these extravagant lengths, there are plenty of great voluntary and lifestyle benefits that you can offer your employees, in addition to traditional medical and retirement benefits.
See below for some of the great benefits employers should offer their employees to keep up with the times.
Employers are Reimagining their Benefit Packages
Traditionally, benefits from employers primarily included medical coverage and retirement options. While both of these options are still very important, staying competitive in the current job market has prompted employers to reimagine what they offer in their benefits packages.
In the current workforce, people are increasingly less likely to stay at one job for the entirety of their working career. Because people change jobs more often, it is important to offer benefits that will appeal to job seekers and keep current employees happy and adequately cared for. Therefore, employers are beginning to focus on offering benefits packages that improve the quality of life for their employees and in turn ultimately increase their likelihood of remaining at the company.
Modern employees need jobs that offer them the lifestyle that they want to live; in addition to an appropriate salary, lifestyle and voluntary benefits can offer additional financial or tangible gains while improving their quality of life.
Lifestyle vs. Voluntary Benefits
Although the terms “lifestyle benefits” and “voluntary benefits” are occasionally used interchangeably, there are some key differences between these similar ideas.
It is true that they both refer to perks that you can choose to offer as an employer and that they both aim to improve the work-life balance for your employees. Benefits in each of these categories can both promote health and happiness.
Voluntary benefits are also called supplemental insurance or employee-paid benefits. These include optional, additional insurance plans that employees can opt into. They can be offered at no direct cost to the employer and are available for companies both big and small. Two of the most common examples would be vision or dental insurance.
Lifestyle benefits may also require the employee to opt-in or sign up, but they are typically for a service or membership not related to insurance. They may also include things like a pool table and ice-cold craft brews in the break room or other on-site goods and services.
Wellness Plans, Gym Memberships, Vitamin Discounts
Although your company may not have the resources to offer an on-site gym or swimming pool, you can still provide your employees with those amenities by offering things like gym memberships and wellness benefits.
Your wellness plan can include incentives for employees to make healthy choices such as giving up smoking and implementing weight loss programs. You can also offer discounts on products and services such as vitamins or nutritional supplements, chiropractic or alternative health care, and diabetic supplies.
Healthy employees are without question happier than those with health issues or worry. By going beyond the standard medical insurance plan, you will bridge the gaps with voluntary and lifestyle benefits so that your employees can be the happiest, healthiest versions of themselves.
Identity Protection and Cyber Security Subscriptions
Identity theft protection services monitor records in order to identify potentially fraudulent use of personal details and quickly alert the individual to the problem. Some identity protection services even insure their effectiveness and can help to cover the cost of repairing a person’s credit history. Identity theft is increasingly common and can have a serious impact on an individuals life; by providing identity protection, companies can help to ensure their employees are not distracted with the unpleasant aftermath of recovering their identities.
In our digital age, the importance of cybersecurity cannot be overlooked or underappreciated. With banking, medical transactions, and other sensitive activity increasingly taking place online, cyber security services can help to protect employees. Unfortunately, many people lack the resources or technical knowledge to be properly protected.
While these kinds of services can be expensive for an individual to seek on their own, an employer can make these plans accessible with group buying. An employer who is able to offer this is giving much more than just a paycheck.
Pet Insurance and Family Care
Taking care of family is often the driving force behind a worker’s dedication to their job; they want to provide for and take care of their loved ones, and they will not settle for a job that does not meet those needs financially, one way or another. Opting for lifestyle and voluntary benefits at work can be an affordable and convenient way to meet these needs above and beyond direct monetary compensation.
Offering convenient daycare services for children as well as options for those who require assistance with taking care of elderly parents has a tremendous positive effect on employees who need these services. Likewise, when it comes to voluntary benefits, offering a life insurance policy can ensure peace of mind that their family will perpetually be taken care of.
Although pets were traditionally left out of benefit packages, many people feel very strongly about their four-legged family members. By offering voluntary benefits such as pet insurance, employers are offering coverage for the family pet that can help to prevent both significant financial loss as well as heartbreak.
Legal and Tax Assistance
Not everyone has easy access to an attorney, but many would benefit from the ability to have one for common personal matters regarding family, property, or civil suits. The same can be said for access to a tax specialist when April 15th comes around.
As an employer, providing access to these services could be life-changing for your employees. Situations that would have otherwise felt overwhelming can be easily solved with the proper resources and assistance. This kind of support breeds loyalty.
The Future of Benefit Packages
To keep up with modern times, you might consider offering these kinds of voluntary benefits to your employees. However, there are all kinds of new services and there are countless ways that innovative employers and HR professionals are beefing up their benefits packages.
Providing these services will aid in retention and help to reduce the job-hopping culture that has been developing by truly benefiting employees and improving their lives in significant ways.
These changing times are an opportunity to make it easy to provide these benefits for your company. By doing so, you will cause a significant, positive shift in your work environment and in people’s lives.