Benefit plans should reflect employee needs, which change as new generations enter the workforce. Employers competing for in-demand talent leverage their benefit packages to attract and retain quality employees. In a full-employment economy, employers are adopting new benefit options in response to employee demand.
Nearly 70% of households have a pet, and the relationship between people and their pets has evolved. Employees view their pet as part of the family and go to great lengths to keep them healthy. Pet insurance pays qualified veterinary expenses when a pet gets sick or injured. It’s estimated that about 10% of employers offer this benefit today. Adding pet insurance to your benefit lineup will help set your company apart. It shows you care about employees in a more holistic way they will appreciate.
Student loan repayment
College tuition continues to rise, and graduates are saddled with tens of thousands of dollars in student loan debt. Because financial stress can be distracting for employees, student loan repayment assistance is the hottest employee benefit, according to Forbes. With 70% of graduates entering the workforce with a significant amount of student debt, help with loan repayment is a key differentiator as quality candidates assess their employment options.
Choose-your-own benefits package
Today’s workforce is comprised of five generations with unique priorities. Allowing employees to choose from a menu of benefits is good business. Health insurance is still the most valued benefit, but adding new perks is gaining momentum. It’s not necessary to increase your benefit costs to give employees what they want. Employers can set a defined contribution amount and give employees the option to choose. This allows one employee to select student loan repayment while another selects coverage for Fido. For more on how to tailor your benefits, read our piece on generational benefits.