Is it time for a revolution in employee benefits? Perhaps now would be the opportunity for businesses to go beyond the typical paycheque, paid vacation, and dental insurance. With so many positions being left unfilled, employers could fill the seats by trying to appeal to the best and brightest with a myriad of perks and benefits. Plus, this can add to the retention rate and slash turnover.
Studies have found that employees, particularly those a part of the new generation of workers, want more than just a paycheque – and we are not talking about a purpose either. Today’s worker wants flexibility in the schedule, dental and vision insurance, and/or childcare benefits. A startup of four may not be able to afford these types of employee benefits, but a corporation of 23,000 certainly could.
With a new year here, maybe 2020 will be the time businesses start diversifying the offerings in their employee benefits management. But what could they offer? Well, we have compiled a breakdown of developing trends across the North American private sector.
Here are nine different types of employee benefits that many diverse workplaces offer:
1. Family Planning
A growing number of companies are beginning to offer financial assistance to employees who are trying to plan a family. In 2020, you can anticipate even more businesses to offer as much as 50% of the costs associated with adoption, intrauterine insemination (IUI), and in-vitro fertilization (IVF).
Although the province of Ontario covers the first IVF treatment, you are required to pay out of pocket for any subsequent sessions.
2. Gender Reassignment Surgery
It might not be ubiquitous yet, but you are beginning to witness many of the largest companies in the world covering the full amount for gender reassignment surgery. Many businesses are not just talking about supporting the LGBTTQQIAAP community, they are also putting some skin in the game and helping their employees who are transitioning.
3. Shared Leave
Here is an interesting trend you are noticing in organizations across North America: Share leave.
This is when your employer allows employees to donate their sick or vacation time to another employee who needs it. The other option that employers are instituting is allowing workers to insert time donations into a pool that can be extended to workers who need them.
Companies like these types of employee benefits because they do not need to shell out on additional costs (missed work is always an added cost for businesses).
4. Flex Time
Every year, you can almost expect the number of firms offering flex-time to grow. With advanced technology, greater mobile communications, and better connections, a lot of workers can complete their assignments remotely.
Also, if telecommuting is not possible in your industry, then a lot of companies will allow you to modify your schedule (work an extra hour Monday to Thursday to get Friday afternoons off, for instance).
Out of all the employee benefits, this is one of the most in-demand forms of compensation.
5. Tuition Reimbursement
How do you know you’re trying to recruit the best millennials and even Generation Zers? Tuition reimbursement.
An interesting employee benefit these days is when a corporation offers to pay a portion of your tuition, whether it is one-quarter of 75%. Starbucks was one of the first major corporate behemoths to kick off this prevalent trend of helping you pay for your bachelor’s degree.
6. Childcare Benefits
Unfortunately, for many working families, childcare remains one of the biggest expenses for the household. One parent will see some or even all of his or her salary go to paying for childcare. This leaves you asking: What is the point of working anyway?
There are two things happening in the private sector: A large business will have a childcare center onsite or companies will offer to pay half of the childcare costs as part of employee benefits.
Employers see this as a wise investment because then the health of their employees is better since they are not so stressed out about either the cost or arriving at the facility on time.
7. Pet Insurance
Pet insurance as an employee benefit? You bet! And why not? The studies show that most pet owners consider their dogs or cats as members of the family. They, too, get sick and need medical care, which can be ultra-expensive. As a result, the pet insurance industry is ballooning, but it can also be pricey.
Businesses are choosing to go beyond just bring your pet to workday. They are also deciding to offer pet insurance to employees who are interested in it for their crazy critter. Employers may also consider it as a matter of fairness if certain employees do not have children.
8. Lunch and Learn
Businesses of all sizes understand that if their employees’ human capital is immense then they will contribute to the company’s success. Employees may also desire to improve their self-worth by learning a new skill to add to their resume. With this type of quid pro quo, you may see Lunch and Learns in the office breakroom every Thursday at noon.
Here is how it works: Your company pays for your lunch and a specialist – coder, Cantonese translator, or marketing guru – comes to the workplace and teaches you something.
9. Stock Options
Is your employer trading on the Toronto Stock Exchange or New York Stock Exchange? Well, as part of an overhaul of employee benefits, this employer is thinking about giving employees stock options. While you may not be a bull or a bear, this is a tremendous benefit to possess because you may enjoy a handsome windfall one day, whether you own 50 shares or 500 positions.
Buy low (nothing) and sell high (the sky is the limit) – you can actually say this to people if you make a killing in the market.