Is it a perk or a benefit?
One of the most challenging aspects to building a modern workplace that attracts and retains top talent is coming up with a personalized mix of benefits that really speaks to employees. As we’ve written before, a balanced culture of benefits is important, particularly when catering to today’s workforce.
The trick lies in realizing that it’s not just about how lavish they are, but in how well they demonstrate your understanding of and support for the things in life that matter most to your employees…..but just how many variables should you consider?
Individualized benefits convey extra value that can’t be measured strictly in dollars. Here are a few examples of what I mean
New healthcare options that reflect the new shape of families. Partner coverage is the alternative take on spousal coverage, reflecting the changing profile of modern domestic arrangements. Most healthcare insurance providers offer multiple options that you can extend to your employees. While the idea of partner coverage is not new, it’s gained a lot of traction in recent years and is often more noteworthy in its absence than in its presence.
Shifting the 401(k) to pay off your B.A. Young employees greatest financial burden is student debt. The result is that in the critical early years of employment, student loan payments steal away income that could and should be moved into 401(k) plans.
Some progressive companies now offer to put some or all matching funds against the employee’s student debt, letting the employee fund their retirement with their own contributions. According to Peanut Butter, a firm specializing in running such programs, 85 percent of Millennials would accept a job where such a benefit is offered.
Paid paternal leave to help make sure they come back. A vast body of research shows that paid paternal leave is great for families and particularly children. But another benefit is that the time spent away from the job is less stressful and the return is much easier a real advantage when you consider how common it is for a new mothers and fathers to re-evaluate their career paths.
While larger employers can easily manage multiple benefit offerings, one of the biggest challenges to offering the perfect mix of personalized benefits is the administrative overhead it requires. Obviously, it takes more work to manage six health insurance plans than two and it takes specific technology to run a standout personalized benefits program technology small businesses generally don’t have, and don’t have time to run.
Rather than assume the responsibility and cost on your own, HR partners like Emphas!sHR are equipped, staffed and experienced to help you
offer the right mix to employees, without the cost and time of running it all yourself. After all, you still have a business to run.
ABOUT GLOBAL BENEFITS GROUP
Global Benefits Group has always been on the leading edge of insurance brokerage and technology. As the industry’s quintessential Evolved Broker, our hybrid approach delivers the white-glove customer service you’d expect from a boutique firm, with state-of-the-art administration services for benefits enrollment.
Global Benefits Group’s expert negotiators consistently outperform the marketplace, empowering you to offer the best benefits to your employees at the best possible cost. It’s all about keeping you cutting-edge and competitive. Outsourcing your benefits administration to Global Benefits Group improves accuracy and saves you time by helping you keep all employee data in one place.