20 employee benefits that workers want most
20 employee benefits that workers want most
The labour market has changed in recent years, and companies are looking for new ways to attract and retain talent. Thing is, both millennials and the rising Gen Z are not all that interested in the 401(k) or freebie perks that so many companies are known for (think: ping pong tables and unlimited drip coffee).
Here’s a curated list of the hottest perks and benefits on the market today.
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Flexible work hours
Flexibility is the it benefit of 2020. Not only did this beloved perk ranked 2nd in Fractl’s Employee Benefits Study for employees of all ages, but it also happens to be an effective strategy to support gender diversity in the workforce. And it’s not just about being able to come and go as you please; workers are also looking for better work-life balance, including options for where and how they work.
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Paid sick leave
An oldie, but a goodie, paid sick days still rank within the top most wanted employee benefits. For those wanting to go the extra mile, studies have shown that companies that provide paid leave to care for family members, such as a sick kid home from school, are particularly well loved.
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Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Healthcare insurance for everyone
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Healthcare for your fur babies
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The experience bonus
Here’s one that’s being touted as ‘the millennial’s dream perk’. The Experience Bonus is a benefit offered by tech company Qualtrics that provides employees with money to spend on something that they would otherwise never spend money on doing. It challenges employees to think outside the box and gets them out in the world trying new things. Sounds amazing!
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Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Student loan repayments
Gone are the days when the 401(k) plan ruled the financial benefits game. Today’s workers are entering the workforce with mounds of student loan debt, and are not only keen to take a job at a company with student loan repayment, but they also were more likely to stay at that job longer.
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Life coaching
Coaching is the new kid on the block when it comes to training programs to improve skill sets, confidence, and wellbeing of employees. Through platforms like BetterUp, companies can offer their employees access to qualified therapists, coaches and psychologists via video-chat and text. It’s essentially a confidential space for employees to rant and seek advice on a wide range of topics.
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Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article.
Childcare as a must
On-site or subsidized childcare and accessible nursing rooms are key for a large proportion of today’s workforce, particularly with the associated stress and cost for young parents trying to return to work. Gold star companies will even go so far as to pay for breast milk shipping for traveling moms, or even lactation consultation benefits.
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End-of-life care and death benefits
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Lifestyle benefits
People bring diverse skills and interests to the workplace, and one of the trending benefits popping up caters to precisely this. Personalized lifestyle benefits allow workers to gain access to perks like ski passes, cooking classes, and improv courses; one company called Twillo even supplies their employees with a Kindle for their avid readers.
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Career growth
Professional development is one of those things that’s particularly important for employee retainment. As Gen Z joins millennials in the workplace, there’s a growing need for companies to prove that these young workers are not only valued, but also have visible opportunities for growth.
Whether this is through a career rotation program or mentorship programs, companies need to step up their game in providing a clear path to growth.
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Paid family leave
Paid family leave is one of the hottest topics in today’s benefits landscape, with employees asking for improvements in paid leave for families of all shapes and sizes. Some companies, such as Estée Lauder, are being celebrated for taking this a step further, offering reimbursement for adoption fees, and a back-to-work transition program for parents, regardless of gender.
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Wellness benefits
The link between personal health and productivity is pretty clear, and companies are jumping on the wellness train. While a 2018 study showed that 75% of organizations in the U.S. are now offering wellness benefits of some variety, these can look different depending on the company. Perks ranging from in-house fitness classes and gyms, to first-aid training, standing desks, and meditation apps.
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Vacation pay (nope, not the same as paid vacation!)
Vacation pay is a newcomer to the benefits scene, created to offset “work martyrdom”—a growing trend in America where employees work long hours and neglect their vacation days. In response, companies like Airbnb and G Adventures are paying their employees to rest and recharge. The catch? This money can only be used for vacation costs—no rolling it into your paycheck!
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Free food!
While free snacks and coffee may not be as important as healthcare or flexible hours, it still factors into employee satisfaction. Free food not only decreases the stress of having to buy and pack your own, but it also plays a key role in encouraging workers to leave their desk and socialize. Win, win!
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A new wave of commuter benefits
Getting to and from work takes its toll in terms of personal cost, added stress, and environmental impact. While free parking used to be king of the commuter benefits, companies are wising up, with new perks popping up for shuttle services, carpooling and parking cashout programs (i.e., cash incentive to choose sustainable transportation).
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Thu Dec 10 , 2020
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