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One of the keys to growth for your business as we go into a new year and a new decade is to successfully compete for top-of-industry talent. And today, applicants look for far more than just a good basic compensation agreement - they also demand a great employee benefits package.
But what are the top employee benefits options that workers want as we go into 2020? Here is our top seven list:
1. Financial Wellness Programs
Probably the most popular and fastest-growing employee benefit on the cusp of 2020 is having a financial wellness program.
Financial wellness programs are an indirect benefit in that they don't give employees cash or a cash equivalent. But what they do is help people better manage their money and their other benefits to get the most out of them - as well as preventing "financially related stress-outs!"
2. Fixed Index Annuities
As the US workforce becomes more long-range in its vision, retirement income benefits like fixed index annuities (FIAs) continue to rise in popularity.
An FIA gives you tax deferment, a safe but reasonably profitable investment, and special features like a lifetime income rider. It can play a key role in your employees' overall retirement strategy, along with things like life insurance and a pension plan.
3. Student Debt Assistance
One obvious way to attract younger, fresh-out-of-college (or grad school) workers to your company is to cater to their specific needs and concerns. These include getting rid of that looming student debt as quickly and as painlessly as possible.
With over $1.5 trillion in student loan debt across the US, it's easy to see why programs that, for example, allow paid time off or other benefits to be "converted" into student loan payments are a welcome innovation!
4. Paid Time Off
Most employees do not have access to paid time off, and about 4 in 5 US employees are living paycheck to paycheck.
That is an ideal environment in which to introduce a paid leave program. Having time to spend with family or to attend to pressing needs can be devastating due to the loss of income - unless, of course, you are still getting paid while away!
5. Transportation Assistance
Transportation-related benefits are branching out beyond just carpooling. Company shuttle buses now operate in big cities, and other employers are offering reimbursement for the cost of driving to/from work each day. And yet another option is reducing transportation needs by allowing more work-at-home days.
6. Flexible Scheduling
There is a high attrition rate among employees due to what they view as improper work-life balance. Employee retention, therefore, can be greatly enhanced by simple gestures like allowing one designated always-off day to each employee, letting them choose between day and night shifts, and giving them one or two "extra" days off per month.
7. Pet Insurance - Yes, Pet Insurance
Over the last 5 years or so, pet insurance has become an increasingly common employee benefits offering. As more and more people own pets and veterinary costs continue to rise, this option is going to continue to grow in popularity. Many people love their pets and will choose pet insurance over other employee benefits.
Considering upgrading your company's employee benefits package going into 2020? Let the experienced benefits consultants at Summerlin Benefits Consulting assist you! Contact us today for a free initial consultation and answers to all your benefits-related questions.