By
Jeanette Coleman, SPHR & SHRM-SCP
on
Sep
04,
2019
3 min read
0 comment(s)
According to a Gallup poll, as many as 60 percent of employees have already quit their jobs mentally, physically and emotionally — but they keep showing up for the paycheck. While a number of reasons come into play, 59 percent of employees believe employers prioritize finances over employee well-being. It makes sense from a business perspective; if you don't prioritize cash flow, you can't make payroll. But finding balance between financial security and employee well-being is critical, and how you communicate it is even more important.
One way to help bridge the gap is to find balance when it comes to healthcare benefits. For example, many fitness centers offer discounted corporate memberships at no cost at all to organizations. In this case, your business can stay competitive, communicate a commitment to employee well-being, and perhaps even retain top employees when competitors attempt to poach them out of the organization — and without even costing any money. For more information, read this Ask the Expert: "Is a Gym Membership Tax Deductible for a Business?"
So, what other unique employee benefits are gaining popularity? Here's a quick summary:
Other progressive benefits include student loan reimbursement, paid life insurance for employees and dependents, no official work hours, and paid volunteer time. While these are just some of the current trends we're seeing, creativity can help maintain your competitive edge. Starbucks is now offering Spotify Premium memberships for staff, for example, and Google encourages employees to bring their pets to work.
Bringing on new benefits can feel overwhelming, but evolution is necessary to stay relevant as an employer. Not only do you need to find the budget for it and convince the executive team, but long-term plan administration can take a lot of time and effort that could be going toward more important things, like culture and strategy, which isn't always feasible for smaller businesses. That's where Professional Employer Organizations come into play; they give small and medium-sized organizations the opportunity to offer Fortune 500-level benefits by offering expertise and administration at a portion of what it would cost to do it yourself. What would you offer if the sky was the limit?