A 2019 survey in the United States revealed that a very large percentage of employed millennials are now focusing on improving their lifestyles by adopting healthy ways of managing stress.
So what does this tell you about the kind of work environment that today’s generation prefers?
Well, free food and foosball tables are not the only perks and fringe benefits that employees want at their work anymore. Wondering why? Well, these incentives are not long-term!
Such incentives may make the workers like your organization, but other incentives should also be offered on top of workers’ compensation, to make them stay.
Health insurance, dental insurance, vision insurance, and life insurance are important but are also old benefits plan practices. Now old and new employees want to feel valued and develop a personal connection with their workplaces since they spend a major chunk of their time in the same room.
For the same reason, companies are now taking an interest in offering the best employee benefits, retirement plans, and benefits packages to employees, to improve employee morale and reduce employee turnover.
And you know what’s more surprising?
It doesn’t cost a fortune to run an employee assistance program that is well-liked by all the workers!
Wondering what you can do to make your employees happy? Let us introduce you to some of the best employee benefits for your start-up.
Do you know what makes an employee happy? A company’s trust in their abilities. If you own a business, you need to allow your workers to do the work on their terns because that promotes productivity and a healthier bond between employees and upper management.
For instance, if your employees cannot come to work, give them a work-from-home option in their benefits program. This does not even have to be during emergencies. As evident by several survey results, the stress of leaving the house is, sometimes, too overwhelming and making employees work part-time during such hours only leads to exhaustion and low productivity.
To give you an example, the world-renowned company, Johnson and Johnson even assists its employees with household tasks. As a result, employees are loyal to the organization and remain motivated to work.
Corporate Family Culture
The term corporate family is widely used, but usually, employers want people to keep their professional and personal lives separate. According to a study conducted in 2016, millennials reported that they “cared more about perks and benefit plans” that their workplaces offer.
Now that doesn’t necessarily translate to free lunches or once-a-year interactive trip. Instead, individuals want to experience a social and emotional connection to the tasks they are contributing to.
Google was one of the first companies that recognized the need for employees to be interested in their work and today, 20% of total office time is dedicated to projects that staff actually likes. Interestingly, this led to inventions like Gmail and AdSense, which now earn the company millions.
Over the last decade, employers across the world realized the need for innovative and creative minds and therefore, most organizations removed the obligation of having a graduate degree.
This was a positive initiative that allowed people to continue college along with their work. However, maintaining education alongside a full 9-5 job eventually gets hectic. Hence, to attract more students into businesses, companies like Starbucks started offering tuition to their staff members so they could study during and after work hours with Arizona State University and acquire a bachelor’s degree.
Moreover, one thing that has remained a major cause of misery for this generation is the loan debt that accumulated over the college years. 80% millennials in a survey conducted by IonTuition revealed that they would prefer working for a company that could help them repay their tuition loan.
Many companies think that covering medical insurance during employment is sufficient. However, now that employees from Generation Z and millennials are displaying signs of poor physical and mental health, there is a dire need for employers to do more.
Investing in keeping the workforce healthy and satisfied with the health plan incentives is necessary because they can ultimately help you with your bottom-line.
Conclusion: Offering Benefits that Retain Employees
There are several companies that offer pet health care, gym memberships, wellness programs, disability insurance and flexible spending accounts to make the work environment more friendly. This does not only allow employees to stick around at your company for longer but also leaves them happier and more productive.
These are just some of the best employee benefits that you can provide if you are planning a start-up or small business. Plus, there are various other random benefits, such as medical leave, tuition reimbursement, and even a student loan refinance calculator, that can help employees take care of their student loan refinancing needs.
With such fierce competition in the market, loyalty cannot be bought through a long-term disability bonus, extra time off or basic retirement benefits. Instead, you have to employ methods that directly benefit workers so they put in maximum effort to benefit you!