Have You Reevaluated Your Benefits Plan?
By: Jimmy Moore, Birmingham Business Development Manager
Recently, I realized that there are a lot of employers still offering the same benefits plan to employees that they offered a decade ago. Do you see the problem I see? With millennials as the largest generation in the workforce and Gen Zers about to enter in a big way, we have a whole new generation of employees that did not exist in 2008. Consequently, it may be time to reevaluate your organization’s benefits to appeal to this new generation of talent.
Yes, candidates are still interested in the job’s responsibilities and salary; however, more than ever, I’ve seen candidates’ ears perk up with the mention of benefits and workplace culture. In fact, candidates often inquire about the benefits and culture a company offers first.
There are countless creative ways to offer invaluable benefits to employees. Here are a few new-and-improved benefits I’m seeing in the marketplace:
- Flexible work schedules: Millennials are more interested in flexibility and work-life balance than previous generations. The ability to come in earlier or later, take a longer lunch or work remotely is very appealing to them.
- Unlimited paid time off: Several companies are offering this policy and have found that it is not only more productive but that their employees also take less time off. These companies also feel that it helps them attract the “work hard, play hard” kind of people who get their work done.
- Learning and career development: Training opportunities and career development are also top desires when looking for new jobs—especially among younger millennials who are just starting their careers and looking for ways to grow and gain valuable skills.
- Health and well-being support: Healthy employees are happy employees. Free or subsidized gym membership is a perk many companies are beginning to offer.
- Student loan assistance: A few forward-thinking companies are helping ease the burden of student debt by offering loan repayment assistance.
- A good healthcare plan: With healthcare costs on the rise, millennials are seeking affordable healthcare plans. Here are a couple of options employers are beginning to offer:
- Partially-paid healthcare: Companies often offer to cover their employee’s healthcare, but the employee pays for their family portion.
- Secondary insurance coverage: A company may drop down from a higher-coverage healthcare plan to a lower-coverage plan and install a gap product, or secondary coverage, that provides more benefits while lowering the cost for the employer and the employee.
Ultimately, to keep up and attract the new generation of talent, it’s essential to keep up with the new generation of benefits. If your company has not evaluated its benefits plan lately, I recommend you do so to compete with others who have.