Workers in this day and age want to find employee benefits that make their lives easier and smoother. You owe it to yourself as a business owner to look for unconventional benefits that fulfill this goal for your workers. After all, happy employees are loyal employees who are likely to stay with your company longer. Here's a closer look at some unique employee benefits you can offer.
The Rise of Unique Employee Benefits
Employees who feel they have a good work-life balance are likelier to go "above and beyond" for their employer. More productivity and organizational success are obvious pluses of unique employee benefits administration. Benefits that your competitors are not offering can make the difference between attracting and retaining top talent in today's job market. Your competitors are thinking about "out-of-the-box" employee benefits, so you should be thinking of ways to satisfy your modern workforce as well.
Pet Coverage for Employees
Providing pet insurance coverage can be an easy way to not only encourage pet ownership, but also to show your employees that you care about their work-life balance. Workers who own pets tend to be happier, more focused, and less stressed, according to research.
Owning a pet is also costly, though. Yearly wellness checkups, occasional sicknesses, and chronic care that are required when a pet reaches old age are all expensive. Pet insurance is a way to provide a benefit to employees that keeps them focused on work.
Identity Theft Coverage
Experian says that about five percent of all Americans are affected by identity theft every year, resulting in tens of billions of dollars in losses. Partnering with an identity theft monitoring company is a way to keep employees focused and give them peace of mind at the office.
They know they will receive credit report monitoring, as well as alerts on fraudulent cell phone and credit card applications in their name, changes of address, and other signs of identity theft with protection in place. This benefit also protects you as an employer, in the event that a worker's identity is stolen while they are on the job.
Home Warranties for Staff
More employees than ever before are working remotely from home following the COVID-19 pandemic. Plans for employee home warranties are becoming increasingly common in this environment.
Everyone's heating and cooling, electrical and plumbing systems are going to fail at some point during the lifespan of their home. An employee home warranty plan covers some or all of the cost of repairs to these systems. Many plans also cover the repair or replacement of kitchen and laundry appliances.
Employees who don't have home warranty insurance are more likely to try to take on DIY projects to fix things. These tasks always take more time and the results can end up costing more in the long run. Providing them with a policy that covers these issues can be a great way to build trust and job satisfaction.
Other Unique Employee Benefits
Think of unique ways to satisfy employees and provide benefits to their work-life balance. This can help set your company apart from your competitors and give you major advantages in attracting and keeping your best employees.
The US offers the lowest amount of paid parental leave in the developed world, for example. More paid time off work for expecting parents can have a huge impact on morale, and lets employees know that you value their families as an employer.
The same goes for childcare. Full-time daycare for young children can cost up to $1,000 a month, depending on what state you're located in. Helping your parental employees take a bite out of that bill creates loyalty.
One of the downsides of an educated workforce is that most of your employees have student loans and need to make large monthly payments. Student loan assistance is another perk to consider.
Flexible work arrangements are another development that came out of the pandemic. If some employees would appreciate a hybrid model of working at home part of the time, as opposed to in the office 40 hours a week, that's a benefit to consider. Allowing employees the option to work "four tens," or four ten-hour workdays, is another option.
Embracing the Future with Unique Employee Benefits
The rapidly changing landscape of employee benefits, including unconventional offerings like pet insurance and flexible work arrangements, is key to attracting top talent. By recognizing the importance of work-life balance and thinking creatively about benefits, businesses can foster loyalty, productivity, and a culture that resonates with modern values.
