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The unemployment rate in the US remains at historically low levels. This tight labor market has organizations interested in the latest employee benefits trends.
A decade ago, employers were reducing benefits just to survive the great recession of 2008. Cutting budgets was commonplace in an attempt to limit employee layoffs at the time.
Fast forward to 2019 and the economy is booming and businesses are struggling to fill job vacancies.
There are definitely things you can do to make your business more attractive to job candidates, and employee benefits are one area that can help recruit new employees.
An interesting study has revealed trends in employee benefits.
6 Employee Benefit Trends To Pay Attention To
1. Support for Nursing Mothers
An astounding 70 percent of women with children under the age of 18 are working. And anyone who has been there (I have) understands the complexities of caring for kids while trying to earn a paycheck.
A new trend is offering more support for nursing mothers. Organizations are doing this by providing private spaces for lactating mothers that are designated and equipped for their needs.
It is also becoming common for businesses to offer lactation consulting and education for new moms.
“Dignified lactation spaces and the cultural support needed to continue breastfeeding after maternity leave is still a challenge for the majority of working women,”
Sascha Mayer, CEO, and co-founder of Mamava
2. Paid Leave For New Parents
With more and more women representing the workforce, more dads are stepping up to the plate to help.
A new trend is offering paternity leave for these new dads to help make the family adjustment that comes with a new baby.
Whether it is a natural birth, foster care, or adoption, more and more organizations are offering paid time off for the transition that comes with a new child.
As much as 34 percent of women and 30 percent of men now receive this benefit.
When I had kids this was unheard of and I am thankful that my daughter has benefited from her husband being home with her in those crucial first weeks after the birth of her babies.
Definitely a benefit that those under 40 years of age pay attention to.
3. Help With Student Loans
Let’s be real. College has become a very expensive investment.
Students are graduating from college with an average of $28,650 of student loan debt. And, a staggering 1.6 trillion dollars is owed by current student loans.
This is a heavy burden for young people trying to make their way and organizations are responding by helping with student loan repayment.
The number of organizations that offer student loan repayment help has doubled just since 2018.
Similar to offering tuition assistance benefit, student loan repayment help is becoming a benefit that can attract and retain top talent.
4. Wellness Programs
We all know that healthy employees are productive employees.
A focus on health is now popular and support for a healthy lifestyle has been attractive to potential job candidates.
More and more organizations are now offering help with fitness memberships or onsite facilities.
Whether it be classes or access to equipment, employers are investing in the health of their employees.
Another popular wellness benefit is the trend to move to standing desks.
Employers are either providing or offering financial help in providing a standing desk for employees.
Offering rewards for participating in wellness programs is another trend that helps keep employees healthy.
5. Choice In Healthcare Options
We are all on a different health journey so options are always attractive.
Whether it is HRA, HSA or FSA, employers are paying attention and offering help for healthcare costs.
In addition, organizations are offering options for health plans designed to help employees choose plans that best fit the needs of their families.
A generous health care benefit is always attractive to help recruit new talent.
6. Help With Retirement Planning
Planning for the future has become an important topic for workers.
Today’s workforce cares about its financial security and looks for employers who will help them prepare for retirement years.
A constant trend is offering this support.
Employers are meeting this need by offering retirement saving access in the form of traditional 401(k) plans and Roth savings plans.
Employer match programs as well as automatic enrollment are popular ways organizations are helping workers save.
Retirement planning advice is valued by employees as well as financial advice and credit counseling.
At the end of the day, when employees feel financially secure, they can be more focused at work. Consequently, this trend is important for increasing worker productivity.
There are many challenges that come with running a small business today. Recruiting top talent should not be one of them.
Take the time to review your employee benefits package, talk to your employees, and build a compensation strategy that will help your organization not only recruit but retain the best and the brightest.
How attractive is your benefits package?