Exploring Voluntary Benefits
Voluntary benefits are becoming a hot topic in recruiting trends. Many younger generations entering the workforce have different perks they seek in an employer than those of those who have been in their respective industries for years. While vacation time/paid time off, sick time, and 401(k) options are all great benefits businesses offer, investing in some voluntary benefits can add value to your current employees as well as attract and retain new employees.
Here are some voluntary benefits that may give you the unique opportunity to attract and retain top talent.
Flexible Work Arrangements. A Glassdoor survey revealed that 88% of respondents would accept a position with flexible scheduling over a position that paid more. Flexible work arrangements create a work-life balance for the employee. From a management position, it instills your trust in your employees to complete their projects in a timely manner while still respecting their life outside of work. From family obligations and doctor’s appointments to continuing education and extracurricular activities, your employees will appreciate your flexibility. Incorporating a four-day week is also a great flexible work arrangement offering employees three-day weekends.
Another flexible work arrangement might be allowing employees to work remote. 70% of individuals work remote and 99% of employees would like to work remote part-time minimum. Working remote offers plenty of benefits to employees, such as saving money on gas for the commute, miles on their car, might be willing to work longer hours or outside of business hours. Employers benefit as well with saving on supplies and office space expenses, increased productivity, and increased employee retention.
Unlimited Vacation Time. While there may be some hesitation, offering unlimited vacation time can offer companies tremendous gains. Two or three weeks of vacation time annually can restrict employees from missing out on opportunities. For example, if they already took their allotted vacation time, but have a lifelong friend getting married at the end of the year, they might not be able to take it because they used up their vacation time. The unlimited vacation time might allow them to take a half day to catch a flight to their friend’s wedding and make it back before the next work week begins. Unlimited vacation time assists with decreasing employee burnout and expresses your appreciation of your employees.
Employee Wellness. An employee’s wellness is just as important as other work obligations. Adding employee wellness initiatives and/or programs to the mix of benefits can attract more talent, as well as retain your current employees. Employee wellness programs can range from personal trainers to workout equipment. Other health initiatives might include gym membership discounts, healthy meal and snack options, and standing desks or exercise balls to sit on to alleviate back issues.
Other health programs might be more group-specific, such as parents, LGBTQ+, those approaching retirement, etc. For example, 42% of individuals stated maternity and paternity leave were impressive perks to job vacancies. Experts recommend increasing maternity and paternity leave to six months to allow more bonding for parents and mothers to recover. Surrogacy, fertility, and adoption assistance are also unique benefits that could allow you to become more competitive among seeking top talent.
Financial Wellness. Financial stress is common among employees, especially Gen Z and Millennials. Investing in perks such as student loan repayment, payroll advances, payroll-deducted savings, and monetary incentives for reaching or exceeding individual or company goals can provide motivation, as well as alleviate the financial stresses.
Voluntary benefits are great ways to make yourself more marketable in a competitive industry seeking top talent, as well as increase employee retention, decrease employee burnout, and overall assist your employee morale. Whether you have voluntary benefits or interested in seeking alternative ways to improve your employee benefits, Human Capital can help. We have a full selection of comprehensive benefits, from tradition medical, dental, vision, 401(k), and vacation/sick time to unique voluntary benefits such as recruiting and staffing, pet insurance, and rental car discounts. Contact Human Capital today to see how we can boost your employee benefits package.