Every company offers “benefits.” It’s what those benefits are that determine how beneficial they truly are to an employee. More and more, individuals are willing to shop around for employers that understand “benefits” aren’t what they used to be; instead, employers are becoming more keenly aware of the specific needs of their workforce and offering personalized employee benefits.
Non-traditional Employee Benefits
An article by SHRM touched on this very topic and cited the following, "A 2018 survey by TriNet, an HR services provider, found that 91 percent of employees at small and medium-size businesses view nontraditional benefits as important to their job satisfaction.”
Individuals want benefits that actually benefit them – we all do. The same article by SHRM provided some telling information from a MetLife survey giving insight into employees’ desire for greater personalization: 73 percent of employees said that having personalize employee benefits would increase their loyalty to their employer; 60 percent were interested in having their employer provide a wider array of non-medical benefits that they could choose to purchase and pay for on their own; and most employees would be willing to take a small pay cut (on average, 3.6 percent) in order to have a better choice of benefits from their employer.
Personalized Employee Benefits
As an employer, it doesn’t need to be as overwhelming as it sounds – providing personalized employee benefits to each and every person. Instead, there are strategies to offer benefits that inherently provide flexibility and choice.
1. Make employees an active part of the process
You won’t know how to customize and where to focus if you don’t know what is valued the most in your workplace. Frequently poll your workforce and encourage managers and leadership to be in tune with the needs of their direct reports. When you solicit opinions and feedback from your employees, they will be more engaged and have a greater desire to invest in what you provide as a company.
2. Give them more of what they want
Most surveys will reveal the same top priorities, many of which point to more paid family leave and time off. Providing greater flexibility in the way of paid leave for births, medical issues and family-related situations, as well as greater paid time off boosts employee morale. More and more companies are recognizing the need and benefit of giving employees greater work-life balance. For example, GE is increasing its leave time for new mothers, parents and for caregivers. Requiring your employees to stay and work more isn’t going to yield greater profits. In fact, when employees don’t take time off it leads to a more stressed and less productive workplace. And just offering more isn’t enough, it needs to be encouraged to actually use it. According to the State of American Vacation 2018 published by the U.S. Travel Association, 52 percent of Americans have unused vacation time. In some cases, employees may not feel comfortable taking the time off. Create a culture that encourages and celebrates time off – that is, after all what most employees want and need.
3. Provide inherently customizable solutions
Instead of shouldering the responsibility of customizing offerings for each of your employees, provide a solution that puts the responsibility – and perk – of choice in their hands. For example, ClassPass offers users access to hundreds of different fitness classes in their city offered at different locations and times – including options for at-home workouts. Implementing this kind of solution is the epitome of customization; employees are given a platform that allows them to choose for themselves.
Providing customizable benefits for your employees in turn benefits your organization. Learn more about how to integrate personalized employee benefits like ClassPass Corporate.