It’s never too soon to start thinking about what to include in your 2020 and 2021 employee benefits packages. How can your HR team stay flexible yet current with a series of compliance changes? Which benefits will be seen as non-negotiables in competitive job offers? Global HR firm Mercer recently unveiled its annual list of the top compliance issues employers should consider when compiling their benefits packages for 2020.
Here Are The Top 5 Offerings Set to Become Staples in the Benefits Packages of 2020... and Beyond:
1. Financial Wellness Benefits
According to a 2019 study by PwC, financial matters are the top cause of stress in the workplace, with 59% of employees citing stressful financial situations or life events (like paying off existing debt, saving for college costs and preparing for retirement) as affecting their focus at work. Savvy employers are starting to notice financial wellness benefits as a crucial way to recruit and retain top talent of all ages. From recent grads to soon-to-be retirees, this particular issue is hitting home for most. Financial wellness benefits like student loan repayment and employer-matched college savings programs will be a must-have in the packages of the future.2. Wellness Incentives
Benefits that align themselves with physical and mental health and well-being are an intuitive way to stay relevant to your employees, especially after reading about the financial stressors mentioned above. Offerings like onsite yoga and meditation, free health screenings and company-wide fitness challenges show employees you empathize with their professional and personal development and are taking a proactive stance on their overall well-being. On top of that, these kinds of benefits are known to boost employee engagement and build even stronger teams.3. Career Development Opportunities
According to a 2019 study from LinkedIn Learning, 94% of employees would stay at a company longer if it simply invested in helping them learn. Training opportunities are considered a key benefit, particularly by younger workplace generations who say learning is the number one thing that makes them happy in the workplace. 27% of those employees said a lack of professional development opportunities would be the number one reason for them to leave their job. If that’s not a reason to offer career development opportunities to your employees, we don’t know what is.4. Flexible Commuting Practices
It’s no big surprise that working-from-home is becoming a movement. Both employers and employees are recognizing the increase in output occurring from a rise in telecommute options. Many large public companies, including Dell, are encouraging upwards of 50% of employees to work from home. Still, according to a recent report from Indeed, 52% of employees feel frustrated in jobs that deny work-from-home privileges. Smart employers see that stripping away the commute and the office background noise allows their employees to focus more freely and produce more effectively. Because… you know... meetings… and rush hour…
5. Pet-Friendly Privileges
Countless studies show pets have the capacity to cheer, calm, delight and uplift us in a therapeutic and meaningful way. So it has many of today’s employers (and employees) thinking: “why not in the workplace?” Amazon has 7,000 dogs “working” at its Seattle Headquarters and the Society for Human Resource Management (SHRM) put together instructions on how to become a pet-friendly workplace. Don’t be surprised if some of your 2020 coworkers have a couple of extra legs... and a wagging tail.
Exceptional Benefits Packages Elevate Your Employees
Whether it’s the peace of mind that comes from financial well-being, the ease that flows from a commute-free workday or the possibility of bonding with a fur friend all meeting long, today’s employees are in search of tomorrow’s best benefits. Take some time to decide what your employees value most this Open Enrollment season, and select the kinds of benefits that get them there.