Work-Life Balance: The Power of Employee Benefits
One of the biggest priorities in today’s workforce is maintaining a successful work-life balance. Employees are trading in their overtime and overworked 50-60 hour weeks by prioritizing their life outside of the office. Many organizations have noticed this shift and have altered their employee benefits packages as a recruiting tactic to attract new talent. Below are just a few new employee benefits to consider adding to your offerings.
Today’s employees are willing to accept a lower salary in return for increased flexibility within the workplace. Flexibility can include anything from unlimited PTO, allowing employees to periodically work from home, or even working outside the usual 9-5 shift. Some organizations, such as Salesforce, have even taken advantage of the millennials’ drive for social causes and incorporated it into their benefits package by offering paid volunteer time off. Understanding that your employees have a real life outside of work and providing them the chance to enjoy it will demonstrate your organizations value for their hard work.
2016 marked the entrance of Generation Z into the workforce, and the first time that generation will begin making student loan repayments. Recent college grads are said to have the highest amount of student loan debts than ever before, which explains why 46% of Generation Z are stressed and overwhelmed by their student loans. Fresh college grads in the job hunt are going to be more attracted to organizations who offer Student Loan Assistance in their benefits package. These types of employee benefits allow employees to maintain the level of work-life balance they strive for. Organizations should take into consideration that employees stressing over bills and money has a strong correlation to their workplace engagement and morale.
Paid Maternal and Paternal Leave
“How will I afford childcare after I return back to work?” is a common concern amongst expecting parents, both male and female. Employers are required to provide their employees with 12 weeks of unpaid leave according to FMLA, yet 1 in 4 mothers are back to work after just 10 days. When we consider the fact that “47% [of Americans] don’t have $400 in the bank for an emergency, much less $1,000…” it is understandable why so many mothers and fathers feel the need to return back to work so soon. Paid maternity and paternity leave is a hot HR topic right now and slowly growing in popularity. As more organizations improve their policies it will no longer provide organizations the competitive edge in their fringe benefits packages.
Employees are no longer company loyal. Just because they’ve worked at the organization for years doesn’t mean they feel inclined to stay regardless of other oppurtunities. If organizations want to recruit and retain their top talent they must offer competitive benefits packages and perks like flexible schedules, student loan assistance or paid maternity and paternity leave. Employees ultimately want employee benefits that make their life easier and enjoyable when they’re outside of the office.