In today’s war for talent, the power unequivocally lies in the hands of the candidates. As a result, expectations for workplace benefits are rapidly shifting. Employers recognize that attractive benefit plans are critically essential to engage and retain a competent workforce, but rising costs (usually in the group health sphere) can be cost-prohibitive, hindering an organization’s ability to rework their offerings substantially.
The solution? Developing rich fringe benefits plans that enhance the well-being of your workforce.
Fringe benefits plans generally include a broad range of employee perks, such as flexible working hours, wellness programs, subsidized childcare, diversity and inclusion and paid family leave policies. Examples range from free food, pet insurance, student loan reimbursements, paid volunteering time and intern housing to free health trackers, in-office daycare and dress for your day policies.
Creating an appealing fringe benefits program requires a delicate balance between options that satisfy employees’ wants and needs with those that align with the company’s values and objectives. In our unique multi-generational workforce, this can present some curious juxtapositions and challenges.
It’s important to note that even small changes (i.e., free healthy snacks like trail mix and fruit), can be impactful. We don’t all need to take our cues from the Silicon Valley culture (read: please don’t buy a Foosball table and call it a day). An effective strategy is to analyze the plans of leading competitors within your industry to pinpoint benefits that can be implemented within your own programs.