As a manager in today’s business clime, knowing that there is a difference between benefits your employee wants and benefits a particular employee wants is a great way of being in tune with the realities of today’s workforce preferences.
This preference or let me say “employee benefits customization” doesn’t take away the organization-wide benefits. Rather, it is allowing employees to choose from the pool of benefits the organization has to offer.
You should also know, that today’s workforce is not just demanding employee benefits customization, they also want new types of benefits included in the organization.
The question you might ask yourself is, what are the types of benefits your employee want?
Mind you, being in tune with today’s workforce’s employee benefits, doesn’t take away the ability of organizations to incorporate a blend of company-funded, part company-funded, and employee-funded benefits.
At the end of the day, the organization will reap the benefits in terms of increased retention levels, workforce motivation, and well-being, which in turn means good business.
To answer the question above, we’ve put together some new benefits your employee wants you to choose from or adapt.
TYPES OF BENEFITS YOUR EMPLOYEE WANT
1. Personal Insurance/Cover:
In simple terms, this is a form of insurance/cover that takes care of the employee or immediate family when there are unforeseen dire circumstances like accidents, deaths, etc.
2. Gym Membership:
This type of benefit can either be subsidized or paid in full by the organization. If possible, the organization can set up a gym in the workplace.
3. Paternity Leave and Childcare:
Most fathers with newborn babies always desire to be there to support their wives when there’s an addition to the family.
4. Comprehensive Health Plan:
Most organizations already have some sort of health plan (HMO) coverage. However, most don’t cover areas like surgeries and far-reaching illnesses.
This type can typically be offered as part of a reward or a paid scheme. In terms of the paid scheme, it comes in the form of contributions to the employee’s holiday plan, i.e. financially supporting the holiday plans of the employee.
6. Hybrid/Flexible Working:
Employees now desire to have a better work-life balance, they want to be able to do things remotely.
Adding to the skill-sets of your employee goes a long way in motivating them to perform better.
From the above, you can now understand the new benefits your employee wants. Yes, it is understandable if it is a big deal to take on, you can turn it into a form of negotiation.
The organization can implement some of these benefits to replace salary sacrifice or simply give the employee the choice of picking one or two options.
In all, it should be a win-win situation.