The financial industry is well-known for intense work that often comes with long hours and stressful decisions. Keeping employees engaged and excited about their work can be difficult, but benefits are a terrific way to ensure that your top talent remains enthusiastic.
To maintain your competitive advantage for keeping employees as well as attracting new talent — more than 70 percent of employees say fringe benefits will impact future job choice — follow the lead of these standout benefits from across the financial industry.
Health insurance has long dominated the list of employee benefit demands, and that isn’t expected to change as federal coverage changes and the workforce continues to age. What is new in 2019 is the growing demand for value add-ons in the health space, such as health reimbursement arrangements and health savings accounts.
First Busey Corp. in Illinois demonstrates how the industry can personalize these options by offering a health care concierge for price estimates, benefit explanation and help negotiate payments.
It costs more than $1 million to retire at 65, and the majority of Americans are on track to reach it, but employers can help them catch up. The banking and financial services industry has significant institutional knowledge of the products and options that are not only the most popular but also most beneficial to employees at various stages of their lives and careers. Those putting that knowledge to work can create a compelling offer, such as Edward Jones’ retirement plan that includes 401(k) matching and profit sharing.
Paid Family Leave
More than 43.5 million American adults provide care for an adult or child, and their caregiving needs often require them to take some time off of work. Paid family leave programs make it possible for your staff to care for their family as needed. A recent report from the Federal Reserve Bank of San Francisco says that expanding paid paternal leave could play a role in helping working-age mothers reenter the workforce and provide “significant help to employers seeking qualified workers in a highly competitive, low-unemployment labor market.”
Flexible and Remote Work Options
Digital systems and secure Internet connections are making it easier for the financial industry to offer a broader set of workplace flexibility options, from telecommuting and remote positions to flexible hours. Even many customer service options are now able to support flexible arrangements because customers are turning to a higher number of digital tools. Citizens Bank, for example, says it has flexible and remote associates working in or supporting all 1,200 branches.
Employees do not want to stagnate in their position or their career path. Training and development options offered by the employer can help keep their staff engaged and even increase retention while maintaining high efficiency levels. Younger employees may be more enticed by such offerings, as a Bridge survey notes career training and development would keep 86 percent of millennials from looking for a different job. Fidelity offers an exciting mix of traditional classroom reimbursement as well as on-site mentorships, business books and online courses.