As employers, we know the reason we offer benefits to employees goes beyond pure altruism, right? We want to attract the best talent and give them an incentive to stick around.
But the look of these incentives has been changing in the past few years and now has expanded to a wellness philosophy very different than traditional insurance and retirement benefits of the past. Today’s employees want wellness in all its forms. Millennials and other workers want financial education so they don’t go broke, career development so they don’t become obsolete and physical wellbeing information so they remain healthy instead of simply treating illness.
Here are some interesting articles that can help your organization recruit and retain the best with an eye toward a new holistic definition of wellness.
Financial Security Benefits Are Now Third Most Popular Offering
“Companies are buying into wellness programs in a big way — especially financial wellness — and offering substantially larger financial incentives to employees and even their significant others to woo them into participating. … [The] eighth annual survey on corporate health and well-being from Fidelity Investments and the National Business Group on Health ... finds that companies are increasingly realizing how financial wellness impacts employee’s overall health and acting accordingly. Not only are some 84 percent of companies now using financial security programs, such as access to debt management tools or student loan counseling ... but financial security programs are the third most popular offering, after physical well-being programs (95 percent) and emotional health programs (87 percent). Employee incentives are also on the increase, with 74 percent of employers including them. … [And] the average dollar amount of such incentives is up — to $742, from $651 in 2016 and $521 in 2013.” —Read more at Benefits Pro
Career Development, Counterintuitively, Helps Recruit and Retain Talent
“Millennials — the ‘pics or it didn’t happen’ generation — chase external validation through online recognition of their achievements. Digital badges and credentials, shared on social media, enable savvy employers to offer currency that younger employees value. Millennials famously eschew the corporate perks that cultivated ‘loyalty’ among their predecessors, but they clamor for education as a benefit. As it turns out, education and retention don’t have to be mutually exclusive — and smart companies are doubling down on next-gen training and educational benefits. ... Virgin Group founder Richard Branson put it this way: ‘Train people well enough so they can leave, treat them well enough so they don’t want to.’ The idea of giving employees credentials with external value to keep them around may sound counterintuitive, but we’re beginning to see that the right types of credentials can have just that effect.” —Read more at Employee Benefit News
Volunteering and Charitable Giving Now Classified by Some as Important Wellness Benefit“The percentage of employers that provide opportunities for employees to volunteer for community projects increased from 67 percent to 79 percent this year, while the percentage of employers offering a matching program to support employees' charitable giving increased from 65 percent to 71 percent. Employers are adding cause-based collection drives, with the percentage of companies offering these programs increasing to 88 percent from 77 percent last year. ‘Over the years, employers across the country have bolstered benefits that contribute to employee well-being. … One of these benefits particularly touches the heart and soul of employees: volunteering,’ Henry G. (‘Hank’) Jackson, president and CEO of the Society for Human Resource Management, recently wrote. ‘This benefit is important to many workers, particularly Millennials, who view participating in community service as part of being a whole person,’ he noted.” —Read more at SHRM
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