What Else Can You Offer Me?

You’ve updated your resume, found the job, KILLED the interview, and the offer is on the table. So, the obvious next step is to ask about benefits. What do the benefits look like? How many days off will I get? What holidays will I have off? Will I get health, vision, and dental insurance? And Oh – what about that 401(k) thing? But WHY do we ask? What does the Benefit Package really mean to you?

Fortunately, the new workforce is getting better about asking the question for the right reason. We’re starting to recognize and understand what a “benefit package” truly is (By the way – it’s about one-third of total compensation costs). According to a recently issued report by the Society of Human Resource Management (SHRM), an employee’s understanding of their benefits is just as important as what the Employer is offering. And while we think of benefits as “employee” benefits, these can also be rewarding for the companies/organizations providing them.

The Employee/Workforce:

As I mentioned before – the workforce is changing. There are new dynamics, more complexities and higher expectations regarding benefits. There’s been an evolution to a system of VOLUNTARY, employment-based benefits that reflect the innovations in healthcare organizations, market dynamics, social principles, and a demand for work-life balance. These days, it’s becoming more evident that a decision to take a new job or stay at a current one is about more than a salary. It’s about the total package, and that TOTAL PACKAGE contributes to your financial well-being, your physical well-being and your mental well-being.

Do your homework!

Don’t just ask the “grown up” question. Make sure that you take the time to research and discuss what your benefit package looks like. Many times, as employees, we are leaving valuable benefits on the table because we don’t understand or recognize the worth. We’re unknowingly passing up resources that could assist us in reducing financial stress, avoiding money troubles and improving overall financial/health well-being.

The Employer/Workplace:

Don’t get left behind. As the workforce is changing, so should the strategy behind your Employment Benefits. It’s no secret these days that the job market is “Candidate-Driven.” Unemployment is low, and it’s crucial for organizations to adapt to the changing focus and importance of employee benefits both for Retention and Recruitment.

Employees are (and should be) increasingly analyzing the “total package” before accepting a job, and Organizations must engage in Strategic Benefits Planning to maximize their return on investment.

Types of Benefits:

Whether you’re the employee or employer, there are multiple types of benefits to keep in mind. According to the SHRM report, benefits can be placed in the following categories.

A) Health Care Benefits: Almost all organizations offered at least one of nine types of health care plans, and over two-thirds of employers offered multiple types (PPO or HMO).

**It’s important to note that WHEN an employee is eligible is important – immediate coverage, first of month after 30 days of employment, 90-day probation period, etc.

B) Wellness Benefits: These include: Wellness programs, prevention programs, CPR/First Aid training, Standing Desks, etc.

C) Paid Leave Benefits: There’s no shock here, that paid leave is important to overall job satisfaction, but it also helps with other positive workplace outcomes like higher productivity and morale. These benefits include:

1. Vacation benefits to full-time employees (some are offering unlimited PTO)
2. Paid Holidays/Floating Holidays
3. Paid sick leave
4. Personal Days
5. Paid maternity leave, but also: paternity leave, adoption, foster child, and surrogacy; elder care leave
6. Paid bereavement leave, paid jury duty, paid time to vote (and unpaid time off to vote), paid military leave, paid time for volunteering, paid/unpaid sabbatical, etc.

D) Retirement Savings and Planning Benefits: (1/3 of employees say that financial issues are a distraction at work) – 401(k) options, pension plans, Personal Financial Planning, etc.

E) Work-Life and Convenience Benefits (these encourage work-life balance):

1. Flexible working benefits such as, Telecommuting (full-time, part-time, or ad-hoc basis), flextime and compressed workweeks
2. Casual Dress benefits (seen more in non-client/public facing jobs) – every day, one day per week, seasonally, etc.
3. Family-Friendly benefits – Onsite lactation rooms, lactation support services, Domestic partner benefits, childcare/elder care referral services
4. Employee Programs and Services – break room/kitchenette, free coffee, company-paid snacks and beverages, company paraphernalia, annual company outings.

F) Financial and Career Benefits: As part of the Total Rewards package, organizations are offering additional types of compensation in the form of awards, bonuses, stock options, education assistance, etc.; Insurance (life, pet, divorce); Transportation/Car Allowance; Student Loan Repayment Assistance.

G) Professional and Career Development Benefits: It has been noted that these benefits are important to overall job satisfaction, making the “investment” in these services a strong benefit strategy.

1. Professional Memberships
2. Professional development opportunities, certification/recertification fees, professional license application or renewal fees, cross-training to develop skills not directly related to the job, formal mentoring programs, and college selection/referral programs

H) Travel and Relocation Benefits: This is key for employee transfers/new employee relocations. Making travel and relocating less stressful on employees, many organizations offer benefits and other incentives to make these transitions run more smoothly.

 So… What’s trending?

In this changing workforce model, there are a few “trends” that are shaping Employee Benefits. According to SHRM’s report, there are five benefits that have gained traction in recent years that employees CRAVE and that are helping companies attract talent.

1. No traffic? Count Me In! Telecommuting. According to Inc.com, this “work from home” situation is the “world’s smartest management strategy.” Employees can be more productive and successful with this option, and companies can save on real estate costs.
2. Breathe In, Breathe Out – now TYPE. Onsite Wellness Programs. In an effort to help reduce and manage employee anxiety, stress and insecurities at the office, companies are now offering some form of onsite stress management program. While not all companies have this ability, some are offering stress-reduction programs like massage, yoga classes and medication exercises along with wellness coaches/counselors.
3. Philanthropy at its BEST. Paid Time Off for Volunteering. These days, corporate philanthropy extends passed simply writing a check. More companies are giving their employees PTO to volunteer. This creates a belief that the company fosters a better “overall” work environment, thus boosting employee morale.
4. What Dress Code? Company cultures are changing and with that – their dress code (or lack thereof). Business Casual environments and Casual environments are rising trends among offices these days. According to pocketsense.com, more casual dress codes can be beneficial by alleviating the stresses of conformity, expense and discomfort.
5. Fully Stocked and FREE for ALL. Food and Drink in Office. Though this ranges from free coffee and snacks to a company chef, many companies are offering their employees free food and drink in the office. As attention spans shorten and focus becomes an issue, these offerings can provide a quick pick-me-up during that afternoon lull. They also provide the opportunity for employees to interact, eat together, and converse – thus improving and harvesting the company culture.

In a nutshell…

The bottom line – Employment Benefits are A BIG DEAL! As an employee – research, understand, ask questions. As an Employer – research, understand, ask questions. The overall health of an employee is directly related to the overall health of a company. There’s no absolute answer but understanding the cause and effect of these offerings is important.

 

 

 

 

 

Megan Weston, Senior Recruiter