The Limitations of Standard Benefits
Standard benefits are often assumed by prospective employees to be part of any job offer. While essential, they rarely set a company apart and failing to provide them can be a dealbreaker. Common examples of standard benefits include:
- Health, dental, and vision insurance
- Retirement savings plans with company match
- Life and disability insurance
- Workers’ compensation insurance
- Paid time off (PTO) – at least two weeks, though three weeks is preferred
Because these benefits are widely available, they won’t differentiate your company in a competitive market.
Shifting Toward Competitive Benefits
To attract and retain top talent, companies need to offer benefits that address the full spectrum of employee well-being:
- Physical and mental health
- Professional development
- Financial stability
- Work-life balance and lifestyle support
Competitive benefits appeal to diverse employee needs across life stages, promoting stronger engagement, loyalty, and satisfaction while reducing absenteeism and burnout.
Examples of Competitive Benefits
Enhancing Physical and Mental Health Support
- Expanded health plan options: Offer flexible, comprehensive coverage tailored to diverse needs, including reproductive health services.
- Mental health services: Cover counseling and therapy options and integrate virtual care for convenience.
- Lower employee costs: Reduce out-of-pocket expenses through health savings accounts (HSAs) and flexible spending accounts (FSAs).
- Bereavement leave: Provide time off for employees to grieve the loss of close loved ones.
Boosting Financial Wellness
- Enhanced retirement options: Increase company match contributions and offer expanded investment options and financial planning tools.
- Tuition reimbursement: Help employees pursue higher education or professional certifications.
- Student loan repayment: Offer programs to alleviate student debt.
- Emergency financial support: Create benevolence funds to assist employees during hardships like natural disasters or severe illnesses.
- Stock options: Share company success with employees through ownership opportunities.
Improving Professional Growth and Workplace Environment
- Increased PTO: Go beyond the standard two to three weeks or explore unlimited PTO policies for eligible employees.
- Training programs: Tailor professional development opportunities to individual roles and career goals.
- Commuter benefits: Reimburse parking, public transit, or gas expenses for employees commuting to the office.
- Work tools: Cover costs for mobile devices and home office setups to support hybrid or remote work models.
Promoting Lifestyle and Work-Life Balance
- Flexibility: Offer remote or hybrid work options and flexible scheduling to help employees balance work with personal commitments.
- Exclusive perks: Provide discounts on gym memberships, meal delivery services, or entertainment options.
- Volunteer PTO: Allow employees time off to give back to their communities.
- Pet-friendly benefits: Introduce pet insurance and “pawternity leave” for pet-related responsibilities.
Streamlining Benefits Through EAPs
Employee Assistance Programs (EAPs) offer a cost-effective way to consolidate many competitive benefits into one service. EAPs provide employees with confidential, professional resources for:
- Healthcare and mental health support
- Financial planning and tax advice
- Family, childcare, and eldercare assistance
- Legal guidance
- Life skills development and more
EAPs act as a lifestyle concierge, providing convenience and privacy for employees managing sensitive issues.
Taking Benefits to the Next Level: Family-Friendly Options
To meet the needs of employees juggling caregiving roles, consider family-centric benefits:
- Parental leave: Include adoption and foster leave options.
- Childcare and eldercare support: Offer FSAs or reimbursements to offset caregiving costs.
- Adoption assistance: Help cover adoption-related expenses.
How to Implement Competitive Benefits
- Gather Employee Feedback
Use surveys, focus groups, or one-on-one meetings to understand employees’ priorities. - Benchmark Your Offerings
Compare your benefits to industry standards and identify gaps. - Align Benefits With Company Goals
Ensure benefits support your organization’s vision and growth strategy. - Confirm Budget Feasibility
Choose benefits that deliver the most value for your investment. - Communicate Benefits Effectively
Publicize your benefits internally and externally to maximize their impact. Use employee onboarding, job postings, and social media to highlight your offerings.
By moving beyond standard benefits, companies can become true leaders in attracting and retaining talent. Competitive benefits not only demonstrate care for employees but also create a thriving workplace culture that supports long-term success. Contact Inspire Workforce if you are interested in taking your employee benefits to the next level.
