Something as simple and inexpensive as allowing employees to choose their own work schedule and location, a strategy Birchbox has taken up2, can make a world of difference to parents battling both upcoming deadlines and a preschooler’s stomach bug. While 2018 has been a year of the rapidly-evolving workspace, 2019 will be critical for organisations who wish to offer the best to their people. According to the Harvard Business Review, 88% of job seekers would consider a lower-paying job that offered better health insurance. For parents re-entering the workforce, 12% of companies now have on-ramping programs. ); whether you sponsor or contribute to an employee Health Savings Account (HSA); employee demographics; and location. An increasing number of companies are offering mental health benefits to employees. What will businesses do to deal with these rising prices? The good news? It’s worth exploring organizational costs and strategies for paid leave benefits as the debate plays out on the national stage. Retirement assistance is the benefit employers believe has the most value for employees, second only to health care. Gaming company Activision Blizzard knows the importance of sleep for new parents, which is why they send new parents home with a $1,500 bassinet designed to lull babies to sleep. Companies that offer paid paternal leave understand this benefit reduces the mental and financial stress for employees with families. Research by Paycor found that financial wellness benefits appeal to all age groups. © 2019 Intuit Inc. All rights reserved. Join us October 13-15, 2020, for The Big Week for … The good news is that businesses of all sizes can take advantage of... https://quickbooks.intuit.com/au/resources/au_qrc/uploads/2018/12/iStock-849583250.jpg, The Best Fringe Benefits For Employees in 2019 | QuickBooks Australia, Re-opening Australia – what’s new for small businesses, Determining your optimal order quantities, How to make an invoice template: Free download, The 50 best small business apps organized by what you want to accomplish, How to register as a self-employed business owner. For example, you might pay for an online training course for an employee who wishes to develop their digital media skills—and then have them put their newfound knowledge to work sprucing up your website and social media. Building Your COVID-19 Return to Work Safety Plan, Employee Financial Wellness During the COVID-19 Pandemic, Reducing Employee Burnout During the COVID-19 Pandemic, Preparing for Virtual Open Enrollment in 2020, Challenges of Working From Home During the Coronavirus Pandemic. Choosing the Most Important Benefits to Employees in 2020, 10 Easy Ways to Improve Your Office Culture, 4 Big Employee Benefits Trends for Family Planning. Company officials believe that offering the perk is positive for their employees’ health and personal growth. to help ease the angst over commutes. Request a tour of the discounts nearest your office, in the neighborhoods where your employees live, and in the places where they travel. People are probably familiar with the idea of sabbaticals in an academic setting. The economy in 2019 will be booming, and employers need a robust and modern benefits package to draw people in and keep them happy. Given this data, health care is one of the most valuable benefits to employees. It’s not just big corporations either, 10 percent of employers with 50 or fewer employees offer some sort of fertility benefit (up from 4 percent in 2016). “The growing awareness of LGBT rights has made its way into the workplace, and organizations are adjusting the design of their benefits programs and the language of their diversity policies to be inclusive of LGBT employees and their families.”. Here are some of the reasons perks are essential in the modern workplace. Those benefits include options for telehealth sessions since it is often difficult for many employees to schedule time outside the office to meet with a therapist. Affectionately called “paw-ternity leave,” this policy lets workers take time to bond with their new furry friend. From business ideas to researching the competition. Retaliation Lead to Firing, Do I Have a Claim? They provide unique deals not available outside the workplace, creating a strong retainment incentive, so you are a hero to your people and your boss. We use cookies to ensure that we give you the best experience on our website. By continuing on our website, you agree to our use of cookies for statistical and personalisation purposes. Some companies are, allowing workers to transfer up to five days of paid time off. Companies that wish to attract the best young talent need to consider establishing a student loan assistance program. Top 10 Employee Benefits for 2020: Financial Wellness Programs Are #1, the most stress in the lives of almost 60 percent of employees. The experiment was a success, resulting in a 40% increase in productivity, as well as savings in electricity and printing costs. Flexible work schedules give employees some sort of control over when and where they work. What Benefits Do Employees Want in the New Year? Remote workers are also 13% more likely to stay with their current job for the next five years. Any program that helps your people expand their professional knowledge and ability is a program that will pay for itself over the years with improved retainment and a high-functioning workforce. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Companies can reduce turnover… Employers have been developing solutions to help employees who are struggling to pay down their share of the more than $1.5 trillion in student loan debt. Another variation gives employees a choice between one Friday off every two weeks or one half-day off every Friday. There are a few different ways you can structure your PTO program, but most companies offer, (2) a set number of days per calendar year, or. Pet-friendly perks are attractive to both ends of the age spectrum. Leaders in the freebie benefits sphere include Casper, which gives their employees free mattresses, and Random House, which gives their employees free books. Health insurance premiums vary based on number of employees; types of plans and coverage levels (i.e., Health Maintenance Organization (HMO), Preferred Provider Network (PPO), High Deductible Health Plan (HDHP), etc. Many companies offer freebies and perks related to their brands. You could also look into salary sacrificing opportunities for your staff. Top 10 employee benefits for 2020. Companies can reduce turnover by nearly 140 percent with the right mix of benefits, according to research from Paycor. The Best Employee Benefits for Keeping Workers Happy ... you risk losing top talent to a competitor with better perks. We’re happy to offer a free consultation. Even people without pets enjoy working in a pet-friendly environment. These programs let parents work part-time or flexible schedules as they return. Others use a program that educates other employees about ways they can help coworkers who are dealing with mental health issues. Instead of creating a permanent schedule change, summer Friday policies give employees the day off on Fridays in the summer. Employers can minimize the effects of mental illness in the workplace by identifying work-related risk factors and simplifying access to mental health benefits. Ashley Autry is a Marketing Professional at Access Development. Information may be abridged and therefore incomplete. This page is brought to you courtesy of Access Perks, provider of America's best employee discount programs. Learn how employers nationwide are saving employees thousands on their everyday purchases with America's largest employee discount network. It was the top choice for life stressor across all generations, well ahead of issues with jobs, relationships, and health. It’s not just big corporations either, 10 percent of employers with 50 or fewer employees offer some sort of fertility benefit. The World Health Organization (WHO) estimates depression and anxiety cost the global economy $1 trillion each year in lost productivity. Studies show that productivity increases if employees can flex their work hours. Companies that choose to provide paid family leave have an edge when it comes to hiring. Egg harvesting or freezing, in-vitro fertilization treatments, paid paternity leave and emergency/sick childcare are just a few of the family-friendly benefits growing as part of the larger trend to expand work-life balance policies. But for many employees, it’s not just about the pay check, but rather the benefits. More than 30 percent of employees say their health has been impacted by their financial worries. Flextime can also allow employees to come in and leave early if they have afternoon plans or are going on a trip. Moz.com, which specializes in search engine optimization, has a never-ending cereal bar. Nearly a quarter of U.S. workers have been diagnosed with depression and 40 percent of them take an average of 10 days off from work each year because of their mental illness, according to the American Psychiatric Association (APA). Benefits improve an employee’s standard of living and increase their happiness. Around 13% of companies offer a free or partially subsidized cafeteria. HR trends forecast the most desired employee benefits for 2020 like pet perks, flex work and financial wellness programs. Many businesses are finding it harder to attract and retain talent. For insights into these questions and more, check out the stats below, as we're gathering every relevant piece of data about workplace benefits. More than 10 percent of employees quit because of a. regarding their company’s schedule, commute, flexibility or travel. These benefits can be the deciding factor in recruiting and retaining talent in 2019. Here are some of the recent employee benefit trends we expect to continue in 2020. Retirement plans are one of the most popular perks offered to employees.

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