The current tight job market has organizations looking to stand out from the crowd. Job hunters are frequently weighing multiple job offers and have come to expect health coverage and retirement savings options as part of the benefit offerings. Employers are finding they need to differentiate themselves from competitors in the marketplace. One way to do that? By offering highly valued employee benefits that speak to the unique demands of their specific workforce. With the right benefits package, employers not only attract and retain talent but also boost overall worker morale while reducing employee absenteeism and stress.
Employers should look at the needs of their workforce, making note of their life stage. Benefit packages can be designed to help future and current employees feel like their employer is supporting their needs. This in turn relieves stress, builds loyalty and increases productivity. These unique benefits can be a key ingredient in defining the company culture.
1. Autism Treatments
Parents of a child on the autism spectrum face a host of unique needs, including special care or therapy. Some states now require insurance carriers to provide coverage for autism treatments, but the requirements don’t extend to all states or any self-funded plans. Autism treatments are covered by 58% of employers.
2. Emergency/Sick Child Care
For working parents, a sick child or a closed daycare can be extremely stressful. Employers that offer a backup care benefit provide peace of mind to their employees while preventing workplace disruptions. Emergency/sick child care is offered by 7% of employers.
3. Funeral Planning
The death of a loved one is never easy for an employee. Employers can help by offering funeral planning services to support workers in this difficult time. Funeral planning is offered by 6% of employers.
4. Genetic Testing Services
For employees with a family history of specific medical conditions like cancer, genetic testing can be a valuable and life-saving benefit. Genetic testing services are covered by 17% of employers.
5. Identity Theft Insurance
Identity theft insurance covers costs related to reclaiming your identity and repairing your credit—an overwhelming and time-consuming process that contributes to employee stress and absenteeism. Employers that offer identity theft insurance can help employees’ if they are a victim. Identity theft insurance is offered by 10% of employers.
6. In Vitro Fertilization (IVF) Treatments
For workers who face fertility struggles, IVF coverage can be a highly coveted benefit. Employees who have access to fertility benefits may actually have overall lower health care costs because they make decisions with their doctors based on medical best practice—not financial concerns. IVF treatments are covered by 17% of employers.
7. Leave Donation to Employees in Need
Employers may want to consider offering the feel-good benefit of allowing employees to donate time off to their fellow employees in need, such as a colleague facing an extended medical leave of absence. Leave donation is allowed by 24% of employers.
8. Student Loan Repayment
Student loan repayment as an employee benefit is a relatively new idea, but interest is growing fast! Not only can organizations use it to attract talent, but it can help boost morale and relieve the financial stress of employees. Student loan repayment is offered by 4% of employers.
For employers looking to reduce costs while providing a benefit their employees value, telemedicine can be a great addition to their benefits offerings. It provides workers with access to quality and timely care, often reducing the amount of time they need to be away from work. Telemedicine is offered by 54% of employers.
Data cited above is from the International Foundation report, Employee Benefits Survey: 2018 Results, which examines the entire spectrum of benefits today’s employers are providing, including the highly valued employee benefits listed above.
Julie Stitch, CEBS, is the Associate VP of Content at International Foundation of Employee Benefit Plans.