Rethinking the Traditional Benefits Package
Is the traditional benefits package enough? Should we be offering pet insurance or maybe free lunches? If you’ve found yourself asking these questions you are not alone. Organizations of all shapes and sizes are asking them as well. And they are finding out that the standard health, vision, dental, and life insurance aren’t working anymore.
In a tight labor market one way to differentiate yourself from the competition is to offer a variety of benefits and perks. According to a 2017 survey conducted by Glassdoor 57% of candidates reported that perks and benefits are among their top considerations when accepting a job. So what should organizations be offering?
Based on a recent survey conducted by WorldatWork, a total rewards association, here are some of the top new benefits offered in 2018.
- Telemedicine Services
- Elder Care Resources
- Paid Parental Leave
- Disaster Relief Funds
- Unpaid Sabbaticals
- Student-Loan Repayment Assistance
Not all of these benefits will work for every organization. For most non-profits adding some of the above benefits aren’t possible due to increased costs or administrative restraints. So what are non-profits to do? Don’t get discouraged, there are plenty of perks and benefits you can add that cost little to no money. Considering adding the following:
- Flexible Work Arrangements
- Work-From-Home Options
- Organization Branded Swag
- Voluntary Benefits like:
- Pet Insurance
- Identity-Theft Insurance
- Supplemental Insurances
- Fun Team Events
- A Peer-to-Peer Recognition Program
- Employee Discounts for Your Services
The list of perks and benefits can go on and on, but the most important thing to consider when putting together your benefits package is to know what is meaningful to your staff. So don’t do this alone, survey your staff or have a small committee that you run ideas by. Tie them to your mission, vision, and core values; this way you’ll enhance your culture, add value to what you do, and retain good employees.
Remember, it’s not always about the salary. Having a great benefits and perks package can be the deciding factor for a potential new staff to join your team or for a current staff to remain on your team.