Did you know 60 percent of people report that benefits and perks are a major factor in considering whether to accept a job offer? The most common workplace benefits are those surrounding health, vacation time, parental leave and retirement plans.
Then there are the over the top perks that have become synonymous with companies like Google and Twitter, such as catered lunches, messages at the office and on-site improv classes. While these perks are enticing, they are not sustainable or affordable for all companies, especially mid-size and smaller.
There’s something to learn from these perks. As Google founders, Larry Page and Sergey Brin, brought up in their shareholder letter when taking Google public in 2004, their commitment to employee benefits was to "save employees considerable time and improve their health and productivity." By valuing and showing interest in ways to make their employees’ lives easier in and out of the office, they are more likely to bring their entire selves to work.
Here are just some of the out-of-the-box perks that can set a company apart from its competitors:
Same benefits, new
With the student debt estimated to top $1.5 trillion (and growing), companies are seeking ways to provide their employees with some relief. Earlier this year, insurance company Unum announced their employees can exchange accrued but unused paid time off (PTO) for payments against their student loans.
There’s a balance to strike with a trade of this kind, according to Bill Gimbel, president of LaSalle Benefits. "I'm a big believer that employees need to get out and get away from the office, so it's important to be careful not to incentivize employees to not use their PTO.”
For a different approach, take a look at Abbot Labs. In 2018 they launched a program to aid employees who contribute at least 2 percent of their eligible pay toward their student loans through payroll deduction. These employees can receive an amount equivalent to the company's 401(k) match—5 percent of the employees' compensation—deposited to their 401(k) accounts even if they don't otherwise contribute to their 401(k).
Baby on board
Paid parental leave is a hot topic these days. Only 14 percent of civilian workers have access to the benefit. Varying coverage means caregivers are faced with conflicting personal and professional responsibilities, and as a result, many choose to exit the workforce. So much so that it is estimated that five million people could enter the workforce if employers were to adopt family-friendly policies.
Take a look at Vermont: its workforce and population are aging, and the state has struggled to attract younger workers, which affects its local economy because of diminishing tax revenues and increasing costs. Their solution is to allow infants in the workplace. The policy launched Feb. 1,
If you are worried about disruption, you’re not alone. The Department of Human Resources Deputy Commissioner Dan Pouliot helped create the program and was concerned, too. He spoke to a few like-minded companies who had similar policies and found when babies started to smell, cry, or be fussy, caregivers were quick to relocate to minimize the disruption. Think your employees are going to “ooh and ahh” over a cute baby? Maybe, but Pouliot found the infatuation period tends to only last a day or two.
Support beyond office hours
Everyday tasks, ranging from picking up/dropping off dry cleaning, childcare, and managing personal finances, take time and energy. Life can take an employee’s focus and energy away from work, which impacts a company’s bottom line.
While corporations can’t mitigate every life catastrophe, there are ways to help. Identity theft affected over 15 million people in the U.S. in 2016, costing more than $16 billion dollars. Even more astounding, 30 to 50 percent of identity theft begins at the office. With insurance companies offering inexpensive group packages (costing a mere $2 per employee for Baird), identity theft protection is a growing trend. The benefit to corporations? Companies are also proactively safeguarding themselves against potential data breaches and remove their liability for identity theft stemming from the office.
Financial wellness is another perk to consider. More than a third of employees said finances have been a distraction at work and with 53 percent stressed about money, companies are losing productivity. With a rapidly changing workforce, studies show millennials are not feeling as financially secure as their Gen X or baby boomer counterparts.
Providing a retirement savings plan is a starting point, but over half of all employees are looking to have someone validate their financial decisions. They want access to unbiased counselors to better understand and maximize their benefits. So design a financial wellness program that addresses the core concerns of your workforce, like retirement planning or brokerage account management of employer given stock options, student loan refinancing, or mortgage rate assistance. It could save your company $2,000 per employee if they are in good financial health.
A version of this blog post was originally posted on Business.com.