A recent CBS report pulled together statistics and research from a number of sources – including the Pew Research Center, the U.S. Small Business Administration, Inc. and Business Wire – to paint a detailed and up-to-date picture for employers looking to provide valuable employee benefits and create a healthy work culture.
Starting with the fact that Millennials now make up a larger percentage of the U.S. workforce than any other generation, the report detailed six employee benefits trends to watch:
Work/life balance is vital to Millennials. Some research indicates it is even more important than compensation. For this reason, employers interested in satisfied employees should consider flexible schedules and other ways to break from the typical 40-hours-per-week-on-site paradigm.
The effectiveness of workplace wellness programs is well established by now. The report emphasized that a program tailored to an individual staff can yield massive results – such as reduced healthcare costs, and increased productivity and satisfaction – while building team unity at a relatively low cost to employers.
Employees, particularly Millennials, value being able to learn new skills and perfect current ones. Data shows that if employers can find a way to invest in continuing education, employees become more valuable, more satisfied, and less likely to seek other employment.
A recent Accenture study found that FDA-regulated digital healthcare solutions – meaning any “internet-connected device or software created for detection or treatment of a medical indication” – should save more than $100 billion over the next four years.
Employers looking to participate in this cost savings should find ways to integrate digital healthcare solutions like telemedicine into their benefits plans.
While not all companies or organizations can offer the poshest of plans, “relatively inexpensive fringe benefits and perks like offering public transportation passes, reimbursing your employees for yoga classes and massage sessions, and providing free lunches or snacks” can go a long way when it comes to recruitment of new employees and current employee satisfaction.
Burnout causes 50 percent of employee churn, according to recent data. What’s the solution? Employers should find ways to make more vacation days a substantial part of their offered benefits.
For even more information, see “6 employee benefits trends in 2017.”
Contact Saginaw Bay Underwriters to find out how we can design an employee benefits plan that truly benefits both you and your employees.