The Most Wanted Employee Benefits [2020]

Company cultures now are not like what they used to be back then. Before, organizations were more results-oriented than they were people-oriented. Now, companies are having a fierce competition in gaining and keeping employees.

One of the best strategies for improving employee retention and overall company performance is knowing and offering what employees are looking for in a company. This is why if you look at top companies, a lot of them offer the most wanted employee benefits. 

By knowing what they are, you can create the ideal results you want for your business. Meanwhile, refusing to adapt can make your organization irrelevant. The problems of today call for modern solutions. 

One can’t expect to have good results in this day and age by using strategies of the past. By adapting and offering the most wanted employee benefits, you not just win the war for people but your company can also experience a massive increase in revenue.

Here are there most wanted employee benefits for 2020:

Flexible Work Schedule

Among the most sought after employee benefits is having a flexible work schedule. Most people now value work-life balance over money. One of the best ways to promote work-life balance is by offering flexible work schedules to the workers.

According to Best Money Moves, more than 10% of employees quit their jobs because of poor work-life balance. Here are other impacts of having a flexible work schedule to the workforce:

  • 59% of employees mentioned that having a flexible work schedule matters the most for them. – CareerBuilder
  • 20% of the respondents from a poll by said that they’ve become more productive after having a flexible work schedule.
  • 73% of employees reported that flexible working hours increased their satisfaction with their jobs. – Zenefits

If this option is viable for your company, strive to offer this benefit to your employees. Here’s a bonus: you can also allow your employees to work remotely. This allows them to have better control with where and when they’ll work.

Studies have shown that employees with remote work have become more productive. According to Smallbizgenius, employees who work remotely for at least once a month are 24% more likely to become more productive and happy.

Financial Wellness Programs

While the prices of goods continue to increase because of inflation, the buying power of employees continues to decline. Another factor of this is the rapid rising costs of healthcare. As a result, money has become the greatest stressor to 60% of employees according to PwC.

School has never taught people financial education. This is another reason why most people are having problems with money. People want to be financially secured and aiding them with financial wellness programs helps employers gain the workers’ loyalty and trust.

It also helps the employers as employees with better mental health are more productive and perform much better than if they are stressed and disengaged. According to a report by Prudential

“financial and physical health are often intertwined, and that employers who help their employees on both fronts stand the best chance of achieving the benefits that wellness programs can offer: healthier, happier, more productive employees whose physical and emotional health may lead to lower rates of absenteeism, fewer delayed retirements, and reduced levels of employee turnover, healthcare costs and employee disability.” 

Offering financial wellness programs is one of the best ways to empower employees and in turn, also boost revenue. 

Student Loan Debt Repayment Programs

The total national student loan debt of America is at an all-time high. At the time of this writing, student loan debt in the U.S. is over $1.56 trillion. Here’s how critical student loan debt is:

  1. It is the second highest consumer debt category.
  2. It’s higher than credit cards and auto loans. 

The graduating members of 2018 had an average student loan debt of $29,200. This is according to the Institute for College Access and Success. This means that after graduation, a lot of people are going to be thinking about paying up their student loan debts. 

Paying up student loan debts can be overwhelming. Some people have even spent most of their lives paying up their student loan debts. With student loan debt repayment programs, companies are able to help out their employees with their student loan debts. 

Here are some examples of how companies can help employees with paying off their student loan debts:

  • Student loan refinance
  • Trade unused vacation days for student loan payments
  • 401(k) tied to student loan payments
  • Getting company stock to pay off student loans

The impact of employee benefits affect the condition of the workers. It’s a major factor for employee retention, engagement, satisfaction, productivity, work-life balance and happiness. 

With a bit of research, you can find that characteristics of top companies include offering the right employee benefits. Offering the most wanted employee benefits show a company’s adaptability and care for the workforce. 

Offering the most wanted employee benefits can be the game-changing strategy that your organization needs. Strive to implement what we shared on our list if you believe your company needs improvement. Start it today.