Examples of Innovative Employee Benefits Written By Julie Morris
Employers need successful employees. In modern times, this relationship requires much more than salaries, wages, or tips to be productive. Pending personnel intently examine a prospective company’s benefits package to understand which, if any, prerequisites they are eligible for and when. A company’s non-wage incentives can be even more attractive when those programs are restorative and edifying. Explore the new and innovative ways businesses are offering fringe benefits to their team members.
Nutrition and Health
A symbiosis exists between a human’s body and mind — so much so that when one half is functioning poorly, inherently, the other can be incapacitated. Consequently, opportunities for nutrition education and exercising at work supports healthy living for full and part-time staff, bringing harmony to the heart and head. In addition, employers are financing workplace wellness to enhance the economic security of their workers. This has the added effect of higher retention and span of employment.
Many corporate wellness programs encourage fitness competitions between employees to provide fresh motivation. Everyone who signs up for the competition can use a smartwatch or fitness tracker to mark their progress, and each week teams compare the number of steps performed by each person. Research indicates that when companies employ these contests, there is a reduction in the cost of health insurance premiums as well as a boost to employee wellbeing. While a smartwatch may not be necessary for fitness, these tools are beneficial for safe workouts, and employees can personalize theirs with a screen protector or special watch band.
The evolution of employee benefits matches the evolution of the world’s industry. With the advances of manufacturing equipment, laborers quickly discovered that rapidly developing technology was not without risky and often dangerous conditions. In the modern world with fierce competition to fill positions, employee benefits packages have to grow more advantageous to compensate, with possibilities like reimbursements for tuition, phone service, and commuter travel.
Today’s global businesses are elevating the standards for staffing human capital, and benefits are more innovative than ever:
- Full Contact: $7,500 stipend for employees to spend on vacation (one must be off the grid)
- Clif Bar: $500 for staff to purchase commuter bikes
- Zappo’s: private company nap rooms
- SAS: college scholarships for children of employees
To help people remain engaged at work, services are available for employers to simplify and automate team recognition. Each individual on the directory receives a monthly allowance of points exchangeable for gift cards, private lunch with senior management, or any valued honor your firm ideates. Co-workers can also send rewards to each other for celebrating activities like newly hired team members, an intern’s promotion, or gifts for the holidays.
One study indicates that the intentional recognition on the part of employers on behalf of their employees is the basis for employee engagement and loyalty. This action also has the effect of alleviating depression and burnout from stress. Particularly for those jobs that take place in hazardous conditions, rewarding safety is of supreme importance. Chesapeake Energy made the news when it submitted bonuses for the team members who adhered to all the safety protocols, distributing $8 million to more than 6,000 individuals.
Today’s savvy employees look for more than financial compensation when choosing jobs. To retain staff and keep them happy into the future, employers must continue to disrupt established, traditional employee perks by inventing new ones.