For small to mid-sized businesses staying up-to-date with the latest benefit trends and news is a great way to review and adjust your employee benefits offerings. With talent retention and attraction harder than ever, a game changer for your business is your benefits package. Implementing these benefits isn’t as challenging or expensive as you might think. Working with a benefits and HR strategic partner like The Capital Group can help your business meet the employee benefits expectations of today’s workforce. Here are five requested benefits to consider to keep your business at the forefront of employee benefits innovation.
According to research from the Federal Reserve and PwC, financial stress costs businesses thousands of dollars per employee in lost productivity each year. Investing in the financial wellness of your workforce can provide a measurable return on investment as well as improving employee happiness and well-being. Setting up a program that includes resources for education and guidance on budgeting, debt reduction, health care, and home purchases is a win-win for employers and their employees.
Student Loan Repayment
In recent years student loan debt has become the second largest form of household debt after mortgages, with a disproportionate amount of it owed by recent graduates entering the job market. An employer’s willingness to offer student loan repayment, counseling, consolidation and matching assistance could considerably affect recruitment and retention.
Employers are recognizing the strong emotional bonds between people and their pets, and that employees can lose as much productivity caring for a sick pet as for a family member. Employer-sponsored pet insurance plans can reduce some of that loss and give employees piece of mind when it comes to their furry friends. However, vetting a plan carefully is important, employees will more likely sign up for a plan that has been reviewed and approved since pet insurance is still a relatively new field.
Identity Theft Coverage
With several major data breaches in recent months, more employers are considering offering this benefit. Teaming up your HR and IT can offer wider protection against identity theft in the workplace, for your employees, and is extra protection against cyber-attacks and data breaches. Identity theft insurance can cover costs of identity theft incident recovery, such as attorney fees, and also provide resolution services to guide you through the process.
Flex Time, Telecommuting
While you probably have considered this option, it’s worth mentioning here because is becoming more and more relevant for job seekers, especially parents. Most in the workforce agree that flexible hours, more work-from-home options, and vacation time, could help give preference to a lower-paying job over a high-paying job with fewer benefits.
How We Can Help
Capital Group consultants can create custom benefit packages that can keep up with today’s evolving and wide ranging work force. We know each business has unique needs, that change and grow over time. We will stay with you each step of the way, and never offer you a cookie cutter solution. We aim to keep your benefits offerings relevant and within your budget so you can worry less and grow more. We can offer assistance with:
- HR Administration
- Financial Education
- Financial Planning
- Pet Insurance
- Identity Theft Coverage
- Cyber Insurance or Other Crime Insurance
- Employee Benefits Packages
For more information about benefit package options and how we can help, call us at (301) 214-7666.