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Work looks different than it has in the past, and your benefits package should reflect that. New generations entering the workforce bring their unique values and needs with them — meaning free snacks in the breakroom may not be enough anymore.
Hiring and retention challenges continue to impact the workplace, so staying ahead of the changing dynamics by giving your team the benefits they’re actually looking for will help you attract the right talent (and keep them around).
Give your team easy pay access
With surging gas prices and rapidly increasing costs in general, employees need peace of mind now more than ever that they can cover necessities before payday. Enter on-demand pay, an emerging trend that gives employees real-time access to the money they work hard for.
Luckily, you don’t have to do anything to make this happen — we did it for you. With Homebase, your team can advance up to $250 of their earned income at any given time. This way, they can avoid overdraft fees and late charges in an easy, stress-free way. We’ll even schedule the payback for them.
Signing up is easy, but the best part is that there are no hidden fees, credit checks, or interest because it’s not a payday loan — it’s simply a hassle-free benefit.
Offer HSA incentives
Employee health and wellness have taken center stage as a result of the pandemic. According to a recent report from International SOS — the world’s leading medical and travel security risk services company — 56% of businesses plan to increase their health support for employees.
An easy way to do this is to offer Health Savings Account (HSA) incentive contributions. An HSA is a tax-advantaged savings account designed to help employees pay for out-of-pocket medical costs and wellness activities. The contributions are tax-deductible, and as an employer, you can choose how much you contribute, from nothing all the way up to the maximum specified in your plan.
They’ve proven to be highly valued since the pandemic, with 77% of employees reporting to HealthEquity in 2021 that their HSA plans gave them peace of mind.
Take a look at this helpful guide from HSA America to learn more about how to set up a plan for your business.
Focus on mental health
An investment in mental health is seen as a high priority by 50% of employees, according to the 2021 Health on Demand report from Mercer. The same report said 42% of employees are more likely to stay at their current job because of mental health benefits.
There are several ways you can promote mental well-being among your employees, starting with an Employee Assistance Program (EAP). EAPs connect your team members with resources for managing stress, depression, anxiety, substance abuse, and more.
These services typically range from $12 to $40 per employee annually and are offered through stand-alone vendors or possibly even your existing health insurance provider. The US Chamber of Commerce has a great guide on how to set one up for your business.
Aside from an EAP, you can also offer:
- Coaching or counseling through platforms like BetterUp and Talkspace
- Mental health vacation days
- Mental health training for managers
- Schedule flexibility
Pave the way for personal growth
LinkedIn’s 2021 Workplace Learning Report revealed that 67% of Gen Z users spent more time in 2020 using its learning platform than they did in 2019, spending 50% more hours watching the online courses than users from any other generation.
To attract and retain younger employees, satisfy their demonstrated desire to learn and grow. Offer personal development funds they can use on educational activities, or even tuition reimbursement — a benefit that a growing number of employers are offering.
A personal development benefit doesn’t have to rely solely on financial support. Set up an employee development program that helps identify goals and builds a path to help achieve them.
Development doesn’t have to be a solo task. Take a look at this article from our friends at Persnickety Prints on how a book club incentive program turned into an engaging program that helps the entire team learn the skills they need to improve.
From on-demand pay to implementing benefits into your payroll practices, Homebase can help. Get started today to discover how easy it is to run a great team.