In a high-paced hiring market like today, employers must offer a comprehensive benefits package to attract and retain employees for 2022 and beyond. Gone are the days when potential and current employees just want traditional health insurance and retirement savings plans. Employees now have higher expectations of their employers to help and support them in other areas of their life beyond just a paycheck. Expectations now include additional paid time off, tuition reimbursement, and other perks.
To stay competitive, employers must offer modern HR benefits that include a mix of financial and non-financial elements. By providing modern HR benefits, employers can show employees that they value their well-being and are committed to supporting their long-term success.
Have a comprehensive benefits package
A complete benefits package can include a variety of perks and incentives beyond traditional health insurance and retirement savings plans. For example, some employers offer employee assistance programs (EAPs), which provide confidential counseling and referral services for employees dealing with personal or work-related problems. Other expected benefits include flexible spending accounts (FSAs), which allow employees to set aside pre-tax dollars to cover healthcare expenses. Employers can attract and retain top talent by offering a modern HR benefits package while helping employees stay healthy, happy, and productive.
Contributing to your employees’ retirement saving plans
Employers that contribute to or sponsor their employees’ retirement plans offer matching contributions up to a certain percentage to help with their employees’ retirement goals. This contribution is an attractive way for employees to save for their retirement, knowing that they have the additional financial resources from their company to reach their goals faster. These types of plans can provide peace of mind, reduce stress, and ultimately allow your employees to be happier and more satisfied at work. Offering this benefit will show your employees that you are committed to their long-term success in 2022 and beyond.
Tuition reimbursement
Tuition reimbursement is a big incentive and a great retention tool for companies in 2022 and beyond. This modern HR benefit comes with many perks for both the employee and the company. First, it helps to attract and retain talent. Employees allowed to further their education are more likely to stay with the company and may be more likely to be promoted. Second, it helps to ensure that employees have the skills and knowledge they need to be successful in their roles. They will be better equipped to contribute to the company by increasing their knowledge and skills. In addition, it can help improve employee morale and motivation, which are important for productivity. From a bottom line perspective, businesses save money in the long run by reducing turnover and training costs while also having a tax-deductible expense. It is clear that tuition reimbursement is a modern and valuable benefit for companies to offer.
Paid parental and elderly care leave
In today’s economy, more and more families are finding themselves in the position of having to juggle work and family responsibilities. Companies can help employees balance their work and family responsibilities by offering paid parental or elder care leave. This type of leave allows employees to take time off from work to care for a young child or elderly parent without losing their income. Paid parental or elder care leave can also help reduce absenteeism and turnover and improve morale and productivity while also being a valuable tool for promoting gender equality in the workplace. Businesses that provide paid parental or elder care leave commit to supporting their employees and families for today and in the future.