Non-traditional versus traditional employee benefits
Traditional benefits are typically medical and health-related, life insurance, and pension contributions. Non-traditional benefits include newer financial incentives, like identity theft protection, childcare assistance, financial counseling services, as well as workplace benefits including access to healthy food and on-site sports facilities.
Employers are relying more on voluntary benefits to build the sturdy employee benefits programs that help them recruit and retain employees. Even though they have to pay for most or all of the premium, voluntary benefits are popular with employees because they can customize their benefits package.
Many traditional voluntary benefits are becoming standard, so we are seeing an increase in the offering of non-traditional voluntary benefits. These out-of-the-box offerings are providing programs that take a holistic approach to employee wellness and are attracting younger job seekers, retaining older employees and providing a good return on investment.
Employees are becoming more interested in over wellness, taking the time to understand that their health is dependent on many aspects, including work environment and lifestyle. Forward-thinking organizations are taking the relationship between employee health and satisfaction into account when determining which non-traditional packages will best suit their employees’ needs while benefiting their business.
The most popular non-traditional voluntary benefits will likely be financial wellness-based.
According to research, many employees are struggling financially. The stress from financial concerns admittedly causes them to be distracted at work. Non-traditional voluntary benefits that improve employees’ financial wellness are the ones that more employers will offer and the ones in which more employees will participate. Researchers found that flexibility and office perks are key to retaining millennial talent. Non-traditional benefits promotes the employee’s happiness and increases productivity. Many companies are moving beyond traditional employee benefits and offering more non-traditional perks to improve loyalty and retain talent.
