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31 Jan 2020

Employment Benefits for New Hires in 2020 and Beyond

Post by Kaylee Barnes

Starting your first job can be scary. You don’t know what to expect and you don’t know what’s a good number when it comes to the salary or employment benefits.

That said, in this day and age, companies do not only provide a paycheck at the end of the month but also deliver more in the form of employment benefits.

Employees deserve employment benefits for a variety of reasons. They put in a lot of time and effort into making your business a success and deserve to be compensated. Since new hires tend to jump ships more often, companies should especially look into the benefits they provide the freshest talent and make efforts to retain them.

Top Employment Benefits

Here are some employee benefits that you can start offering to retain your new hires.

Healthcare benefits

Healthcare benefits have been a staple for years now but 2020 marks a point where employee stress levels are on the rise.

The World Health Organization (WHO) estimates that depression and anxiety cost the global economy $1 trillion lost in productivity every year. Fortunately, that is changing in 2020, and it is estimated that counseling for common mental health issues in workplaces will result in an increase in productivity.

Providing employment benefits and health insurance can also keep mental health issues to a minimum, resulting in increased productivity and revenue.

Student loan repayment

Student loan repayment is one of the most common issues that fresh graduates face.

In an article on CNBC, it was revealed that the average student loan balance for Millennials was $10,600, more than twice the average owed by Gen X in 2004.

With the rising cost of education, companies have started to offer their employees various methods to repay their student loans. Companies are also looking into provide flexible payment methods to help them pay off faster.

‘This financial burden impacts employees and dependents”, says Paul Wolfe, Senior Vice President of Global Human Resources. As a result, more companies are providing solutions to help employees with their student loan balances and so should you.

Helping your employees repay their student loans will also be seen very positively and might be the reason why your employees want to work with you for longer.

Flexible schedules

Flexible working hours are important for new hires. It gives them a sense of control over when and where they work. Remote working has also been popular in recent years and is often associated with increased productivity.

Employees with better work-life balance also tend to work better. There is a level of trust between the company and the employee. Flexible schedules and the option to work remotely also allows employees to be there for their friends and family when it matters the most.

Transportation benefits

Companies should capitalize on this providing free transportation to attract and retain talent in a tight market. Not only it is a better way to market yourself to the people but also helpful for new employees who use means of public transportation to go to work. Additionally, since transportation takes a significant chunk of people’s salaries, they will appreciate the gesture.

Paid leaves

Most of the newly hired employees live paycheck to paycheck without a savings account to fall back to if the going gets tough.

Unfortunately, a large percentage of low-income employees do not have any paid leaves. You can, however, take a step in the right direction and make paid leaves a part of the package you offer both new and old employees. Granting your employees paid leaves also goes to show that you respect their time and commitments and want them to take a break every now and then.

401k Plans

401k plans are nothing new in the business world, however, the quality of the 401k plans is still wanting in most companies. Providing a competitive 401k plan, much like the Fidelity 401k plan, is necessary, since it instills confidence in the employees, with regards to their finances. It can also improve employee morale and increase employee retention.

Financial wellness programs

A report published by the Bank of America shows that 53% of companies now offer financial wellness programs to their employees. Research by Paycor also found that financial wellness benefits appeal to all age groups.

The right financial advice and access to financial wellness programs are bound to help you retain new hires for longer. In fact, since financial wellness programs are one of the best employment benefits out there, you can also start attracting more talent from far and wide.

Conclusion: Better Employment Benefits

By offering these employment benefits, you can ensure that new hires see your company as one that’s progressive and one that they want to work at for years to come.

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