Employees today expect their employers to offer benefits that go much further than addressing their physical health. They’re interested in programs that can address mental, financial, and spiritual health, too.
That’s probably not a news flash to anyone whose workforce is increasingly made up of younger workers. But what might be eye-opening is the fact that big gaps remain between what employees value and what companies are delivering.
That is one of the many findings in a recent Deloitte survey that urges companies to do more to provide personalized employee rewards at a time when the labor market is as tight as it’s been in decades.
How can you do that? Can you do it on a budget? What are other organizations doing to rethink their benefits programs? Here are of the ideas in the consultant’s study:
Student loan support is one of the most highly regarded well-being benefits, it said in its report.
More companies are giving employees days off to volunteer their time to help them feel a greater purpose at work.
Companies increasingly are adopting paid parental leave.
Others, meanwhile, are developing policies that embed wellness into their culture. Well-being benefits are particularly important to younger employees. Millennials, who now make up more than half of the workforce, spend almost twice as much on “self-care” as baby boomers do.
This has fed the growth of apps for mindfulness, cognitive-behavioral therapy, and online personal and professional coaching, all of which are also available as employer programs.
In other words, employee well-being is now a business imperative for organizations hoping to become or retain their position as leading, high-performance companies.
About the Author
Lon is the former publisher of the Colorado Springs Business Journal and Colorado Springs Military Newspaper Group.He has served in leadership roles at various newspapers in Iowa, Florida and Wisconsin. Lon received his Bachelor of Arts in Communications from the University of Wisconsin, Eau Claire and attended the Kellogg Graduate School of Management at Northwestern University. Earlier in his career, Lon spent several years as a sea captain and held a 100-ton Coast Guard license. Lon is a former rugby player, referee and administrator and now coaches under 13 year old kids. Lon has served on the boards of numerous community and business organizations including Colorado Springs Leadership Institute, Peak Venture Group, CS Quality of Life Indicators Business Index Committee, Junior Achievement and is a member of The Colorado Thirty Group. Lon was given the “Making the Pikes Peak region a better place to live work and play” award by the CS Chamber of Commerce, was the VFW Post 1’s business citizen of the year.