64% of Americans are living paycheck to paycheck. Both hourly and salary wage employees are finding themselves financially strained which is increasing stress in the workplace. 59% of employees say they would feel more financially secure if they were offered more enhanced benefits.
Benefits improve productivity and motivation for employees, and 80% of employees even prefer additional benefits over a pay increase.
Financial stress has a negative impact on employees, so here are some benefits to consider offering that match modern employee lifestyles:
Typical benefits package
While benefits vary from company to company, here are some common benefits that many companies provide their employees:
- Medical, dental, and vision insurance
- Supplemental benefits
- Paid time off
These benefits are great for employees, but companies should consider offering innovative supplemental benefits that can help their employees even more with their financial struggles.
Unique perks to add to your benefits package
76% of employees seek out companies that care about their financial wellbeing. In order to retain talented and hard-working employees, it is important for companies to provide their employees with a competitive benefits package.
Adding unique perks to your benefits package will not only pique the interest of applicants, but it will also continue motivating and encouraging current employees to work hard and stay employed at your company.
Here are some perks to consider adding to your benefits package:
- On-demand pay: Many innovative companies are responding to their financially stressed employees by offering Earned Wage Access (EWA). 62% of employees that are offered EWA use it every or every other pay period. 96% of employers say that offering EWA has improved their employees’ sense of finically security, which has helped employers retain employees.
- Flexible work schedule: In a recent Slack survey, 94% of respondents said they wanted a flexible work schedule. Some companies say they have no ability to break free from the 9-to-5 work schedule, but creating flexibility does not have to mean changing work hours. Flexibility could mean allowing employees to take important phone calls during work hours or allowing an employee to leave early on Fridays to pick up their children from school.
- Wellness program: Providing employees with a gym membership or employee assistance programs can benefit your employees in many ways. According to Benefit Resource, wellness programs create higher productivity, improved workplace experience, and lower health care costs.
- Education reimbursement: Many employers that are pursuing a bachelor’s or master’s degree are using their paychecks to pay off student loans, so if your budget allows, consider offering student loan assistance. This will help reduce the financial stress of your student employees and will encourage them to stay employed at your company.
Because the cost of living surged in 2022, the amount of Americans living paycheck to paycheck has greatly increased which is causing employees to suffer from financial stress and mental health. In order to retain employees and encourage them to work for your company, it is important to consider offering innovative benefits to match their modern lifestyles.