What Might Be Missing From Your Employee Benefits
August 28, 2019
U.S. unemployment has plummeted to its lowest rate in decades. That means it’s more challenging than ever to attract new employees to fill your job openings and to retain talent. As a result, many employers are investing in their employee benefits offerings as a way to make their businesses stand out in the job market.
One recent survey found that over one-third of organizations have increased their benefits offerings in the last 12 months. With open enrollment almost here for many employers, we’ve compiled three suggestions that could make your employee benefits even more enticing for current and potential employees.
Increasing traffic congestion and the time-consuming work commute can take its toll on your employees. Nearly one-quarter of all employees say they have left a job because of a bad work commute. And researchers have found that the more time your employees spend driving to and from work, the unhappier they are.
Offering Commuter Benefits is one of the most effective ways to boost retention and recruiting. And it’s a great way to differentiate yourself from the competition in the job market, since only 13 percent of employers offer them. Commuter Benefits encourage your employees to avoid the often-stressful drive to and work by instead letting them save on eligible mass transit, vanpooling and parking expenses. These plans are especially appealing to millennials, since 67 percent of them say they own a car because they need one and not because they enjoy having one.
Lifestyle Spending Accounts (LSAs)
Your employees’ health and financial wellness can have a big influence on their productivity and happiness. Lifestyle Spending Accounts (LSAs) have emerged as one of the latest benefits trends, with a focus on improved employee wellness. LSAs are completely customizable, letting you determine how often funds are distributed into their accounts and what types of purchases are considered eligible. Some common eligible expenses include:
- Gym memberships
- Athletic clothes
- Fitness trackers
- Student loan repayment assistance
- Professional development classes
High-Deductible Health Plans (HDHPs) and Health Savings Accounts (HSAs) give employees an opportunity to save money on their insurance premiums and with an HSA’s triple-tax advantage. Offering an HDHP and HSA is pretty common, with 70 percent of large employers offering an HDHP in 2018. Employees often embrace these plans once they gain experience with an HDHP and build up their HSA balances.
That’s why HSA Advance is a smart way to attract talent. With HSA Advance, your employees can use future HSA contributions before they’ve built their balances, which gives them time to get comfortable with an HDHP’s deductibles and to learn more about how to get the most out of an HSA’s savings and investment potential.
Would you like to learn more about how you can offer a Commuter Benefits plan that meets the needs of the modern work commuter (and saves you money)? Complete the form below to get your free white paper.