Employee benefits play a pivotal role in maintaining a strong workforce. While most companies offer conventional perks like paid time off, health insurance, and retirement plans, there are numerous innovative benefits that can set your business apart from the competition when it comes to attracting top talent and keeping your employees engaged.
At Paper Trails, our job is to give you the necessary tools that provide you a competitive advantage in the marketplace. By exploring some non-traditional benefits that you can offer, you should be able to position your business ahead of your peers which will help in your hiring practices. By the end of this article, you will know which fringe benefits are important to employees and why you should consider them. Let’s explore some of the most exceptional non-traditional employee benefits available.
Top non-traditional employee benefits
There are numerous benefits employers can offer employees to increase productivity and improve employee retention. Some of the top non-traditional benefits include:
- Wellness stipends
- In office day care
- Flexible scheduling
- Educational reimbursements (Section 127 plans)
- Employee Incentive Programs
Let’s take a closer look at each of these benefits.
Wellness stipends
Boost employee morale and enhance productivity with wellness stipends. Show your team how much you value their well-being by providing them with exclusive access to a wide range of wellness benefits. From state-of-the-art gym or sports club memberships to rejuvenating massage or therapist reimbursements, a comprehensive wellness program can work wonders for employees and employers. Additionally, health coaching services will empower your employees to make positive lifestyle changes, while telemedicine ensures that they have convenient access to professional medical care. These enticing benefits offer a holistic approach to physical, emotional, and mental well-being, creating a positive and thriving work environment for your valued employees.
In office day care
This incredible opportunity can greatly benefit employees with young children. Day care expenses can often be overwhelming for parents, resulting in the need to work remotely or not work at all. By providing on-site day care services, parents can focus on their work with peace of mind, knowing that their children are just a stone’s throw away. Moreover, this solution offers a significant financial advantage for employees, eliminating the need for employers to consider regular raises or bonuses to offset day care costs.
Furthermore, with on-site day care services, employees can save valuable time and energy that would otherwise be spent commuting to drop off and pick up their children from external day care facilities. This convenience allows parents to have more quality time with their children before and after work, fostering stronger family bonds.
By offering on-site day care services, employers demonstrate their commitment to the well-being and work-life balance of their employees. This can attract top talent and enhance employee retention, as individuals are more likely to stay with a company that values their personal needs and provides a supportive environment. Overall, the introduction of on-site day care services not only benefits employees with young children financially but also promotes a positive work culture, strengthens family ties, and enhances employee satisfaction and loyalty.
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Flexible scheduling
A flexible work schedule goes beyond the traditional 9 to 5, 40-hour work week. It offers your valued employees the opportunity to truly customize their shifts and adjust their arrival and departure times. Whether you have a long commute, need to care for your children at home, or work long hours, this perk is designed to cater to your specific needs.
Not only does a flexible schedule provide convenience, but it also fosters employee engagement and retention. When employees have the autonomy to structure their work hours according to their specific needs, they feel more empowered and valued. This empowerment leads to increased productivity, job satisfaction, and ultimately, better retention rates.
Educational reimbursements
By offering Section 127 plans, employers can make a significant impact on their employees’ lives by covering their student loan payments and qualified educational expenses. Eligible employees have the opportunity to receive up to $5,250 every year for their educational needs each year. This amount is excluded from their taxable income. This means that your employees can enjoy the benefit of not having to pay federal or state income tax on this amount, providing them with extra financial relief.
By implementing educational expense reimbursement, employers can also foster a culture of continuous learning and growth within their organization. This is an excellent way to encourage employees who are eager to further their education and enhance their skills. It shows them that you value their personal and professional development, which can lead to increased motivation, loyalty, and productivity.
Employee Incentive Programs
Employee motivation and productivity are key factors in the success of any company. By providing incentives to encourage your employees to achieve better results and acknowledging their efforts, you not only boost their morale but also create a positive and dynamic work environment.
Rewards such as bonuses, valuable gift cards, and additional paid time off serve as tangible tokens of appreciation to motivate your team to go above and beyond their regular duties.
Furthermore, with this approach, not only will your employees benefit from the rewards, but your business will also reap the advantages. Improved productivity, increased employee loyalty, and higher job satisfaction are just a few of the positive outcomes you can expect to see.
And there you have it, a glimpse into some of the extraordinary non-traditional employee benefits that have the power to elevate your organization. By carefully considering these offerings, you have the ability to enhance both the productivity and job satisfaction of your valued employees. Ultimately, this will pave the way for a stronger bottom line and greater success for your business.