Changing Secondary Benefits
Competitive salaries, healthcare coverage, and 401(k) are common benefits companies offer employees. But to attract and maintain top talent, employers are strategizing secondary benefits to offer. Back in the day, a secondary benefit would be companies offering certain employees a company car so they wouldn’t have to worry about a car payment, gas, or insurance. But in this modern age, what else can companies offer?
Paid Leave
Robust paid leave policies are increasingly crucial to retaining talent, according to 57% of employers. But this type of paid leave expands beyond the traditional allocated vacation time. Employees are interested in seeing more national holidays recognized (e.g., Juneteenth), sick time separate from PTO, and longer parental leave. In this same survey, parental and maternity leave remain top priorities for both leaders and employees, indicating an ongoing focus on supporting employees with family responsibilities.
Pay Transparency
Applicants want to know the actual pay range for a position before they even apply. Currently, 17 states are required to include pay ranges in postings, and the number of states legally required to do this will increase to 21 by the end of 2025. Even in states where this is not required, applicants will most likely ask about the salary before interviewing. By offering this type of transparency, it lets applicants know how open you are as a company and how communication is handled.
Financial Education and Training
Financial wellness is becoming a popular benefit as it reduces stress related to personal finance and helps employees feel more secure and focused at work. In a survey, 57% of responders want to learn about financial wellness techniques and plan at their own pace. However, they want access to an expert to validate their decisions when it comes to actual implementation. Additionally, 73% of responders said they would be interested in a different employer who cared more for their financial well-being.
Family Planning Assistance
For employees struggling to start a family, it can be a major financial and emotional stressor as treatments can be time-consuming and costly. Helping employees with this goal demonstrates the highest level of care. In fact, 70% of millennials would consider switching jobs to gain fertility coverage. Companies can assist employees by covering fertility treatments like IVF or providing adoption resources and financial support to employees exploring this route.
Certain benefits that were once considered a bonus have now become expectations. As trends shift towards helping employees achieve balance in their lives, its clear secondary benefits have evolved significantly and become a deciding factor for applicants, so it’s important to stay aware of employees’ desires to retain top talent.
