5 Trending Employee Benefits
It used to be that people only cared about one thing when applying for a job - money. Potential employees would go to a job interview looking to score the highest possible salary. But now we’re seeing a new trend emerge, especially with Millennial’s and Gen Z entering the workforce, employees are now valuing much more than pay when looking for the right job. They are also looking for great company benefits. Employers are now expected to provide things such as mental and physical health programs, ample vacation and sick days, and even commuting benefits. Providing benefits such as these make it easier for companies to attract and retain the right talent as well as help companies strengthen their company culture.
On site wellness benefits.
The American Psychological Association has found that 65% of people at work cited work as their top source of stress. Of all the companies that were part of the survey, 44% had increased their wellness benefits, these included things such as - CPR/First aid training, standing desks, and company organised fitness competitions/challenges. Wellness benefits designed to help employees reduce anxiety, such as massage, yoga or meditation, wellness coaches or counsellors may help employees manage work-related stress. Implementing a wellness program can also help reduce the likelihood of employees developing four of the ten most costly health conditions - chest pains, high blood pressure, diabetes, and heart attacks. Here at NZME we run two Wellness Week’s a year, this provides NZME employees the chance to get involved in activities that aims to improve their mental and physical health and well being - from healthy lunches, to meditation, or even half marathons!
Companies are beginning to recognise that work/life balance is something they need to start focusing on in order to retain and attract employees, with many companies starting to offer family-friendly benefits to assist employees, their spouses, domestic partners, children and elderly family members. Here at NZME, we provide employees with a generous one-off payment to primary carers when they start parental leave as well as the equivalent of more than nine weeks further paid leave. On top of this we offer eligible primary carers on their immediate return to work two weeks of their accrued annual leave payable at their base rate, and up to two weeks leave for eligible partner around the time of birth or adoption. Benefits that other companies are offering include things such as - Lactation rooms and support services. Read more about the amazing Paid Parental Leave we offer here at NZME!
Flexible working arrangements.
Following on from the family-friendly benefits, more employees are looking for flexibility in when and where they work. Companies have taken note of this with 70% of companies surveyed now offering flexible working benefits, such as telecommuting, flexitime, and compressed workweeks. Encourage work/life balance can result in higher productivity and more engaged employees. For example: Gallup conducted a study that found that employees who work from home for three to four days per week are 33% more likely to feel engaged who work at the office every day of the week.
Loosening of the dress code.
Many companies have already adopted “dress down Fridays”, this trend has increased by 6% since 2017, and 18% since 2014, with 50% of the interviewed companies getting rid of formal dress completely and allowing employees to dress casually everyday. According to Livestrong, loosening the dress code and allowing employees to dress themselves in more casual clothes makes them feel more comfortable, as well as saving them money, increasing their efficiency, and allowing them to express themselves.
Free food and drinks.
We all know that food is the way to the heart, and in order to keep the heart happy and healthy, NZME offers an on-site barista, Friday Lunches and once in a while brings in companies such as the Nut Brothers to fuel our employees. Free food and drinks is the trend with the highest increase, with 95% of companies now offering a break room/kitchen for employees. 81% of these companies provide free coffee, whilst 32% of companies are offering free food and beverages. Providing workers with these ensures that they are eating together, often discussing work matters, and building a stronger company culture. “Full-time employees are more than 10% more likely to dig their jobs when their workplaces provide access to free food” according to Money.