Do You Offer Work-Life Benefits to Keep Your Total Rewards Competitive?

WorldatWork defines Total Rewards as including “everything the employee perceives to be of value resulting from the employment relationship.” We break them into three components:

Employer Trends in Total Rewards

·         The low unemployment rate (3.4% in Kent County for January, 2018) is making attracting and retaining talent more difficult than ever.

·         Healthcare premiums are estimated to increase an average of 4.3 in 20181%.

·         Salaries are rising annually with an average cost of living adjustment of 2% for 20182.

With all of these cost pressures on small and medium-sized businesses how can you remain competitive? One strategy many employers are using is to add work life benefits that do not cost the employer much but provide a high value to employees.

Using Work-Life Programs to Retain Talent

There are six areas of programming within the Work-Life umbrella. Each program is designed help employees balance their work and home lives, ultimately improving engagement and retention. These programs will vary in impact depending on your industry and workforce. For very little cost, employers can make a big difference in employee’s lives.

Six Work Life Programs to Make Your Benefits Count

Work-Life programs vary because individual employees have differing interests. Below is a summary of available options. Many employers survey their staff and determine what would be the most popular for their employees.

What Work Life programs would your employees value?

1https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/2018-health-plan-premiums-forecast.aspx

2https://www.ssa.gov/news/cola/

3http://milmi.org/datasearch/unemployment-by-county

 

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Date

March 13, 2018

Author

AXIOS HR

Category

Article Attraction Blog Entries Competitive Insurance & Benefits