Unconventional employee benefit options

Employee benefits are an important part of any compensation package. They can help attract and retain talent, boost employee satisfaction and productivity, and reduce turnover and absenteeism. However, not all benefits are created equal. Some benefits are more common and expected, such as health insurance, retirement plans, and paid time off. Others are more unique and innovative, such as pet insurance, student loan repayment, and wellness programs. These unconventional benefits can help companies stand out from the crowd and offer something different to their employees.

In this blog post, we will explore some of the unconventional employee benefit options that companies can offer their employees, and how they can benefit both the employer and the employee.

Pet Insurance

Pets are more than just animals; they are part of the family. Many employees consider their pets as their children, and want to provide them with the best care possible. However, veterinary expenses can be costly and unpredictable, especially in the event of accidents or illnesses. Pet insurance can help employees cover some or all of their pet's medical bills, depending on the plan they choose. Pet insurance can also cover preventive care, such as vaccinations, dental cleaning, and spaying/neutering.

Pet insurance can benefit employers by showing that they care about their employees' well-being and happiness. It can also reduce stress and anxiety among employees who worry about their pet's health and finances. Pet insurance can also increase employee loyalty and engagement, as employees feel more valued and appreciated by their employer.

Student Loan Repayment

Student debt is a major issue for many employees, especially millennials and Gen Z. According to a 2019 report by the Federal Reserve, the total outstanding student debt in the U.S. was $1.6 trillion, with an average balance of $32,731 per borrower. Student debt can have a negative impact on employees' financial health and well-being, as well as their career choices and opportunities. Student loan repayment is a benefit that helps employees pay off their student loans faster, by providing them with a monthly or annual contribution from their employer. The amount and duration of the contribution may vary depending on the employer's policy and budget.

Student loan repayment can benefit employers by attracting and retaining talent, especially young professionals who are looking for ways to ease their financial burden. It can also improve employee morale and motivation, as employees feel more supported and empowered by their employer. Student loan repayment can also enhance the employer's brand image and reputation, as it shows that they are socially responsible and committed to helping their employees achieve their goals.

Some examples of companies that offer student loan repayment as a benefit are:

• PwC: The professional services firm offers its employees up to $1,200 per year for student loan repayment for up to six years.

• Fidelity: The financial services company offers its employees up to $2,000 per year for student loan repayment for up to five years.

• Chegg: The online education platform offers its employees up to $5,000 per year for student loan repayment with no limit on duration.

Wellness Programs

Wellness programs are benefits that promote physical and mental health among employees. They can include a variety of activities and services, such as fitness classes, gym memberships, health screenings, counseling sessions, meditation apps, nutrition coaching, smoking cessation programs, and more. Wellness programs can help employees improve their health habits, prevent chronic diseases, manage stress, and boost their mood and energy levels.

Wellness programs can benefit employers by reducing health care costs, as healthier employees tend to use less medical services and have lower insurance premiums. They can also improve employee performance and productivity, as healthier employees tend to be more focused, creative, and efficient at work. Wellness programs can also foster a positive work culture and environment, as healthier employees tend to be more cooperative, supportive, and engaged with their colleagues.

Some examples of companies that offer wellness programs as a benefit are:

• Google: The tech giant offers its employees access to free onsite gyms, fitness classes, massage therapy, nap pods, meditation rooms, healthy food options, and more.

• Zappos: The online retailer offers its employees free onsite health screenings, wellness coaching, fitness challenges, yoga classes, flu shots, smoking cessation programs, and more.

• Salesforce: The software company offers its employees a wellness reimbursement of up to $100 per month for any wellness-related expense such as gym memberships, fitness trackers, spa treatments, and more.

Conclusion

Employee benefits are not only a way to compensate employees for their work; they are also a way to show them that they are valued and appreciated by their employer. Unconventional benefits can help companies differentiate themselves from their competitors and offer something unique and meaningful to their employees. Pet insurance, student loan repayment, and wellness programs are some examples of unconventional benefits that companies can offer their employees to enhance their satisfaction and loyalty.