Healthcare and 401(k) Match? It’s Time Your Company Offered Unique Benefits to Employees.

By Stephen Sellner | Citizens Bank Staff

The job market continues to be strong, which makes attracting top talent to your company more competitive.

What’s your company doing to stand out from the pack?

Prospective employees are looking for benefits beyond the traditional ones, like healthcare and a 401(k) match. And as a key decision maker about what innovative benefits your company offers, you have the power to make your organization and job postings more appealing to top talent.

With that in mind, what modern benefits could your company offer to be competitive in the hiring market? Here are the top five emerging benefits, according to a 2019 Employee Benefit Adviser survey:

1. Student loan assistance

This is the top benefit on companies’ radars, and it’s not hard to understand why. Student loan debt continues to be a hot-button topic for millennials and Gen Z workers, who will soon make up 58% of the workforce.

Student loan assistance — currently offered by 12% of companies, according to Employee Benefit Adviser¹ — can be gifted in one of two ways: as a monthly contribution with a lifetime maximum or a one-time bonus, or getting a promotional education refinance loan offer in which a small percentage of employees’ refinance loan principal is forgiven.

2. Health, fitness, and wellness incentive programs

Wellness programs are becoming more commonplace, with 65% of companies having a program of some sort¹. However, a good portion of those companies are updating their plans, presumably to make them more competitive now that it’s becoming more of the norm than a differentiator.

This benefit is a great opportunity to help your employees be the best versions of themselves. Plus, healthy workers should result in fewer healthcare costs and less sick time taken.

Note: On-site gyms are also an emerging benefit that some employers are planning to offer as part of 2020 enrollment.

3. Financial credit management

Credit is a huge part of one’s financial future, especially when it comes to buying a car or home, or refinancing your student loans to a lower interest rate. Offering credit management can help prime your employees for success, especially Gen Z employees who might not yet have much of a credit history.

Credit management is currently offered by 30% of companies.¹

4. Identity theft protection

Looking to offer peace of mind to your employees? Identity theft protection as a benefit could do just that. Currently, 36% of companies offer this to employees.¹

Sadly, large-scale data breaches are popping up in the news, particularly the 2017 case of Equifax. By offering identify theft protection, you can show your employees that you’re looking out for them and their futures.

5. Telemedicine

Thanks to telemedicine, you no longer have to go to a hospital or doctor’s office to seek medical consultation. You can connect with a medical professional through your phone, tablet, or computer for minor illnesses or common health conditions like burns and rashes.

Making telemedicine available as a benefit shows your employees that you’re trying to add some much-needed convenience to their lives. Plus, with increased usage of telemedicine, it could potentially decrease employer costs over time, according to Employee Benefit Adviser.

Seventy-five percent of companies are already including telemedicine as part of their benefits packages.¹

Are you ready to update your benefits offering?

Citizens Bank can help your company upgrade its benefits offerings. Learn more about our student debt solutions for employers and help attract the next generation of young professionals.