Getting Creative Can Attract Talent

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With unemployment for college-educated people age 25 and above at just 2.2%, it’s been a long time since we’ve seen a jobs market this tight. To attract and retain workers in this environment, growing companies are offering more than just competitive health benefits, and this is especially true for smaller companies forced to compete with larger companies.

Executive search firms have shared examples of employers going above and beyond their health plan by offering additional compensation to cover a candidate’s projected out-of-pocket medical expenses going forward. Technology-related firms in competitive markets are adding wellness benefits like on-site clinics or pre-arranged access to nearby fitness centers. For early to mid-career employees, companies are expanding their family leave or flex-time policies to provide easier transitions for young parents returning to work.

Flexibility and More

Whether it be more paid time off or arranging your work day to meet outside demands on your time, flexibility is becoming increasingly important, especially when you’re dealing with millennials or X-ers. Equally important to young workers is the culture present at an organization and the opportunity to make a difference – to know that what they are doing is helping their community or the world at large.

From unique apprenticeship programs at manufacturing and industrial companies to help with retiring outstanding student debt, more employers are looking for creative ways to gain an edge that will appeal to qualified, prospective employees. In a really tight job market, it pays to be creative.

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Is it Time to Offer a Financial Wellness Benefit?

Healthcare CostsStudies show that regardless of age, few employees consider financial wellness in terms of retirement, leaving them vulnerable to serious financial difficulties in later years. When surveyed, employees of all ages named “freedom from financial stress and debt, enjoying life and being prepared for emergencies” as their ideal state of financial wellness.

While the definition of financial wellness benefits and best practices vary widely, one thing is certain – employees and employers are being negatively impacted by financial pressures and widespread financial illiteracy. A PricewaterhouseCoopers study shows that more than 40% of employees spend three hours of their work day dealing with personal finances. Be it insufficient retirement planning or struggling to make ends meet, employees across a wide spectrum of industries are in desperate need of help.

Meeting Employee Needs

The good news is that financial wellness programs are on the rise. One insurance company, in fact, expects the number of plan sponsors offering such a benefit to grow from 17% to more than 50% over the next five years. And while many employers are uncertain as to what a program might include, most agree that financial wellness is not only good for the employee’s holistic health, it creates a very positive outcome for the employer as well.

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Student Loans and Standing Desks

healthFinancial wellness, standing desks and other wellness strategies are high on the list of benefits trending upward in 2018. According to the Society for Human Resource Management, a growing number of organizations are offering programs to help employees improve their financial well-being. Some companies are providing debt counseling and help with repayment of student loans. Standing desks are becoming very popular, with a growing number of companies offering them to employees as a new wellness benefit.

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