A Fresh Look at Employee Benefits

Dave Blankenhorn

Dave Blankenhorn

 

As we enter the coming year you might want to consider some new ideas that might improve the morale and well being of your employees.

One idea is to give some thought to reviewing your employee review methods. Many employers have scrapped annual reviews in favor of more frequent informal supervisor/employee discussions. A survey of millennials by HR provider TriNet found that 69% see their current review system flawed and nearly 90% would feel more confident with more frequent performance discussions with their managers. Of interest 22% have said they call in sick due to anxiety about their upcoming review.

Another idea is to have a renewed focus on benefits. A recent Glassdoor survey found 79% of respondents would prefer new or additional benefits above a pay increase. More specifically they people placed a high emphasis on benefits such as healthcare insurance, vacation, paid time off performance bonuses and paid sick days. Other valued perks are retirement plans and flexible scheduling.

Finally consider promoting the work-life balance of your staff. This will become an even bigger issue as baby boomers retire and the work force gets younger. In a recent study by INSEAD nearly 50% of millennial respondents said they would give up a higher paying job in exchange for a better work life balance. Areas to consider are more work at home options, more flex time, or paid parental leave.

It is always a good idea to continually evaluate and tinker with your employee programs. They are after all your most valuable resource.

Author:  Dave Blankenhorn, Executive Coaches of Orange County, www,ECofOC,org