Compensation is an important part of increasing employee loyalty and job satisfaction, both of which drive greater productivity. However, in today’s workforce, “compensation” does not just mean wages; instead, it captures something broader and more robust. Innovative employee benefits that help employees flourish in their personal and professional lives are becoming the new norm, as they can lead to both higher job satisfaction and improved performance at work.
We all know from experience that the best gifts–whether at Christmas, birthdays, or other special occasions–are not the ones that feel like they could have been given to anybody but were bought or made for you. This same logic applies to work benefits. Employee benefits that take into account your workforce’s specific needs within and beyond the workplace show that your company is invested in who they are as people, not just as workers. This, in turn, helps them feel a more personal connection to the company, creating stronger overall cohesion.
Beyond Basic Benefits
“In designing their benefit programs, employers have an opportunity to go beyond market benchmarks and design programs that amplify their values and serve as a central part of overall employee retention strategies,” says Courtney Mohr, the CEO of Selective Search, a premier luxury matchmaking firm that has maintained high employee loyalty and retention rates for over 20 years. “Benefits are an opportunity to show your employees how much you value their contributions and to plant the seeds for fruitful, long-lasting professional relationships. Supporting employees meaningfully in their personal and professional lives affords them the space they need to lean in at work while also helping them get more emotionally connected to their workplace.”
Taking a more personalized and participatory approach is another way to generate real enthusiasm around your benefits program. Collecting feedback from employees on the types of benefits that would be meaningful to them and incorporating this feedback into your benefits programs helps your team feel heard and ensures that your benefits will be addressing real wants and needs. Allowing for some flexibility between different benefits programs is another effective way to tailor your programs to suit your employees’ varying lifestyles.
So, what type of innovative benefits should you offer? Try updated versions of the ‘tried and true’ as well as out-of-the-box opportunities to nurture your employees’ overall well-being. Here are a few ideas:
Investing in People: Win-Win Professional Development Opportunities
One of the major trends driving modern employee benefits programs is the concept of professional development. When employees feel like their organization is truly invested in their career and willing to provide them with the resources to refine existing skills and develop new ones, they are more likely to want to remain with the company. Typically, such programs offer tuition assistance for higher education programs, but it could also be supporting participation in online classes or attendance in an industry-related webinar series. A palpable sense of progress is an extremely potent motivator. In addition, these kinds of benefits can greatly increase productivity by developing a more engaged, knowledgeable, and versatile workforce.
Physical and Mental Wellness Programs
Benefits programs are also an opportunity to invest in employees’ wellness, which has long-term benefits for both of them as individuals and for the organization at large. Helping support employees’ mental and physical health and proactively working to create a healthy work-life balance allows your employees to flourish both within and beyond the workplace. Whether your organization operates in-person or remotely, dedicating space and resources to employee wellness programs can make a world of difference in their lives. These benefits can take the form of gym memberships, dedicated wellness spaces within the office, access to in-person or online mental health services, and much more.
An Outside-The-Box Approach
When it comes to wellness-based benefits, some organizations are taking a more innovative approach. Selective Search, for example, has begun partnering with companies to offer a unique matchmaking services program. The company offers its partner organizations 15% off its elite matchmaking services, which utilize a discrete, personalized, evidence-based approach to helping commitment-minded singles find love. Partners also receive a suite of exclusive features, such as an additional ‘President’s Pick’ introduction (hand selected by Founder & President Barbie Adler), one 30-minute coaching session with Barbie, two months of ‘hold time’ in case the membership needs to be paused, and a professional photography session (including wardrobe consultation) with a Selective Search Photo Development Specialist.
“Studies show that people who have loving, supportive relationships at home often experience greater satisfaction in work and in life, and we hope to empower companies to make a lasting difference in their employees’ lives,” says Mohr. “Many busy professionals do not have the time to date and may worry about the reputational and career risks that may arise from dating missteps. We allow individuals to outsource their dating lives to the experts so that they can focus on dating in a strategic, intentional fashion that fits neatly into the fabric of their lives.”
These kinds of innovative benefits showcase the power of creativity and genuine investment in who your employees are as human beings. When an employee’s workplace not only makes it easier for them to flourish at their job, but in their overall health and personal relationships as well, everyone benefits. After all, work and life are not two separate worlds, but two integral aspects of every person’s life: when you support both sides, you empower your employees to both feel and perform their best.
