Open enrollment is a critical time for companies to showcase the perks they offer to employees beyond regular pay. However, it’s essential to understand the unique benefit needs of your workers and how they may vary from season to season. Promoting rolling benefits catered to employee needs is crucial if you hire seasonally or experience high turnover during certain months.
In this article, we’ll explore some of the best year-round benefits s to attract top talent and improve employee satisfaction throughout the year. The great news is many of these benefits are free or low-cost to implement. Let’s dive in.
Financial strain can affect anyone at any time of the year, and unexpected expenses can make it difficult for employees to make ends meet. For instance, when their car needs new tires, an appliance breaks down, or a loved one requires expensive medical care, these unexpected costs can strain your employees’ finances.
That’s where on-demand pay comes in. Also known as Earned Wage Access or “EWA”, this benefit allows employees to access the money they’ve already earned whenever needed. EWA offers several options for employees to receive their funds. Some EWA providers even offer a handy mobile app that allows employees to access their earned wages on the go.
By providing on-demand pay through EWA, companies can help alleviate financial stress for their employees and provide them with the flexibility and support they need to cover unexpected expenses as they occur.
Employees’ lives, and schedules can change as seasons shift, especially during back-to-school time. By offering shift scheduling flexibility, you acknowledge that your employees’ responsibilities and availability may change. Provide them with the support they need to balance work and personal obligations by giving them access to a portable shift management system that employees can access through a smartphone.
Read: 5 Strategies for Hiring Hourly Workers
Consider buying tickets for local team games for your workers, depending on the season. You could also offer workers discounted AMC tickets to see live performances or summer blockbusters. Providing employees with access to seasonal events not only boosts morale but can also help with retention and recruitment efforts.
Childcare costs are on the rise. The Labor Department recently conducted research across 2,360 counties in 47 states. It found child care prices ranged from $5,357 for school-aged home-based care for one child in small counties to more than $17,000 in 2022 for infant center-based care in large counties.
Offering a childcare stipend can help alleviate the massive financial burden many of your employees likely carry. This is an especially attractive benefit for seasonal workers who need to place their children in childcare while school is out for the summer in order to work.
With historic inflation and rising credit card debt, there’s a growing need for businesses to support their workforces with money management tools. Financial stress can affect anyone at any time of year and is often a key component to lowering people’s moods, confidence, and overall well-being. Millions of Americans struggle to meet livelihood needs, and over 80% live paycheck to paycheck.
Help your employees get on top of their finances and achieve a new level of financial security.
Providing a financial wellness app that gives employees an overview of their finances can help them better understand their spending and saving habits. Additionally, offering free one-on-one financial coaching as part of an employee benefits package shows that the company cares about its employees and can help alleviate financial stress. This can increase productivity, improved retention rates, and reduced healthcare costs.
Offering flexible employee benefits year-round can go a long way in improving employee satisfaction, work-life balance, and overall productivity, no matter when an employee is hired. From providing on-demand pay and shift scheduling flexibility to celebrating holidays and offering childcare stipends, companies can support their employees throughout the year in numerous ways.
It’s also crucial to recognize the impact of financial stress on employees and provide them with the necessary tools and resources to achieve financial wellness. Companies can create a positive work environment that attracts and retains top talent by prioritizing employee well-being and investing in their success.
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