Most employees (56 percent) have used a credit card to pay for medical care at some time in their lives and more than half of them still owe money because of that decision, according to research by CompareCards. Businesses with an employee count of 50 full-time workers or above are legally bound to provide affordable health care options, but those below this have no obligation to do so. even after COVID-19 restrictions were lifted if given the option and just as many would consider applying for a position that is entirely remote when looking for a new job. All of these go some way to lessening the burden of your travel costs. Comment below and join our discussion. How benefits bosses at Zynga, Meredith, the Nashville Public Schools system and the city of Azusa, California, redefined their work perks and offerings during the new coronavirus era, Employees pick perks and benefits over pay raises, PwC ramps up child care benefits for virtual back-to-school, Best tools to support your remote workforce, Facebook raised the bar on employee benefits. Significant expansions have also been made to paid and unpaid maternity, paternity and adoption leave. According to a survey by Glassdoor, more than 60 percent of employees would have liked to. Benefits for pet owners, affectionately dubbed pet-perks, have been growing in popularity. Job applicants look for companies willing to pay for their travel during interviews or for training. In the quest for balance, a lot of employee benefits packages now include support and assistance for family planning. It’s no longer a case of just smartphones and laptops. Many states have passed legislation requiring employers to provide some form of paid medical and family leave, but surprisingly, some states like Maine and counties like Bernalillo, NM are also passing laws mandating paid time off for any reason. Many qualified candidates are just emerging from the education pipeline. Employees can’t perform at their best and aren’t as productive when they’re ill, overworked or distracted because they’re missing something important in their personal life. Top 10 Employee Benefits for 2020 #10 Pet-Friendly Employee Benefits. Benefits brokers have developed solutions to help employees who are struggling to pay down their share of the more than $1.6 trillion in student loan debt and more employers are starting to adopt them as a tool to attract and retain younger employees. Employees rely on a variety of benefits from employers, so making sure you’re offering competitive and desired benefits will help you in attracting talent.” With student debt soaring, more employees are looking for help from their employers to tackle the issue. Nearly 60 percent of employees struggling with mental health said their employer doesn’t offer mental health programs that meet their needs, or that the programs they do offer are too difficult to access or understand, according to a survey by MetLife. One of the more thoughtful benefits is to furnish health and wellness programs. Factors to Consider Before Accepting a Job Offer, How to Find Average Salary Information for US Workers, Employer-subsidized passes for public transport. It’s also gamified, featuring a point-based rewards system where users earn points every time they log in, enter their information into their profile, work with their budgets, read articles and measure their stress. Thankfully, many firms do include paid vacation time as part of their employee benefits packages, on average offering 10 days per year, with some increasing your allowance incrementally in line with your length of service. In recent years, employers have been providing, more professional development opportunities. Whether or not you’re entitled by law to employer-provided health insurance depends on the size of the company you work for. An HRA is a powerful tool for business owners and employees for several reasons: Note: PeopleKeep's software facilitates two different types of HRAs: the qualified small employer HRA (QSEHRA), and the individual coverage HRA (ICHRA). Overall benefits rating: 3.6. The specifics of vacation time vary dramatically across employers, but it’s a benefit that allows you to recuperate without sacrificing your paycheck. Many companies offer discounts and freebies as part of a wider wellness program, with healthy snack options available at no charge and reduced gym membership. The Balance Careers uses cookies to provide you with a great user experience. They can even be deferred further through a transfer into a different type of IRA as well. Specific rules such as allowance caps and discrimination rules apply to each one. Healthy Cafeterias and Snack Machines: Having access to healthy meals, snacks, and beverages can go a long way toward... On-Campus Career Development: Learning is … “For companies to attract top talent and retain them, competitive benefit packages are essential. All rights reserved. In these circumstances, contributions are made annually, when an employee can choose to invest all or part of their bonus or profit share into the scheme. Benefits brokers have developed solutions to help employees who are struggling to pay down their share of the more than $1.6 trillion in student loan debt and more employers are starting to adopt them as a tool to attract and retain younger employees. Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA) are other ways employers can help address the high cost of healthcare and employees indicated programs like HSAs and FSAs would have eased stress and improved their well-being during the coronavirus pandemic in a survey by MetLife. In order to offset the high costs of child care, more employers are starting to provide resource and referral services for childcare, on-site or near-site childcare and childcare subsidies.