To demonstrate financial dedication to staff, firms are coming up with novel twists to pay and benefits. Some degree of health insurance subsidy and 401K contributions are now commonplace. Employee stock options and profit-sharing are gaining popularity because a sense of ownership motivates employees to work harder toward profitability. Fully funded health insurance has a higher value, as do options for dental, vision, and life insurance. Roy, having observed much staff discontent with rigid benefit offerings, advises his clients to exercise more flexibility. Employees with working spouses may not need health insurance, for instance. Entry-level staff may have no interest in life insurance but prefer a higher salary to help pay off student loans. “Why not have a buffet of benefit options?” Roy suggests. “People could pick what they want and really be happy because they picked it. Maybe firms could offer the option of switching packages every year as family situations change. A lot of turnover wouldn’t happen if firms had better options.”
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