Modern Benefits: Did You Know You Can Offer These Unique Plans?
Modern benefits packages need to go beyond not only traditional health insurance benefits, but often beyond supplemental health benefits as well (such as Flexible Spending Accounts or Health Savings Accounts). Benefits that used to be considered an extra perk for employees are now being seen as the bare minimum requirement as employees look for a well-rounded suite of employee benefits from their current, or prospective, employer. However, employers may not know what benefits are out there and what they can offer! Benefits have evolved over time to address employees’ changing needs and priorities.
Let’s explore some of the benefits that could set an employer apart from their competitors. We are going to skip things like flexible work schedules and remote work availability, as not every employer can realistically offer those. But the following benefits are available to most employers as an easy addition to a benefits package.
- Pet-related Benefits
- Pet care benefits are, to no surprise, very popular with pet owners! Offering funds to reimburse expenses related to pet care, pet supplies, and even pet insurance premiums is a fun way to show that you care about your employees and their lives outside of the workplace.
- Education Reimbursement
- Education-related benefits are a win-win for employers. Reimbursement of student loan payments or tuition costs are great ways to attract and retain top talent. There are even plans that allow an employer to customize which programs qualify for reimbursement to incentivize upskilling for your current workforce and make your organization more effective.
- Wellness
- The better your employees are doing outside the office, the better chance they’ll have of succeeding in the office. Wellness benefits cover a broad area that can cover tons of expenses, from things like gym memberships, tennis lessons, and exercise equipment to therapy sessions and chiropractic appointments.
- Home Office Funds
- For employers who do offer remote work, the cost of home office equipment can add up quickly. Show your employees you support them by helping them offset the cost of working from home with funds for computer equipment, home internet costs, and more!
- Recognition and Reward Accounts
- Implement employee recognition programs, including bonuses, awards, or other incentives to acknowledge and appreciate outstanding performance.
These are just a handful of examples of modern benefits that exist beyond traditional accounts like FSA, HSA, and HRA. There are many other benefit options out there to boost an employer’s benefits package, and BASIC makes it easy to offer those benefits without headaches or stress. In fact, we offer dozens of benefit accounts, including our Fringe and Lifestyle accounts like the ones mentioned above, all on a single state-of-the-art benefits platform. If you’d like to see just how easy it is to refresh your benefits package and give your employees the best way to access benefits available, request a proposal from BASIC today.
