Yelling “FIRE” in a crowded movie theater creates chaos —almost as much chaos as it’s acronymic counterpart F.I.R.E (financially independent, retire early) movement is causing online.
The ability to work from home or work remotely is increasingly topping the list of benefits younger generations value. Some companies are even changing schedules so their employees can have Fridays off during the summer months with huge returns on workplace productivity. According to a recent survey, 55% of American companies across industries have instituted a summer Friday policy in 2019, that’s up from 44% in 2018. Thinking creatively about scheduling and treating employees like adults can do wonders for your productivity levels, retention rates and overall employee satisfaction. Plus, a workplace that values life outside of work will go a long way with Millennial employees.
It’s been widely reported that American workers are struggling to save. In fact, 42% of employees said they would go into debt, dip into retirement savings or simply not know what to do if faced with a large, unexpected expense. Offering your employees student loan repayment options or an alternative savings account can help alleviate some financial pressures and help employees feel more comfortable at work and in their lives. Plus, these benefits can help support those looking to make big changes in their life, with an ability to pay off student loans faster, employees will have the ability to put more money away in retirement accounts and savings accounts. And, companies are already hopping onboard. A recent survey conducted by Abbott (who already offers student loan repayment options) found that 60% of adults with debt say that working for a business that assists with that financial burden is a key enticement.
The war for talent continues to rage and employers who start offering benefits that support an alternative workforce with an alternative lifestyle will be ahead of the competition. It isn’t feasible to wait for employees’ mindsets to “go back to the way they were 15 years ago.” With the latest Generation Z entering the workforce, it’s important for employers to continue to develop their benefits offerings to attract and retain the right workers to grow their businesses. Thankfully, HR professionals don’t have to do this alone. Benefits technology is becoming more and more seamless, making it easy to offer new benefits at the right place, at the right time for a changing workforce in a constantly changing world.
Interested in learning more about portable benefits and the nitty gritty to offering benefits to the alternative workforce? Check out our webinar below.