HR leaders should be offering this now, and if not, at least be planning to do so for 2023
To combat the nationwide staffing shortage and compete for talent, employers are having to increase their compensation and benefits packages beyond the traditional healthcare, dental, vision and 401(k) offers.
Some of these new benefits and perks include work-from-home stipends, tuition reimbursement and pet insurance. Companies are seemingly only limited by their imagination and purse strings. For example, Goldman Sachs, JPMorgan and Citi paid nearly $11 billion in combined additional compensation last year to retain staff, the Wall Street Journal reported.
Meanwhile, Amazon, Ollie's Bargain Outlet, Sheetz and other brands offered signing bonuses to recruits. Little Caesars went one step further by giving new hires in the Detroit area a pair of club, suite or lower bowl tickets to any sporting or entertainment event at Little Caesars Arena or Comerica Park.
Read more: How to build competitive benefits packages
However, there’s one benefit that’s going to especially become relevant in 2022: employee navigation.
Employees are prioritizing their health and wellness, especially their mental health, now more than ever due to the COVID-19 pandemic. After all, they’ve had to work through the fear of being infected with the coronavirus, concern for the safety of their loved ones, and anxiety over the uncertainty of it all.
It’s important for employees to be able to access the resources they need. That’s why there are companies that specialize in providing health care navigation – directing workers to quality doctors for cost-effective care. Tinton Falls, NJ-based World Insurance Associates LLC plans to include it as part of its benefits package in July.
“Navigating the health care system today is extremely challenging, so having clinicians and professionals help me in that situation is a benefit,” Jennifer Barton, North American head of employee benefits at World Insurance, told HRD. “Employers traditionally wrap it into their health care plan, and insurance companies like that, too.”
Learn what other innovative employee benefits HR leaders are offering in this exclusive analysis from HRD America.
