Employee benefits are a crucial factor in attracting and retaining top talent in organizations. In today’s competitive employment market, a well-designed benefit package is essential. Employers provide benefits to their employers because it leads to happier and more productive workers and ultimately help the organization thrive. When employers provide their employees with great benefits, it increases employee loyalty and dedication; it also encourages employees to do their best work. Employee benefits are an important element of compensation packages (Martocchio, 2020). It is also very important to offer the best innovative benefit practices in organizations as well. These benefits are incentives or perks offered by the employer that are over and above the employee’s salary. For organizations to remain competitive, employers should offer incentives that go beyond compensation and standard or traditional benefits.
Traditional benefits such as; retirement, dental, vision, health and disability insurance are common benefits employers provide for their employees. They also provide innovative benefits to meet the various needs of their employees. Innovation is vital in organizations when employers are trying to differentiate their organization from competitors. It is very important to implement the best innovative benefit practices in organizations. An innovative organizational culture ensures employees in the organization are working towards improving efficiency, performance and business practices. Innovation is key in effective business management and has several positive outcomes such as improved performance, competitive advantage and creation of business value (“Sustainability, Innovation”, 2022). There are three innovative benefits employers could consider to attract and retain talent in their organization; remote work opportunity, mental wellness and flexibility. These innovative benefit practices have a significant impact on the mental, emotional, physical and over all well-being of employees of an organization.
Remote working has become increasingly popular in recent years. Remote working is a great innovative benefit because it provides flexibility, cost savings and improved work-life balance. Working remotely, workers can save money on transportation cost, parking fees and wardrobe expenses. Without having to commute, remote workers also have more time for other activities such as; spending time with family and friends, hobbies or volunteering. It can also make it easier to take care of family and personal responsibilities. Remote workers have more control over their work environment, which can lead to reduced stress level and improved overall well-being.
Mental wellness benefits are very important, it is critical employers continue to offer support and benefit programs that meet the needs of their employees. Employers should be supportive of their employees and create an environment where they feel comfortable talking about mental health issues without fear or rejection. Employers should also encourage better wellness practices the organization, such as; educational seminars and health fairs. When employers promote mental wellness it decreases anxiety, stress and depression and increases productivity, decreased absenteeism, better physical health and a competitive advantage in recruiting and retention of employees.
Workplace flexibility is a benefit that is an increasingly global phenomenon; it has increased tremendously in recent years. It is also one of the most valued qualities in the workplace. Flexible employment is an excellent option for individuals seeking a healthy work-life balance. Workplace flexibility gives employees a choice to perform work-related tasks outside the temporal and limited space of a standard workday (Lai et al., 2020). Flexibility gives workers a flexible work schedule and flexible work hours and also accommodates workers in terms of where to work. Flexibility enables employees to comply to other responsibilities, such as eldercare, childcare, school, personal errands or appointments. With less stress of a busy or hectic work schedule, employees are more engaged and productive. It also leads to loyal, focused and satisfied employees.
Lai, L., Besen, E., Sarkisian, N. & Xu, Q. (2022). A Sino-U. S. Comparison on Marketplace Flexibility: Evidence from Multinational Firms. International Journal of Human Resource Management, 33(3), 561-593.
Martocchio, J. J. (2020). Strategic Compensation: A Human Resource Management Approach (10th ed.). Upper Saddle River, NJ: Pearson
Sustainability, Innovation and Organization in Business: The Importance of Adapting to Changing Markets. (2022). Strategic Direction (Bradford, England), 38(11), 39-41.