March Edition

Amid historically low unemployment statistics, U.S. businesses are experiencing the tightest labor market in recent memory.¹ The war for attracting – and keeping – the best talent is being waged across nearly every industry. In real estate terms, companies are scrambling to attract and retain employees in the midst of a classic "seller's market."

Of course, companies with deep pockets can afford to lure top candidates with commanding salaries and lucrative bonuses. But smart firms are beginning to offer prospective employees unique benefits to attract and retain talent.

Great benefits not only help companies retain employees, but they also improve employee satisfaction, which is essential to a company's overall success. Satisfied employees are happy, loyal and productive.² But benefits are still costly – comprising as much as 30 percent (if not more) of an employee's total compensation.³

Here's a sample of several innovative benefits some companies are now offering to employees:

Caregiving benefits

Approximately one in six working Americans are the primary caregivers for sick and elderly loved ones.⁴ The average age of a caregiver is 40. Considering 39 percent of U.S. caregivers quit their jobs to care for loved ones, it’s in a company’s best interest to accommodate these employees. Yet most workers quit because their employers aren’t willing to help them meet their caregiver needs.

Additionally, employee caregivers are twice as likely to develop chronic conditions because of the stress of juggling work and caregiving duties, which translates into higher health insurance costs for their employer. Employers can help caregiver workers by providing flexible hours and telecommuting opportunities.

On-site health services

Employers are offering their employees the convenience of being able to see an on-site doctor or nurse for simple things such as a sore throat or aching back without leaving the office. Physical therapists, chiropractors and other practitioners are also available. For the employee, there’s no copay and hassle. For the employer, there’s a more productive workforce.

Wellness programs

Although not as unique as they once were, companies that offer employees robust wellness programs such as on-site fitness centers (with trainers), yoga classes and other amenities, are favored over companies that don’t provide these benefits.

Employees who work at companies with generous wellness programs may also be eligible for premium discounts if they wear a fitness/health tracker and agree to an annual physical exam.

Odds and ends

Companies have been experimenting with an eclectic mix of benefits that help differentiate themselves in a competitive marketplace. Here are several noteworthy benefits:

• Pet-friendly offices – On designated days, companies are giving employees the option to bring their dog to work, which helps reduce stress at the office.
• Flex-time – Some companies have a no official hours policy, as long as the work gets done and performance metrics are achieved.
• On-site childcare – Childcare is expensive and logistically challenging for employees to drop kids off before work. Companies can help curb childcare expenses and remove the hassle by offering on-site care to employees.
• Discounted services – Businesses are beginning to provide discounted services for everything from pet insurance and legal services to identity theft protection and financial counseling. These perks help meet the wide-ranging needs of a modern, diversified workforce.

The path to loyal, happy employees

As historically low unemployment rates continue to make employee retention and recruiting more challenging, companies must continuously monitor their entire benefit offerings to stay competitive. Providing benefits that positively affect the personal lives of employees has a significant influence on how workers feel about the organization. Which means top talent is more likely to stay – and be more productive.

1. "How the Right Employee Benefits Can Drive Employee Retention," Chris Bruce, Benefits Pro, November 26, 2018.

2. "15 Cool Job Perks that Keep Employees Happy," Sammi Caramela, Business News Daily, March 14, 2018.

3. "Key Employee Benefit Trends for 2019 You Need to Know," Leslie Stevens-Huffman, Dice website, October 23, 2018.

4. "Want to Keep Your Talent? Providing Caregiving Benefits Can Be a Winning Strategy," Kayla Webster, Employee Benefit News, November 26, 2018.

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