Benefits boom: 10 employers with new, innovative employee offerings
Of all the challenges employers are facing, talent acquisition and retention are at the top of the list.
That’s why companies such as Chipotle Mexican Grill and Lowe’s, with their emphasis on education and training, and Walmart and State Street Corporation, with their adoption benefits, are enriching perks in an effort to keep and attract talent.
The push is being driven by low unemployment, which the U.S. Bureau of Labor Statistics reports is around 4.1%, and employee expectations within the past year. Rather than raising wages, a number of employers beefing up their benefits packages to give job seekers a better sense of what makes their company unique while also retaining current employees, she says.
“The benefit of competing with benefits is that you get greater buy-in and loyalty to your company because benefits are wrapped up in the company’s culture,” says Diane Lim, principal economist at The Conference Board. “By presenting compensation through a benefits package, it’s a little bit more nuanced and detailed and something that can attract a particular type of worker who’s going to be a more productive worker, and a more loyal worker, for your company in the long term.”
Not only are employers boosting bonuses and retirement plans, but they’re also coming up with new and innovative benefits — including cancer insurance, student loan programs and education benefits — to retain employees and lure workers away from competitors.
The trend over the past several months has been put in high gear by with sweeping tax reform ushered in by President Donald Trump and the GOP in December. Under the new corporate rate, which taxes companies 21%, down from 35%, employers in droves have announced the ways they are reinvesting those savings, from one-time bonuses to benefits enhancements and new job training.
What follows is a look at 10 companies offering substantially enhanced, new or innovative benefits.