Perks are evolving as fast as the next startup: Lifestyle benefits according to Employee Benefit Advisor
By Kate Putnam
At PERKS, we see hundreds of different offerings at our employee experience expos and when we compile our Big Book of PERKS and our PERK profiles. From food and beverage, corporate events, financial assistance, compensation and gifts, family, mom and health benefits, and more, it runs the gamut.
But even as we get ahead of the next perk, it changes as quickly as we can drink our coffee. Employee Benefit Advisor agrees. In an article released recently by Bruce Shutan on ‘Lifestyle benefits emerging as a key strategy for talent management,’ he cites that the combination of group insurance products becoming table stakes and an air tight economy have created a perfect storm. A storm that has allowed for little wiggle room in the war for talent. More than ever, benefit brokers and consultants and employers must look at lifestyle benefits and other perks as additional ways to stay relevant to recruit and retain the staff (PS, find many of them at a PERKS Convention).
In a recent study released by the The National Business Group on Health asking what perks companies are offering to their employees, programs go above and beyond standard benefits like health, 401k , vision, dental and life. Many companies also offered perks like these and more:
- Mental health or well-being services (99%)
- Health and/or life coaching (66%)
- Well-being reimbursement (62%)
- Pet insurance (49%)
- Subsidized fitness (38%)
- Organic farm share delivery/co-op program (25%)
- Prepared meals to go (22%)
- Mobile health vehicle (22%)
- Student loan refinancing (18%)
- On-site spa services (14%)
Good thing there’s these great PERKS (and more!)
Adds Alexa Baggio, PERKS co-founder, ‘We see innovation and new experiences especially around team-building, fitness and personalized perks that are changing with today’s workplaces.’ For example, she says virtual reality tech., escape rooms and play-based experiences for employees and their families ‘leave the party tricks of the past in the dust.’ Key players include TeamBonding’s ‘Infinite Loop’ VR simulation, Adventure Games and Perfect Parties.
In the fitness category, she notes that ClassPass, Peerfit and Zeamo have created flexible programs that allow multi-generational and multi-skilled workplaces to customize their exercise schedules. She also cites Fringe, Compt and Zestful for allowing employees to personalize subscriptions and allowance-based perks.
‘These benefits are awesome for all companies but even and especially among smaller groups who might not have larger buying power for the entire team, but still want to opt in on a larger array of perks and benefits at smaller group sizes and price points,’ she explains.
If you’re interested in learning more about the evolution of perks, tasked with building and amending your own programs, or consult with companies on their offerings, we’d love to see you at a PERKS Convention. It’s only going to get bigger and better.
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