What are Lifestyle Benefits and Why Employers Should Care
Written by: Garrett Anderson
In today’s competitive job market, offering competitive pay and traditional benefits such as healthcare and retirement plans may not be enough to attract and retain top talent. Employers who want to stand out and appeal to modern employees should consider offering lifestyle benefits. But what are lifestyle benefits, and why should employers care?
What are Lifestyle Benefits?
Lifestyle benefits are non-traditional perks that are designed to improve employees’ quality of life and well-being outside of work. Examples of lifestyle benefits include gym memberships, wellness programs, flexible work schedules, and paid time off for volunteer work. Other examples include pet insurance, commuter benefits, and financial wellness programs.
Why Should Employers Care?
Employers should care about lifestyle benefits for several reasons. Firstly, offering lifestyle benefits can attract top talent. According to a survey by MetLife, 62% of employees say that having a range of benefits is important when considering a job offer. Offering lifestyle benefits can set you apart from other employers and make your company more appealing to potential employees.
Secondly, lifestyle benefits can improve employee morale and well-being. By offering lifestyle benefits such as gym memberships or wellness programs, employers can encourage employees to prioritize their health and well-being. This can lead to improved productivity, lower healthcare costs, and a happier and more engaged workforce.
Thirdly, offering lifestyle benefits can help with employee retention. Employees who feel that their employer values their well-being and happiness are more likely to stay with the company long-term. This can save employers the cost and hassle of recruiting and training new employees.
Finally, offering lifestyle benefits can help employers build a positive company culture. When employees feel that their employer cares about their well-being and happiness, they are more likely to feel engaged and committed to the company’s mission and values.
Conclusion
Offering lifestyle benefits can be an effective way for employers to attract and retain top talent, improve employee morale and well-being, and build a positive company culture. Employers who want to stay competitive and appeal to modern employees should consider offering lifestyle benefits that align with their employees’ values and priorities. By investing in their employees’ well-being, employers can create a more engaged, productive, and loyal workforce.
Disclosure:
The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual.