I recently read an article in USA Today stating U.S. employers are planning to give pay raises averaging 3% in 2015 [1]. The same article also pointed out inflation is currently about 2.1%—which means most employees are barely keeping ahead of inflation.
In today’s economic environment, we’ve realized it’s more important than ever to offer innovative benefits and valuable employee perks to retain talent. A U.S. Employee Benefit Trend study found employees who are very satisfied with their benefits are more than twice as likely to report being very satisfied with their jobs [2].
The Power of Perks
For employers who can’t afford to offer employees hefty pay raises, there are countless other ways to compensate employees to keep them happy, engaged and productive.
At New Benefits, we offer several employee perks including monthly cash rewards for employees who go above and beyond job duties. But perks don’t have to be money-related to be effective. Our employee break room is stocked with free K-cup coffee for everyone to enjoy—a seemingly simple perk employees rave about!
Better Benefits
Another unique option for employers to explore is our Instant Deals program, which gives employees access to major discounts at more than 200,000 retailers—from restaurants, clothing stores, hotels, movie theaters, home and garden stores and more. With this limitless perk, employees can save as much as half off the sticker price. It’s incredibly easy to use. All they have to do is show digital coupons on their smartphone at the retailer to save. Employees can also shop online for instant savings.
Another popular perk we offer is Roadside Assistance, a towing service that’s available to employees 24/7/365. This program is a lifesaver for employees who find themselves stranded on the side of the road with a flat tire or disabled car. This service is also available for the member’s spouse and dependent children.
Increasing compensation for your employees does not always mean giving them a pay raise. In fact, many employees don’t just want perks these days—they expect them. What are some different ways you provide creative perks for your employees? Share in the comments below.
--Marti Powles, COO
Copyright © 2015 by New Benefits, Ltd. All rights reserved.
[1] According to a survey of nearly 1,100 U.S. companies out Monday by compensation consultant Towers Watson.
[2] Source: MetLife’s 12th Annual U.S. Employee Benefit Trends Study