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Why You Need Voluntary Benefits

girl at computer voluntary benefitsEmployee benefits are, by their very nature, a highly personal thing. Few things are more important than having reliable health and vision benefits, for instance, across a huge range of varied personal situations. That’s why it’s critical that any competitive benefits package allows for meaningful customization for the things that matter, so employees can opt-in towards retirement, time-off, or whatever else is important to them. In other words – you need a benefits structure that works around the unique needs of your unique employees!

Ideally, your voluntary benefits should be more than just “skin deep”.  The kind of benefits program that attracts top talent is the kind that offers meaningful solutions to major hurdles experienced by your employees – like, for instance, providing financial well-being tools such as financial education resources or 401k guidance as part of an employee benefits package. It makes a huge difference to the growing number of employees concerned about their financial health. But even something as simple as separate voluntary benefits for commuters and motorists getting to the office can make a big difference in the positive cultural impact of your program.

Productivity, Loyalty, and Voluntary Benefits

Studies show consistently that incentive programs have a strong positive impact on productivity and loyalty. For example, a recent Incentive Research Foundation study indicated that a well-run incentive program can improve loyalty by up to 44%, showing that employees want to be recognized as individuals for their work. Providing voluntary benefits functions just the same; when employees feel like their efforts are being recognized and rewarded on an individual basis, it acts as a strong productivity driver. That’s because personalizing your benefits demonstrates that you care about your employees – and there’s nothing that ensures employee loyalty more strongly than showing you’re loyal to them right back. 

From parking vouchers to cutting-edge telehealth benefits, giving employees a comprehensive and customizable benefits suite is among the top ways to stand out from competitors and attract fiercely competitive best-in-class talent. That’s how PerkSpot helps you build loyalty and reduce turnover; providing your employees with discounts tailored around their interests. Through the hundreds of national brands who work with us, PerkSpot is able to selectively highlight the programs and discounts most applicable to individual employees; whether it’s a frequent traveler in need of cheaper car rentals or an amateur gardener looking for new tools, we’ve got the deals to help your employees save on the things that matter to them. That’s why PerkSpot is such a powerful employee productivity driver.

The Value of Personalization

When you recognize your employees as individuals and format your programs around individual needs, it never goes unnoticed. In many cases, even if the monetary benefit is the same, giving employees the choice to opt-in to relevant programs instead of a “one-size-fits-all” approach improves productivity and loyalty metrics. As far as benefits go, it pays to realize that one size does not fit all; and the more you can provide employees with benefits that match their individual needs, the happier they’ll be. That’s what makes PerkSpot different; our wide range of discounts has something for everyone, no matter how unique. Catering to that uniqueness is our priority.

Interested in learning more about the benefits of a customized discount program? Request a demo for a free overview of how PerkSpot can help your organization!

Flexible Benefits – What to Know

Woman enjoying her Flexible Benefits on phone by Bruce Mars

Watch out, traditional options plans, because flexible benefits are making big strides. While traditional benefit models provide specific, flat advantage is extended to the employee by their organization, ‘flexible’ or ‘personalized’ benefits challenge this entire hierarchical structure. These flexible benefits employees with stipends, allowing them to actively pick and choose the benefits they want to engage with. 

Building Custom Benefits for Your Workplace

But before we get to asking if flexible benefits might be right for your workplace, we should first figure out just what exactly these ‘personalized’ benefits look like. The most common type of flexible benefit is a benefits spending account. Instead of a direct benefit, employees receive specific stipends in their spending accounts that can be spent across a range of lifestyle benefits. A great example of this is a Lifestyle Spending Account. As opposed to hosting regular mandatory training sessions, employees with an LSA might receive a stipend to attend trainings and seminars that they find interesting or useful from a broader list. Employees might even receive stipends to build their own home office, fitness supplies, or maybe even just groceries! 

What makes flexible benefits so special – and so often highly well-received by employees – is right in the name; the tremendous level of flexibility they offer. Increasingly diverse workforces have similarly diverse needs, so a ‘flat’ benefit that might be a great boon for one employee – for instance, paternity leave for a new parent – isn’t going to help an employee with no plans of having a kid. By offering flexibility and personalization in benefits through stipends, your new parent might be able to spend his benefits on childcare supplies, while the child-free employee instead books a vacation!

Flexibility and Discount Programs

Although stipends are the most common, discount programs also fall into the category of highly customizable flexible benefits. Much like how a lifestyle stipend gives employees complete flexibility to purchase new gym equipment, bird-watching binoculars, or anything in between, having access to thousands of discounts means that employees have the freedom to pick out just the savings that matter to them – no matter their hobbies, situation, or identity.

Diversity and flexibility go hand in hand; diverse workplace situations require flexible mindsets, whether it’s in accounting for the needs of both in-person and remote employees or offering benefits attractive to individuals at entirely different life stages. By their very nature, no matter how unique your industry or employees, flexible benefits can fit right in.

That’s why you might want to consider PerkSpot for your company’s benefits suite. Not only does PerkSpot offer the adaptability of flexible benefits so that every employee can find something they’ll love – it’s also a no-cost solution, being completely free to add to your organization. Whether you’re looking for a cost-effective way to beef up your benefits or just a perk that everyone can enjoy, let’s talk about how PerkSpot’s discount program could be just the thing you need.

The Benefits of an Employee Discount Program

When it comes to benefits and perks, it can be difficult to find solutions that employees not only engage with but also find value in. With financial stresses high due to inflation and other economic factors, it is an especially crucial time to offer a perk that stretches your employees’ paycheck. An employee discount program could be the benefit you’ve been searching for, with exclusive discounts for your teammates on the things that matter most. We’ve laid out a few reasons why you should join the thousands of employers taking advantage of steep discounts. 

What is an Employee Discount Program? 

An employee discount program is a marketplace of exclusive discounts, negotiated by a team of experts, from top brands and local businesses. Employees can access their discounts through their Discount Portal and browse deals, search by brand or category, discover curated and personalized discounts relevant to their interests, and enjoy savings on a variety of products and services.

No Impact on Your Budget

Employee discount programs are often an affordable way to provide financial benefit to your team. Not only that, but it’s much more than exclusive access. With PerkSpot, you’ll get an easy-to-use portal, optimized for all devices, that ties in with your company’s unique branding, creating a one-stop shop for employees’ perks and discounts. The best part? It’s free. What’s the catch? There isn’t one. It’s a no cost solution to help stretch your employees paycheck. 

Easy to Maintain 

One of the best parts about an employee discount program is the low maintenance. The portal is managed for you and discounts are regularly updated. Leslie Sells, Benefits Analyst at Humana, shared, “It’s always been easy. This is one of the programs that almost runs itself. It’s not one I have to spend a whole lot of time on.” With a dedicated Client Success Manager, we are here to create a communication plan that builds program awareness and helps employees maximize their valuable benefit.

Exclusive Savings

Another great benefit of an employee discount program is the exclusive access to meaningful savings. With PerkSpot, employees save from 25+ categories including electronics, travel, home goods, cars, health, and so much more. In addition, savings with PerkSpot are personalized. In comparison to other discounts available, these savings are tailored and relevant. It not only saves time for your employees, but also provides discounts your employees may not be aware of. Another great benefit of PerkSpot is the access to Premium Perks. Premium Perks are verified to be the best available discounts on the market by your PerkSpot team

Exceptional Employee Retention and Engagement 

It’s estimated that turnover costs employers over $1 trillion annually. So, how do you minimize these costs and setbacks? It all starts with the employee experience. With PerkSpot, you can lend your employees a hand with their financial wellness by offering exclusive discounts on tax services, loans, mortgages, and more. Not only that, but we’ve built our platform to encourage engagement by allowing employees to save when and where it matters to them by showing the most relevant and meaningful offers. 

With a multitude of benefits and perks to choose from, offer a solution that is affordable, easy to maintain, exclusive, and engaging. Not only that, but it’s valuable for your employees. With a potential of $6k in savings, you’re not only offering impactful discounts but you’re providing a financial wellness benefit. Ready to start the savings journey for your teammates? Sign up for a demo today

Providing Benefits to a Multigenerational Workforce

Younger/older workers discussing multigenerational benefitsHaving a wide diversity of ages in your organization comes with a lot of benefits. As with many other kinds of diversity, a wide range of generational representation is a driver of innovation, offering varied perspectives on issues by combining older generation’s specialist knowledge with younger professional’s innate understanding of modern technologies and changes. Benefits aside, a multigenerational workforce multiple generations represented in the workforce is a near unavoidable reality as baby boomers begin to step back from top-level positions.

But multi-generational workforces also come with their own challenges, including:

  • A wide range of values and beliefs can cause differences in priorities
  • Significantly disparate communication styles and preferences
  • Wide gaps in desired perks and benefits

Diverse Generations with Diverse Values

Differing perspectives and values means different needs, and what a young professional is looking for from their benefits package is vastly different from what more senior employees need; knowing the difference and being able to account for the diverse needs of multiple generations of employees is key to crafting an employee-centric benefits experience.

The benefits valued by older generations tend towards traditional cornerstones such as 401k matching and supplemental health insurance. Younger generations, such as Millennials and Gen-Z, tend to value wellness initiatives and benefits that give them time back in the day. But there’s a surprising degree of overlap between emerging benefits that workers of every age are pining for, such as flexible work options, training and development opportunities, and smaller, personalized perks, from shuttle services to discounts on dry-cleaning. 

The generation gap isn’t as steep as it might appear. When you get right down to it, it’s about people.  Your employees are distinct individuals with individual needs that simply can’t be standardized.

The Employee-Centric Benefits Experience

Fortunately, you don’t have to standardize at all. Instead, account for differences by focusing on benefits personalization. Employees of all ages agree that flexible work options that allow them to work on their own schedules are critical; and you can take your multigenerational benefits a step further by partnering with PerkSpot. Our breadth of potential savings is uniquely positioned to cater to diverse workforces, with thousands of discounts available across dozens of industries!  We offer meaningful benefits targeted at and personalized to the unique needs of every individual employee.

And that’s the core of an employee-centric benefits experience; offering the perks that each individual really cares about, no matter how unique! By focusing on perk personalization, you can provide an employee-centric experience. Personalized offerings will help celebrate the rich diversity of your workforce – generational or otherwise. From flexible work options to regular wellness initiatives, you’ll want to target your benefits around your workforce’s distinct concerns. As you do, PerkSpot can help get started with a benefits experience centered that’s unique to your equally unique employees; Request a Demo to learn more today!

Financial Wellness A Top Priority For Younger Generations

Free coffee, paid lunch, ping pong tables, and office snacks are no longer going to cut it. 

Financial wellness is at the top of the list of benefits younger generations are searching for. According to SHRM, “Many workers over the last decade have been frustrated by stagnant wage growth. Younger workers may be particularly focused on compensation as they pay off college loans and try to establish their savings so they can purchase homes and start families.”

Below are a few different ways you can support your employees’ financial wellness while improving overall retention and morale. 

Provide Retirement Planning & Contributions 

Although a traditional benefit offering for most, retirement contributions will always be an important financial benefit for employees. Employers that offer a retirement contribution or matching plan tend to have improved employee morale and loyalty. It’s also a great way to attract top-notch talent and interest in your company. In addition, a company sponsored retirement plan can help employees with little knowledge on the topic save for their future. To take it even further, offer your employees automatic payroll deductions for even easier saving. 

Offer A Financial Stipend

To further assist employees with their finances, employee sponsored stipends tend to go a long way with younger generations. Onset by the pandemic, employers have begun providing reimbursements for things related to work from home environments. Examples of essentials include office equipment, high speed internet, and other role specific tools to improve productivity. Other opportunities for financial stipends are commuting, parking assistance, and professional development, among many others. Financial stipends are a great way to show employees the value their role brings to the company and reduce employee turnover

Grant Access to An Employee Discount Program 

Daily life expenses can add up, especially with the current challenge of rising inflation. A simple way to offer your employees an impactful benefit is to offer a discount program. What is a discount program? An employee discount program is a marketplace of exclusive discounts, negotiated by a team of experts, from top brands and local businesses. PerkSpot is the industry leader in negotiating, managing, and supporting member discounts programs. We’ve built our platform to help your members save when and where it matters to them by showing the most relevant and meaningful offers. From local deals to nationwide brands, there’s something for everyone. 

Younger generations may be eager for financial wellness benefits, but all generations would appreciate the added monetary assistance. There are plenty of opportunities available to lend a helping hand financially, and it will only have a positive impact with your employees. 

Ready to start providing financial wellness help to your employees? Get started today with a demo. 

Dealing with Burnout as an HR Professional

In today’s competitive candidate market, life as an HR professional has never been quite so exhausting. Being forced to chase after candidates in the age of work from home and tremendous employee freedom has meant a difficult balancing act between providing appealing, top-quality benefits, managing cost efficiency, and negotiating employee concerns – all while dealing with the fallout of a global pandemic. It’s no wonder that burnout is skyrocketing at HR departments all over the country – but there is a better way. And with World Health Day officially starting today on April 7th, there’s never been a better time to help your department get physically and mentally healthy!

Burnout Business Woman Overwhelmed

42% of Human Resources teams report feeling overburdened with projects and responsibilities. And on one hand, this is something that should be taken up with management; when HR teams are simply too small or too overworked, there needs to be discussion about expanding Human Resources or offloading responsibilities. But a second, equally important aspect of this equation is learning to deal with burnout individually. And for that, we should first understand what “burnout” really means.

When we talk about burnout, we’re talking about the feelings of dread and exhaustion that rise up when we’re forced to do demanding, repetitive work. It’s the sense of doing tasks purely out of obligation, no longer believing they have any real impact. And the first step in re-gaining your passion is to re-gain control over your schedule.

Set Boundaries

The first step of assessing burnout is setting boundaries. It’s important both personally and professionally to be able to step away from work communications; for instance, turning off Slack and email past six-o-clock. Sticking to a routine that clearly separates work from life is fundamental to having a good work-life balance. Even if you’re on-call for emergencies, emergency should never mean every night, and if they are, then that’s a conversation you need to have with management.

Build Strong Communication Habits

Fostering good communication with management and the executive team at your workplace is another important aspect of managing burnout. That’s because burnout isn’t all about stress, but also lacking a sense of agency and value in what you do. When you feel you’re doing “meaningless” work, or don’t have control over your own schedule, burnout is far more intense. Prioritizing valuable work and setting firm boundaries on your own schedule is often a necessary step in managing burnout.

Break your Routines

More than boundaries, you’ll also want to start breaking your routines. While routines can provide a comforting sense of normalcy in our lives, they can also become trapping. If you notice you’re performing the same tasks in the same way over and over again, then it’s time to find something new. Maybe it’s as simple as switching up your morning routine, maybe it’s taking a new route around town, or maybe it’s shifting into a new aspect of your department’s operations.

Discover Personal Stress Management Solutions

Finally, there’s the most traditional (but still very important!) part of dealing with burnout – personal stress management. Exercise and meditation are the two most common methods, but it’s important to find what works for you; whether it’s walking your dog, paddling down canoe trails, or simply taking five dedicated minutes to focus. By understanding your stress and mentally moving on, you can take control back from your emotions.

Properly managing burnout requires breaking negative feedback loops, getting excited about work, and learning to manage stress. While that’ll require a lot of personal initiative, there are some tools that can help manage burnout stress.

One area you can cut down on stressful micromanagement is with PerkSpot’s single stop benefits platform, which offers countless diverse benefits for your diverse employees. With a suite of discounts at their fingertips, PerkSpot provides employees with the resources they need to cope with stress and burnout – whether it’s deals on ergonomic office chairs and gym memberships or complete getaway vacations to exotic destinations at a discount, schedule a demo today to learn more about the ways that PerkSpot can be a powerful burnout-burning resource for your organization this World Health Day. 

Are Perks and Benefits the Same Thing?

perks and benefits perkspot culture

We love perks so much we named our company after them.

But what are perks and how are they different than benefits when it comes to the workplace?

Benefits

Benefits are supplemental to salary and cover basic needs like health insurance, 401K plans, etc. While benefits are absolutely essential for companies, they also come at a price. Most benefits offered to employees cost the company something, unlike our favorite counterpart, the perk, which costs little to nothing for employers to implement.

Perks

Perks encompass everything from bike racks and lounge areas in the office to catered lunches and oh yeah, exclusive discounts on your favorite brands. While benefits are often costly, perks can be offered at a relatively low cost to employers but offer extreme value to employees. Offering perks alongside necessary benefits and compensation packages creates a powerful force when it comes to ensuring employees stay engaged and motivated in their offices. However, like all things, just making these perks available in and of itself is not enough to sustain and retain employees. As more and more businesses begin offering these incentive programs, competition increases when it comes to recruitment and retention. While nearly unheard of 20 years ago, workplace perks are more and more becoming the norm. Companies like Starbucks, Southwest Airlines, and other PerkSpot clients realize this, and that’s why offering perks are non-negotiable.

All Perks are Not Created Equal

So now the question is no longer, will we offer a perks program, but which program will we choose? Overwhelmingly, employees today request perks that improve their everyday lives, such as free gym memberships or discounts on everyday expenses such as groceries and cell phone plans. These programs are more likely to resonate with employees because they show that the employer is listening. It reaches the heart of what all employees truly desire: to be heard and understood. PerkSpot’s mission is to make that a little easier for employers. We negotiate the discounts so you don’t have to. We provide the tools to communicate with employees on how to use the platform, where to find the discounts, and even deliver the latest and greatest perks right to their inbox.

Want to learn more? Reach out to us at sales@perkspot.com

Don’t just offer perks. Offer the right ones.

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