When you think of expanding your company’s employee benefits, you might be blinded by dollar signs. When mega-companies offer perks like free meals, luxury on-site gyms, and complete student loan forgiveness, sprucing-up your own game can seem like an expensive endeavor.
However, not all high-value benefits are costly to offer!
Here are five ideas for low-cost, high-value benefits to offer your employees. With a small investment, you might find that you significantly increase employee satisfaction.
Flexible Savings Accounts
Better health, dental, and vision benefits are top of the list for many when it comes to employee benefits. Expanding your benefits to include flexible spending accounts (FSAs) can instantly make your health coverage more robust.
These accounts let employees contribute tax-free dollars into a special savings account. This account can be used throughout the year to pay for qualified health expenses. Additionally, with a low per-employee cost (some plans are under $10/employee per month), it’s an easy benefit expense to absorb.
Source: NueSynergy
Health Add-Ons
Want to expand your company’s health benefits? There’s an app or membership for that. Technology’s given rise to apps and physician membership programs that can provide your employees an edge on their care.
Here are a few lower-cost add ons to boost your company’s medical benefits:
- One Medical – Offers concierge-level care for a much lower monthly fee, including telemedicine with zero copay and app-based health support.
- Maven – If you’re a majority-female workplace, don’t miss Maven. They have specialty medical plans tailored toward a woman’s every stage of life.
- Doctor on Demand – This app can help your employees connect with a doctor via their phone — no waiting for virtual primary care.
Pet Insurance
Your company’s pet parents could be hungry for benefits that recognize their furry dependents. Pet insurance is a low-cost offering with a high appreciation rate.
In fact, many of the nation’s leading pet insurance providers have zero enrollment fees for employers. Your company can sign-up as a partner, and employees will have instant access to preferred partner rates.
If you’re looking to attract younger talent, keep in mind that millennial pet ownership just surpassed the baby boomer generation. Because of this, pet insurance can help your benefits package seem more robust to a younger field of workers.
Source: Nationwide
Wellness Apps
Today’s workforce is more attuned to their mobile devices than any other generation. Why not add benefits that tap into those devices?
Wellness apps can help your employees lower stress, get fit, and zone out with purpose. Check out meditation apps like Headspace; group activity apps like Fitbit Health Solutions; and team challenge apps like MakeMe. These apps all have corporate plans with low investment with the potential for high return and employee satisfaction.
Personal Care Perks
Beyond the apps and subscriptions, you can amp-up your benefits by scheduling personal care days throughout the year. By working with local salons, spas, and barber shops, you can host in-house events like free to low-cost beard trims, blowouts, group yoga classes, or massages. A single day each month can help your employees feel valued and appreciated and for a low, scheduled investment.
With these five low-to-no-cost employee benefits ideas in your pocket, you’re one step ahead. Expanding your benefits doesn’t have to be a high-cost endeavor. In fact, you might even find higher employee satisfaction by spending less.
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