9 Impactful Benefits Employers Should Consider Offering

For Immediate Release
November 13, 2018

9 Impactful Benefits Employers Should Consider Offering
These Highly Valued Benefits Are Often a Win/Win for Employees and Employers

Brookfield, Wisconsin—The current tight job market has organizations looking to stand out from the crowd. One way to do that? By offering highly valued benefits that can help employers not only attract and retain talent but also boost overall worker morale while reducing employee absenteeism and stress.

"Employers know they need to offer health care and retirement benefits to stay competitive, but in today's market that's not enough," explained Julie Stich, CEBS, associate vice president of content at the International Foundation of Employee Benefit Plans. "Employers should take a look at their unique employee population and consider the benefits their staff would value most."

9 Impactful Benefits Employers Should Consider Offering

  1. Autism Treatments—Parents of a child on the autism spectrum face a host of unique needs, including special care or therapy. Some states now require insurance carriers to provide coverage for autism treatments, but the requirements don't extend to all states or to any self-funded plans. Autism treatments are covered by 58% of employers.
  2. Emergency/Sick Child Care—For working parents, a sick child or a closed day care can be extremely stressful. Employers that offer a backup care benefit provide peace of mind to their employees while preventing workplace disruptions. Emergency/sick child care is offered by 7% of employers.
  3. Funeral Planning—The death of a loved one is never easy for an employee. Employers can help by offering services that provide support to workers in this difficult time. Funeral planning is offered by 6% of employers
  4. Genetic Testing Services—For employees with a family history of specific medical conditions like cancer, genetic testing can be a valuable and life-saving benefit. Genetic testing services are covered by 17% of employers.
  5. Identity Theft Insurance— Identity theft insurance covers costs related to reclaiming your identity and repairing your credit—an overwhelming and time-consuming process that contributes to employee stress and absenteeism. Employers that offer identity theft insurance can help employees if they are a victim. Identity theft insurance is offered by 10% of employers.
  6. In Vitro Fertilization (IVF) Treatments—For workers who face fertility struggles, IVF coverage can be a highly coveted benefit. Employees who have access to fertility benefits may actually have overall lower health care costs because they make decisions with their doctors based on medical best practice—not financial concerns. IVF treatments are covered by 17% of employers.
  7. Leave Donation to Employees in Need—Employers may want to consider offering the feel-good benefit of allowing employees to donate time off to their fellow employees in need, such as a colleague who needs an extended medical leave absence. Leave donation is allowed by 24% of employers.
  8. Student Loan Repayment—Student loan repayment as an employee benefit is a relatively new idea, but interest is growing fast! Not only can organizations use it to attract talent, but it can help boost morale and relieve the financial stress of employees. Student loan repayment is offered by 4% of employers. 
  9. Telemedicine—For employers looking to reduce costs while providing a benefit their employees value, telemedicine can be a great addition to their benefits offerings. It provides workers with access to quality and timely care, often reducing the amount of time they need to be away from work. Telemedicine is offered by 54% of employers.

The new International Foundation report, Employee Benefits Survey: 2018 Results, examines the entire spectrum of employee benefits today's employers are providing, including the impactful benefits listed above. The report surveyed employers across the country representing a wide range of industries and sizes. Learn more at www.ifebp.org/BenefitSurvey2018.

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The International Foundation of Employee Benefit Plans is the premier educational organization dedicated to providing the diverse employee benefits community with objective, solution-oriented education, research and information to ensure the health and financial security of plan beneficiaries worldwide. The International Foundation has more than 33,000 multiemployer, corporate and public sector members representing over 25 million lives. For additional information, visit www.ifebp.org.

Contact:
Brenda Hofmann
brendah@ifebp.org | (262) 373-7756