HR TECH OUTLOOK8 APRIL 2019In MyOpinionTo compete in the race for talent, how can companies step up their benefits game? Mike Boro, Partner, PwCByWhether you're ordering fast food or building a new home, Americans are increasingly used to getting things exactly the way they want them. So as the talent war continues and intensifies ­ many wonder if work perks such as a-la-carte benefits could soon be coming to an office near you. It's not a new idea. Fifteen years ago, our team discussed the idea with a Fortune 50 consumer markets client. At the time, they were offering customized products to their customers, so why not do the same for their wide variety of employees? The hope was that we could let people choose from stock options, 401(k) matches and a variety of other benefits-- an idea that sounded great in theory, but turns out the technology wasn't there at the time to make it happen. Fast-forward more than a decade and increasingly, to compete in the race for talent, companies are pondering this idea again-- wondering how to best offer benefits to employees in a way that reflects their wide-ranging characteristics, interests and needs. Some want non-cash benefits. Others are focused on compensation or see retirement in their future and want to put more into their 401(k). Some need leave to take care of aging parents. Others are looking for time off after bringing home a baby. While there is a way for people to choose what they want and need in terms of benefits that can be good for business, there are still three main challenges on this front:1. Significant tax law restrictions.2. Digital systems not being in place. This is helpful, not only to offer customized benefits but also to track what people use, value and want.3. A company's responsibility to take care of their people. For example, you can't let employees cash in all their vacation days and work all the time. There needs to be guardrails. Even so, with benefits becoming more wide ranging, many companies have started testing the waters with options that offer maximum appreciation at minimal or no cost while also giving people some choice in terms of what is best for them at the respective points in their careers. Here are five examples:Mike Boro
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