APRIL 2019HR TECH OUTLOOK9Customized benefits is going to be necessary to cater to diverse workforces and vital if you want to compete in the war for top talentA more relaxed officeFlexible dress codes and the option of bringing your dog to work are examples of where some are starting. These kinds of policies don't cost a company a thing, but they have great value to employees. Flexible workplaceIn theory this shouldn't have any incremental cost, although it only works when you have the technology and systems in place to measure productivity. Companies that offer the benefit of flexible workplaces and schedules find that this benefit improves productivity, reduces stress and burnout and increases employee appreciation and work/life balance. There are times at PwC we even see flexibility saving us money. Someone on our team based in New York City recently decided to move to Pittsburgh. The firm decided we want to keep this great employee and our flexible work environment makes that possible. The cost for us is nothing and we actually save in not having to conduct a job search and train a new employee. Low cost benefitsWhen it comes to a-la-carte benefits, some companies are so intrigued, they're willing to offer some benefits even when a small cost is involved expecting a bigger payoff for their people. Free credit card monitoring, for example, costs very little but makes employees feel safe in the wake of a multitude of breaches. Student Loan ReimbursementYou can also build in options by offering benefits that target certain parts of your population, like enhanced parental leave or student loan paydowns for recent graduates. At PwC, we started a program that give employees $1,200 a year in student loan debt assistance. That's a minimal cost from a company perspective, but the value for new employees is staggering. Many cite it as a deciding factor in accepting our offer because it shows we are willing to partner with them to pay down their debt. Affordable Care Act-compliant health benefitsBenefit choice is becoming so attractive to some companies, they're opting for it even when there is a larger cost to them. One media company we work with chose to roll out Affordable Care Act compliant health benefits to all its employees. They saw a bigger plus in spending more up front and offering the choice to everyone rather than limiting employee choice and potentially paying some tax penalties. The bottom line is this ­ benefits of the future will increasingly be customized. It's going to be necessary to cater to diverse workforces and vital if you want to compete in the war for top talent. It's also good for business because you'll no longer be wasting costs on benefits that people don't appreciate, want, or use. That makes benefit choice a win/win for everyone and something worth exploring.
< Page 8 | Page 10 >