We know by now that it’s no longer enough to offer a competitive salary and an average benefits package to attract, engage, and retain top talent. Crafting a well-thought-out employee benefits package can be the competitive advantage you need to stand out.
Offering what employees need
When you offer “outside the box” benefits, you’re showing employees your commitment to meeting them where they’re at and providing relief to the real-world issues they face.
For example, let’s look at commuter benefits. Commuter benefits, also known as transportation benefits or transit benefits, are perks that help offset the financial cost or time cost of traveling to and from work. Using commuter benefits can have financial, physical, and mental health advantages – they can relieve frustrating commutes and save them money.
When an employee enrolls in a commuter benefits program, they can pay for their commuting costs with pre-tax money, up tothe current IRS tax limit of $280 per month.
Unfortunately, research shows that many employees do not take full advantage of their employer’s benefits. Don’t let your investments go to waste, and don’t let an opportunity to support your employees’ health and well-being pass by.
Here are some ways to encourage employees to use their commuter benefits:
- Educate – A recent survey found that only 19% of employers think their employees have a high level of understanding of their benefits. It’s essential to educate all employees on an ongoing basis about which benefits are available, how to use them, and what advantages they provide.
- Keep educating – Don’t wait for re-enrollment or new hire training to discuss benefits. Provide regular communication in different forms to remind employees to take advantage of their benefits. Consider hosting webinars, town hall meetings, and lunch and learns, where employees can ask questions and voice concerns.
- Turn on the spotlight – Send a company-wide email or bulletin highlighting the individual ways using benefits can be advantageous. For instance, you could highlight the financial gain when using commuter benefits for one month, then focus on the mental health impacts the next. This will help remind employees that they have this perk available and educate them on how to take advantage of it.
The WIFM
When it comes to benefits, the question always comes down to, “what’s in it for me?”. When we look at commuter benefits, the benefits to employees and employers alike are overwhelming.
Did you know that employees who opt for alternative transportation tend to enjoy increased productivity and job satisfaction? Offering a commuter benefits package can reduce employee stress levels by eliminating the “rush hour” angst.
Commuter benefits allow employees to use pre-tax dollars towards commuting costs like public transit, rideshares, and qualified parking expenses.
A reminder
Any time you talk to your employees about benefits, remind them that these benefits exist for them. Keep sending out the message that you’ve invested in these benefits because you’re invested in themand that you care about their health, well-being, and overall work-life balance.
To learn more about how to support your employees via benefits, schedule a meeting today, and we’ll be happy to review all your options with you.
