Understanding Employee Benefits Packages

HR: Employees are leaving jobs. CFO: Do we have data on why they’re leaving? HR: Yes. 70% of our turnover is tied to unmet needs like growth, recognition, and flexibility. CEO: But how much does it actually cost us when they leave? HR: Each lost employee costs 1.5x their salary to replace, not to mention the productivity gap. CEO: We need to reduce spending. We can't spend on engagement programs. CFO: What’s the impact of these engagement programs on retention? HR: Programs focused on growth and recognition have reduced turnover by 25%, saving us $3M annually. CEO: Are there other benefits to meeting employee needs? HR: Absolutely. Employees who feel valued are 30% more productive and report higher satisfaction. CFO: What about profitability? CHRO: Engaged teams generate 21% higher profitability. It’s not just about keeping them. It’s about keeping them productive and motivated. CEO: So cutting back on programs that meet employee needs could cost us more? CFO: The data shows there’s a significant financial impact. HR: Meeting employee needs isn’t just an expense. It’s an investment in retention, productivity, and profit. The lesson? Employees quit when their needs go unmet, whether it’s for growth, recognition, or flexibility. Invest in your employees.

Y'all it's 2023, but some of these employers' benefits packages are still living in 1993. Healthcare and retirement are standard now in most industries. And lots of employers are offering way more. Some of the cool perks/benefits I've seen: 🏫student loan reimbursements - these are big expenses for so many, and it's cool to see some companies offering to help foot the bill. Personally, I think this should be a MUST for any company that has a degree requirement since you're basically requiring folks to take on debt to work at your company. 🤗time off to volunteer AND funds annually to donate to the cause of your choice - Gen Z in particular has shown a preference for values-driven work places so this is a great perk that really resonates with 👩💻remote AND 3 no-meetings days a week so you can really have time to get your work done 🏣flexible hybrid - they want you in office sometimes, but you can choose when based on your team's schedule, and they trust you to figure out your own hours and when you need to work from home ⛷travel/vacation stipends - a few companies offer a stipend to put towards a vacation to encourage folks to not just take time off but fully disconnect 🏥gender-affirming care - I saw an employer who specifically names that they will cover all costs associated including surgeries - given that insurance doesn't always cover these treatments, this is huge, and likely speaks to broader inclusivity 💵sabbaticals or bonuses for long-tenures - often, staying in a workplace can mean fewer raises, so an employer that offers meaningful financial rewards in exchange for tenure is a win for me (but make sure that you're also getting raises!) 🐣family-forming benefits - for many folks, the process of bringing children into the world may not be straight-forward so I love seeing workplaces that offer benefits that help make a family attainable for all employees 👶childcare benefits - and once those babies show up, we love a workplace that offers perks like backup care or childcare stipends - childcare is hard to find and increasingly unaffordable to the point that many people (particularly women) are pushed out of the workforce. ⚽️global soccer tournaments - kinda specific but I saw one company that flies interested employees out to play in a soccer tournament in a cool location every year...fun way to get a free vacation annually! 💇♀️lifestyle budgets - some employers give folks money to use flexibly - gym, haircuts, books - whatever is gonna make you a happier and more whole person at work! And it's to every employer's benefit to offer perks like these. Employees that feel taken care of are going to be more focused, more productive, and more loyal than those who are wondering how they're going to make ends meet each month. So employers: get with the times and figure how you can add a few of these into the mix. And jobseekers: ask about perks and benefits in your search - a lot of these can mean more money in your pocket!

It doesn't matter how amazing your benefits package if your team doesn't use it. I've learned that what I value might not be the same as what my team values. As I shared on Episode 136 of "Build to Enough," at Little Fish, I've implemented unique benefits that make my employees feel valued while also recognizing that they are human. For example, I offer "Sick and Sad Days"—time off that isn't counted against anyone if they're sick or just can't do it that day. I wanted to ensure they have room to take time off when they aren't at their best. We also close for five weeks out of the year: one week during spring break for tax season, one week at the end of summer, and two weeks at the end of the year. These breaks are automatically built in and fully paid for everyone. We offer flexible work hours with some overlapping core hours, but they can work at a time that suits them best. Plus, we have an annual all-expenses-paid company retreat, a 401k match, and internet reimbursement. Now, I didn't start with all of this. Bit by bit, I figured out what made the most sense for the business and what the team actually wanted. If you're looking to develop a benefits package that truly supports your team, here are some steps to consider: 1. Assess your team's wants and needs - Ask them what they value and what perks would make a difference in their lives. 2. Prioritize core benefits - Focus on essentials like PTO, health benefits, and retirement plans, but don't forget to explore other perks. 3. Research your options - There are many health and retirement plans available for small teams. Do your homework to see what will work best for your team (and your budget 😉 ). 4. Consider supplemental benefits - Look for inexpensive perks that have a significant impact, like flexible hours or remote work options. 5. Maximize your budget - Allocate a specific amount for benefits and make the most of it. Seek group buying opportunities and tiered benefits to offer more without overspending. 6. Review and adjust regularly - Benefits aren't a set-it-and-forget-it deal. As your team evolves, so should your benefits package. Creating a benefits offering that truly supports your team not only helps retain your current employees but also makes your company a place where people want to work.

Training is an investment, not a cost Costs are depreciating assets. They lose value over time. Investments are appreciating assets. They gain value over time. Sometimes when we look at an investment in ourselves we mistake them for costs. It's hard to look at professional development and not try to calculate immediate ROI. In fact, it gets even more short-sighted when you're trying to justify the cost to your employer who is maybe staring at their dwindling cash reserves and a challenging VC fundraising environment. But professional development is an investment. It appreciates over time. The value you are creating both for yourself and your employer are exponential and have both immediate and long-term effects if the training is well aligned with professional and business pursuits. In the case of partnerships training, there are only a few handful of professionals in the world who know how to build successful partnerships. Investing in proper training to avoid mistakes and accelerate success is both immediately beneficial to the business, but also has long term appreciation for the professional.

When it comes to tackling employee attrition, the first step is to ground decisions in data. The Work From Anywhere partnership with Mercer breaks this down. In the Global Talent Trends survey, Mercado Libre used AI to analyze their entire benefits stack, pinpointing gaps based on what benefits employees were actually requesting. Mercado Libre: *Identified a benefits gap among software engineers. *Using AI insights, they launched a targeted “work-from-anywhere” program for that specific segment. *Within about a year, voluntary attrition dropped from 14 percent to 4 percent. 74% of those engineers now plan to stay with the company for more than three years. That’s a dramatic shift, but it’s not unique to Mercado Libre. An example is Spotify. After rolling out their own data-driven Work From Anywhere policy, they saw attrition fall by 15 percent in just one year. What these case studies show isn’t just about perks or programs. It’s about using AI to uncover where your people feel underserved, and then designing benefits that directly address those needs. To quote John Lee, CEO of Work From Anywhere, "The biggest saving isn’t just in dollars or time. It’s in retaining the talent you already have." If you’re still designing benefits based on hunches or outdated benchmarks, here are 3 questions John recommends to get you started... 1) How are you currently collecting and analyzing employee feedback on benefits? 2) Have you segmented your data by role, department or tenure to spot hidden gaps? 3) What tools, including AI or people-analytics platforms, could help you forecast the impact of a new program? I’d love to hear: how is your organization using data to reshape benefits and drive retention? Share your experiences below, and add WFA below for a link to the Global Talents Trends Survey. More clips from the latest episode of Progressive HR with guest John Lee coming soon.

If you're serious about retaining and growing your working parent talent, childcare benefits aren't a nice-to-have; they're a strategic imperative. The reality for millions of employees right now is that the lack of affordable, reliable childcare is a massive barrier to productivity, career progression, and even simply showing up to work consistently. When parents, particularly mothers, struggle with childcare, it directly impacts their mental bandwidth, creates immense stress, and often forces them to step back from their careers or leave the workforce entirely. This means companies are losing experienced, valuable talent – and incurring significant replacement costs – not because of performance, but due to external life demands. By offering robust childcare support – whether it's on-site facilities, subsidies, stipends, or even robust dependent care FSAs – organizations are making a direct investment in their workforce. It signals an empathetic, human-centric culture that understands and supports the whole employee. This isn't just about retention; it's about enabling career growth, fostering greater diversity, and ultimately, ensuring your best talent can thrive without constantly battling an impossible work-life equation. Prioritize childcare, and watch your working parent talent flourish. #ChildcareBenefits #WorkingParents #EmployeeRetention #TalentStrategy #HRLeadership #FutureOfWork

Our new research sponsored by Strategic Education, Inc. and published by Harvard Business Review Analytic Services, reveals the strategic value of tuition assistance (TA) benefits: 91% of business leadership agreed that TA benefits programs can upskill their workforce, which gives organizations a competitive advantage. When employers prioritize these benefits, it can send a powerful signal that shows they value and support their employees’ professional growth. Check out my latest Fast Company article on the three ways that organizations can harness the power of tuition assistance benefits: https://lnkd.in/gqmhzqFH #TuitionAssistance #EducationBenefits #Upskilling

If you are one of the many who have changed jobs or left a W2 job to start your own business, you will need to figure out what to do with the savings in your 401(k) or other retirement account. There are four main options: ► Roll them into an IRA ► Roll them into the new employer's plan ► Keep them with your former employer ► Cash them out   Each option has different implications, so it's important you understand them before making a choice.   𝐑𝐨𝐥𝐥𝐨𝐯𝐞𝐫 𝐭𝐨 𝐚𝐧 𝐈𝐑𝐀   There are three types of rollovers you can do: ► A rollover from a traditional 401(k) to a Roth IRA – you’ll owe taxes on the rolled-over amount. ► A rollover from a traditional 401(k) to a traditional IRA – the taxes are deferred. ► A rollover from a Roth 401(k), to a Roth IRA – you won't incur taxes.   With any of these, you need to contact your former employer’s plan administrator, ask for a direct rollover, complete a few forms, and ask for a check or wire of your account balance to be sent to your new account provider.   You can also request the balance be sent directly to you and then deposit it into the new account. With this option, you have to make the deposit within 60 days of receiving the funds and there will likely be withholding on the distribution so you will need to assure you deposit the full amount into the new account.   𝐑𝐨𝐥𝐥𝐢𝐧𝐠 𝐲𝐨𝐮𝐫 𝐨𝐥𝐝 401(𝐤) 𝐨𝐯𝐞𝐫 𝐭𝐨 𝐚 𝐧𝐞𝐰 𝐞𝐦𝐩𝐥𝐨𝐲𝐞𝐫 𝐨𝐫 𝐤𝐞𝐞𝐩𝐢𝐧𝐠 𝐲𝐨𝐮𝐫 401(𝐤) 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮𝐫 𝐟𝐨𝐫𝐦𝐞𝐫 𝐞𝐦𝐩𝐥𝐨𝐲𝐞𝐫   While there aren’t any tax implications with these options, be sure to evaluate the investment options and account fees when considering them.   𝐂𝐚𝐬𝐡𝐢𝐧𝐠 𝐨𝐮𝐭 𝐲𝐨𝐮𝐫 401(𝐤) If you really need the money, you can take the cash out of your retirement account. This is typically considered an early distribution, subject to a 10% penalty in addition to any income taxes due., unless you meet one of the penalty exceptions.   Are you sitting on old retirement accounts? Now is a great time to consolidate! #taxes #financialliteracy #financialwellness

Playbook for tenured corporate employees entering retirement: We’ll start today with your benefits: 1. Medical: If under 65, you'll likely need to use COBRA or shop an exchange. Most families see an increase in premiums during this time, not a decrease. Know the 'terrain' before you start. 2. Pensions: You MUST explore your options before selecting a pension payout plan. See how market rates compare. Also, understand how survivorship works for your spouse. For example, a straight life option may pay $5,000 a month, while the survivorship option is $3,000 a month. A life insurance policy could fill the gap--both allowing for more take-home pay and also covering the early death scenario. 3. ESOP (company stock) Many people leaving their last job have a large portion of wealth in company stock. It may have been great for growth, but it can be an income planning and tax nightmare in retirement. Knowing how to handle this could make or break your financial future. 4. 401k/employer retirement plans Most 401k's are in retirement date funds. This is a 'broad strokes' strategy. Most people 'graduate' these when they retire. You may rollover funds from a 401k to an IRA. From there, create an income and growth strategy that's customized. 5. Life insurance/risk management Most life insurance policies end with your job. The early years of retirement are generally the last window to get insurance. For some, it's not needed…for others it's essential. Either way, do a life insurance review. _______ I help Catholic families and individuals make this leap. Hit ‘follow’ to see more. 📲 Message me to learn more. 💬 Memento mori…plan accordingly God bless 🙏

I recently posted about innovators in mental health and psychedelics. Today, I want to celebrate another kind of changemaker: the people designing employee benefits at major, global-scale companies. This role doesn’t always make headlines - but thoughtfully crafted benefits can touch MILLIONS of lives, SHIFT industries, and require real CONVICTION to implement. Here are a few benefit leaders whose work I deeply admire: ✈️ Tracy Desmond – Airbnb supports employees through its Live and Work Anywhere policy, comprehensive assisted reproduction benefits (covering fertility, adoption, and surrogacy), return-to-work coaching for new parents, and strong mental and financial wellbeing support. 📚 Mike Hopkins - PwC provides up to $1,200/year in student‑loan repayment assistance and has already aided in paying off over $25 million in employee debt - a rare and deeply impactful benefit. 🥚 Diana Dimon - EY's “Pathways to Parenthood” program covers up to $50,000 for IVF, egg/sperm freezing, adoption, and surrogacy, plus at least 16 weeks of paid parental leave. 🧬 Dotan Ziv – JPMorgan pairs biometric wellness screenings and robust on-site health centers with progressive programming that supports underserved communities - creating both internal and external impact 🧠 Charles Lattarulo, PhD - American Express stands out with its award-winning “Healthy Minds” mental health program: onsite counselors, global access, and destigmatizing awareness campaigns. It achieves mental health utilization rates 2.5× the national average with 98% satisfaction. These aren’t “perks” - they’re powerful signals. Companies are saying: We see your life, your well-being, and your family journey. One organization doing it well lights the way for many more to follow. Grateful to the leaders behind these initiatives - for raising the bar, deepening care, and proving that benefits can be transformative. Your impact is real. And it matters! 🙏 👊 💫