The majority of employees – over 80 percent – would take certain employee benefits over a pay raise. The value and importance of employer-provided benefits as a bargaining tool in the hiring market, and the power of providing the right non-financial incentives to ensure the comfort and wellbeing of your employees, is higher than ever.
Understanding how employee benefits can help you differentiate yourself in a competitive marketplace and help establish your company as the right choice requires you to not only offer the basics, but to get creative.
How Employee Benefits Have Changed
The popularity of unconventional employee benefits has been on a steady rise in recent years, amid growing concerns of a mental health crisis, a continued financial crisis, and a generational shift in work-life priorities. Companies don’t want new talent to fear burnout – and research is showing that more rest and relaxation leads to better results, and increased productivity.
The US remains the only country in the OECD that does not mandate vacation time or provide a statutory minimum number of paid days off – but we have still come a long way.
People don’t just want better dental or good health insurance. They want a four-day week, and unique benefits that they might not find elsewhere – such as access to a company gym, financial planning services, or even estate planning benefits.
Common Employee Benefits
Today, professionals who want to leverage their experiences and services seek not just the better paying position, but the position with the greatest quality of life. When looking for a place to work, the modern professional takes into consideration a company’s reputation, on-site benefits, commute, values, track record of success, and interesting benefits.
Some common employee benefits include:
- Retirement planning
- Life insurance
- Medical, dental, and vision insurance
- Unemployment insurance
- Disability insurance
- On-site fitness perks
- Financial planning
- Estate planning
What Your Unique Employee Benefits Say About You
The perks you provide reflect your priorities as a company, and how you value your employees. It’s about striking the right balance necessary to attract the right talent.
There is a limit to the number of perks you can provide every prospective employee before rendering your offered salary uncompetitive. The costs of providing these benefits are on you, the employer, and every financially sound business must operate strictly within its budget.
If you seek to attract long-term, loyal employees with an interest in longevity – within an industry, within a line of work, and within a company – then offering attractive retirement plans, better financial planning, and estate planning services can help establish that you want your employees to be free from any financial worries, and achieve total financial security.
The Value Proposition of an Estate Plan
Estate planning is not exclusive to the rich or the elderly. Even young professionals may need an estate plan to ensure that the wealth they’ve accumulated so far is handled properly if the worst comes to pass. For young couples, an estate plan is the only way they can ensure that their future children are being taken care of by the right relatives.
As we reach a new age of digital trading and securities, conventional and modern estate planning tools remain the only way to secure assets such as NFTs and cryptocurrency and ensure that they pass into the right hands should you be incapacitated. Finally, who will manage your financial, medical, and digital affairs if you go into a coma?
An estate planning is much more than a last will and testament. Estate planning services as employee benefits may include:
- Taxation advice to minimize local taxes, eliminate the risk of a state or federal estate tax, and minimize inheritance taxes.
- Efficient estate planning advice to account for lengthy ancillary probate cases caused by properties and assets held in different states or countries.
- A living will to detail your exact medical wishes in the case of chronic illness or a recurring health problem.
- A life insurance policy to provide a windfall for your loved ones.
- Multiple separate powers of attorney to name agents that can act for you in case of incapacity, especially with regards to your ongoing treatment and/or your financial responsibilities.
- Specialized trust planning, to account for the needs of a pet, or to provide for a special needs relative, or to ensure that certain assets are protected against creditors.
- A digital asset protection plan, to preserve your data and your online investments.
- And much, much more.
Financial Tips and Inheritance Coaching
Setting up an estate plan is a lot of legal legwork. But the prerequisite knowledge needed to craft a comprehensive estate plan – one where each element serves a function towards a singular vision or intention – requires a comprehensive understanding of how estate plans work.
Working with a law firm specializing in estate planning allows you to offer unique coaching to prospective employees interested in preserving their financial legacy, and providing for their loved ones as best as they can.
Estate plans go hand-in-hand with traditional financial advice, particularly long-term investments and retirement plans. Estate plan coaching can give employees a greater understanding of how to distribute their wealth and minimize their liabilities via designations, trust distributions, and special provisions.
Legacy Planning
An estate plan can play a role in preserving wisdom and tradition, as well. If there are particular heirlooms or material assets that are important to the family, as well as experiences, stories, folklore, or personal lessons that an employee might wish to establish as part of their growing legacy, then proper planning is required to ensure that these aspects of their estate are preserved.
Estate planning is a growing trend. Not only are Baby Boomers revisiting their existing estate plans, but Millennials are interested in setting up their own estate plan, more so than previous generations at their age. Take advantage of this by offering estate planning services as a unique employee benefit.
