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Additional Posts in Employee Benefits
Any Deloitte people trade on robin hood?
Top benefits at Bank of America?
Does Slalom offer fertility coverage? (E.g. IVF)
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Coach
The only wasteful benefit my company has is including $8k per year in our Total Rewards, but not allowing it to be transferred to student loan payments instead of new education.
I don’t feel like there’s a ton of fringe benefits, but I also wouldn’t mind consolidating some into one better thing. What is one benefit you could get rid of immediately where you are at? I’d say our “discounts” aren't really for much and they are too specific.
Mentor
I would argue that there is a danger of offering too many benefits. Many of my employees struggle to understand benefits. Even when we spend 1-on-1 time with them to go over the options, the choices are overwhelming for most.
Also, I see a lot of people take up the benefits and not use them. When asked, a lot of them tell me they took the benefits just because it was available and did not want to miss out. Fear of Missing Out is a real concern and can lead to excess coverage. The real gem is when they are upset as they review their pay stub and see how much they are paying for all of the benefits. Really eats up their paycheck when they take up coverage they do not need and then do not use.
Mentor
Every year, we get utilization reporting on the plans we offer. And it is disturbing how many people do not use the free services (teeth cleaning, eye exams, etc).
I have considered reducing the number of benefits we offer, but the challenge there is I really do not have a way to provide alternate coverage for those who legit want/need the coverage. So I would be leaving them behind to make the enrollment process narrower. No simple solution here, unfortunately.
At Manulife we had a 10k for therapy/psychologist /counselling.
I wish I could've pocket it then just have it sitting there. I did get a performance coach and a psychologist to work in my mental game while trading but still a lot left over.
We have encore...which is where we can praise a coworker. We can also award points but it's ridiculous actually giving points it has to be justified and then verified .mits tedious. Those points can be used to buy things from an online store in encore. We used to get points for our anniversary...now all we get is a thank you through encore. It's a waste of space. We also have a program where you can buy stuff on an online store and have it taken out of your paycheck overtime...this "benefit" is often 30% markup but considered a ",benefit," because you can pay over time conveniently from your paycheck. It's dumb and predatory in my opinion... those lower income employees are likely to use it and lose more money over time just because your employer offers payment plans. It's not worth paying 30% more to pay over time. Credit cards hurt less than that. We also have a discount portal...which has never scored me any real discount. I used it to buy a vehicle once and man it pissed the dealer off when I showed them my quoted price...they didn't want to honor it. I had to argue with them and walk away before they finally did ....so having the "discount" wasn't as easy as it makes you think ..I did all the work.
Good health care benefits and PTO should be prioritized..other fringe benefits can be offered but won’t be my focus