The world’s top companies seem to know something others don’t: an organization’s success often directly correlates to how well they treat their employees. When people are happy, they bring that energy to work.
People derive a ton of value from their work and how successful they are in their careers. So, it’s no surprise that when people don’t feel respected or valued by their employers, it can significantly impact their lives. That’s why so many top executives and organizations are prioritizing employee well-being over almost everything.
It’s all part of an innovative and progressive movement that is revolutionizing the way employees are treated,and a significant part of this movement deals with the adoption of lifestyle benefits.
Lifestyle Benefits: What Are They?
Employee benefits have always been a critical part of great business. If companies want to inspire brand loyalty and foster a sense of community within their team, they must treat their people well. That’s why organizations started offering more traditional employee benefits in the first place, like:
- Health Insurance
- Life Insurance
- Retirement Plans
- Disability Insurance
Those benefits are now the bare minimum. They’re almost as expected as a competitive salary and paid time off. In fact, many highly qualified employees won’t even consider a job if these benefits aren’t already built into the compensation package.
Companies have to offer more to attract and retain top talent. That’s where lifestyle benefits fit in. They are the greatest solution to employee well-being because they’re impactful in a way that genuinely improves the employee’s quality of life.
The Four Pillars of Employee Well-Being
Employee wellness is loaded with existential meaning and conflicting ideologies, but understanding it is an essential part of outstanding leadership. If employers want to promote happiness and wellness in every area of their employees’ lives, they must focus on the four pillars of employee well-being.
- Physical Well-Being
- Emotional Well-Being
- Financial Well-Being
- Social Connectivity
If a company is actively seeking to impact the well-being of its employees, lifestyle benefits is the place to start. Lifestyle benefits are meant to impact people’s lives by sparking joy, giving them time back and enriching their lives and the lives of their families.
The Difference Between Lifestyle Benefits and the Rest
Lifestyle benefits aren’t just the bare minimum masquerading as qualitative care. They aren’t perks, like seasonal gift cards delivered en masse or ping pong tables for the office.
These benefits are meaningful services that meet the needs of employees today. Not tomorrow, next week or ten years from now. Employees don’t have to be sick, deceased, disabled or over 65 to use them.
Lifestyle benefits are benefits they can enjoy now.
Why Do Lifestyle Benefits Matter?
70% of all employees say that benefits are a critical part of consideration when searching for a new job. 83% of millennials say they’re even willing to change careers in favor of a company that offers fringe benefits.
Why are lifestyle benefits so essential to the modern employee? Because they reinforce a new state of mind.
Organizations that care about their people actively pursue holistic employee well-being. By providing lifestyle benefits, they seek to improve their employees’ physical, emotional and mental health while creating an environment that cultivates social connectivity.
The best companies in the world don’t offer lifestyle benefits to improve employee engagement, retention and productivity, but they are positive by-products of these types of benefits. Top companies offer lifestyle benefits because they care about sustainability and helping their employees become healthier, whole and vibrantly alive.
Lifestyle Benefits Are Relational, Not Transactional
Lifestyle benefits shouldn’t be merit-based. Rewards and recognition programs are essential for creating a positive atmosphere for employee growth, but these benefits should be offered to employees without strings or requirements.
When organizations offer lifestyle benefits, it’s about building positive, long-term relationships between executives, supervisors and employees. It’s about investment and dedication to employee well-being. It’s about caring for other human beings, no matter their position within a company or circumstances in life.
Lifestyle benefits should be at the core of unconditional care. No team member should have to earn appreciation, value and respect. They achieve that right just by being a living, breathing member of their organization.
Simplifying Lifestyle Benefits With Fringe
Interests, backgrounds and perspectives will vary from person to person. So, it’s a logical assumption that different people are going to want different things. For example, while some employees may favor benefits that offer memorable experiences, others may want benefits that significantly impact their day-to-day lives.
The one-size-fits-all approach simply doesn’t work, and no matter how well-intentioned an organization is, there are inevitable limits to what it can offer. That’s why customizable lifestyle benefits are the perfect solution for diverse teams.
Fringe’s platform makes employee benefits practical and straightforward. Employees are allowed to choose from over 100 unique lifestyle benefit options. Each benefit offered on the platform was created to improve an employee’s social connectivity and mental, physical and emotional well-being. Contact our team to schedule a free demo today!