Pacific Prime’s video on the top 3 non-monetary employee benefits
Are you an HR professional or business leader looking to review or implement your organization’s employee benefits plan? If so, you’ll be interested to know that adding non-monetary options can have a greater and more positive impact on your workforce than just bumping up salaries or anything else that is simply monetary due to the current COVID-19 pandemic. The reality is that the needs of employees have changed and with the ongoing pandemic, employees require more support and assistance from their employers than ever.
With that said, Pacific Prime has put together a short video on the top 3 non-monetary employee benefits for employers and HR professionals to consider for their current and future workforce.
What’s the definition of non-monetary benefits?
With reference to our blog article on the top non-monetary benefits for employees, we define non-monetary benefits as benefits that do not directly put money into an employee’s bank account but instead offer assistance, support, or services to promote productivity and employee wellness. Non-monetary benefits is the umbrella term and can be divided into three separate categories:
- Lifestyle – benefits that support your employee’s lifestyle.
- Psychological – benefits that support your employee’s mental and psychological health.
- Medical – benefits that support your employee’s physical health.
Pacific Prime’s top 3 non-monetary benefits
In the video, we provide our top 3 picks that employees will appreciate having on their employee benefits plan:
1. Flexible working arrangements
Flexible working arrangements have become more pronounced in the last 12 months as the COVID-19 pandemic brought about major disruption and change to the way employees work and stay safe. Around the world, employers have enforced safety measures that allow staff to work from home if their duties allow them to. Such arrangements could become a permanent norm for businesses looking for future prospects that want to work remotely or from the comfort of their homes. Another trending non-monetary benefit for employers to consider is the implementation of flexible working hours that helps promote trust and autonomy in the workforce.
2. Employee Assistance Programs (EAPs)
EAPs are incredibly useful as they are designed to help support employees in times of crisis and during the COVID-19 pandemic, this benefit couldn’t be more relevant. To learn more about EAPs, our blog article on selecting the best employee assistance program provides more information to help you consider adding EAPs for your employees.
3. Medical-related benefits
Medical-related benefits are a must-have on any package. One popular benefit is health insurance coverage, which is among the first benefits that employees are more likely to use. Offering inpatient and outpatient cover are good starting points and can expand to include dental, vision, and even family coverage. Other benefits within this category include gym membership and mental health wellness programs.
Check out our top 3 non-monetary employee benefits below:
Reach out to Pacific Prime’s employee benefits specialists
If you’d like to learn more about employee benefits, visit our blog and video page so that you can understand more about the latest employee benefits trends and make an informed decision when it comes to reviewing, renewing, or implementing your employee benefits package.
To discover more about employee benefits trends, our downloadable Global Employee Benefits Trends Report 2020 provides more insight and analysis on the key trends witnessed across different regions of the globe. It is also free to download!
If you want to discuss your health insurance options, whether it’s a corporate health insurance plan or a local health insurance plan, our team of experts at Pacific Prime are only one phone call or email away. Contact us to talk to one of our employee benefits specialists or to receive a free, no-obligation quote or plan comparison today!
His expert view and wealth of knowledge on insurance can also be found in his blogs for China, Dubai, Hong Kong, and Singapore.
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