It sometimes it feels as though the bubble is frothing again in Silicon Valley: when companies offer free mechanical bull rides in the parking lot and monthly bouncy castle events for stress relief, it’s like 2001, all over again. While flashy stunts like these might be great at helping a company stand out, they don’t provide much in the way of real value for people and their families.
It’s time for high-growth companies to think less about employee perks that glitter brightly and more about ones that dramatically affect quality of life. And what’s the perk that employees care about most these days? Health benefits. Really good ones. In fact, employees value health benefits almost as much as pay and are more likely to stay with a company that offers a strong health benefits package.
But there’s even more to the story—we’re in an age where Millennials outnumber baby boomers, and they’re coming into an uncertain job market where career stability and salary increases aren’t a given. If they haven’t already, they are dropping off their parent’s health insurance by age 26, and some of them will be on the hook for helping to foot the bill for their aging parents healthcare costs. This is a generational shift and a conversation that can’t be ignored.
So while creative benefits pros can assemble a long list of “perks” that will make them sound like the hottest company on the block (for now), smart ones are picking innovative benefits that actually help their employees and make a difference for them and their families. High-growth companies like Evernote and Wealthfront work with Grand Rounds to give their teams access to world-class medical experts.
And here’s the kicker: Their extended families have access as well. This means their employees are getting better healthcare for themselves, and they can feel at ease knowing their loved ones are getting the same level of care.
It’s also a tremendous time savings: knowledge workers don’t have enough hours in the day to troll Yelp in order to locate a medical specialist, or crawl insurance sites to find a Primary Care Physician. Grand Rounds handles all this on behalf of our patients, giving them huge portions of their day back.
The bottom line is that competition to attract smart, driven, talented employees is tough. Some are even calling it the benefits “Arms Race”, and there’s no sign of things slowing down anytime soon. The way to win? Look past the razzle dazzle and pick meaningful benefits that can help employees live longer, feel better, and achieve dramatic healthcare outcomes.