Discretionary Benefits are benefits given to employees by there employers, however, these benefits are not mandated by law(s). Although these benefits are not mandatory making them seem less important often times these benefits can be the deciding factors on whether or not an applicant will choose your company.
Below is a list of what I consider to be the most valuable and least valuable discretionary benefits.
- Retirement (Protection program)
- Disability & Life Insurance (Protection program)
- Paid Time Off
- Outplacement Counseling (Services)
- Tuition Reimbursement (Services)
- Family Assistance (Services)
- Employee Assistance Programs (Services)
- Transportation Services (Services)
The biggest factors that contribute to why this list is how it is includes the following: First, the first two are probably at the tops at everyone’s list because many competing companies regardless of field have them. It would be a significant disadvantage to not include them. Another factor is the current state of the country. Many young adults are either drowning in student debt or have not furthered their education because of how expensive it is. That is why I think it is important to include tuition reimbursement as a high priority. Finally, mental health especially since Covid has really plummeted including paid time off as well as offering financial assistance with mental health resources is a very high priority for myself as well as I think it should be for other companies.
These benefits when fit to the needs of your employees like I believe mine do, will only allow them to reach their full potential. Full potential equates to high and efficient production.
