For leading pharmaceutical companies, superior employee benefits are nothing new. It has quickly become an industry standard to offer competitive compensation, comprehensive total rewards, and opportunities for advancement within your growing company.
As an HR professional looking ahead to 2021, you might be wondering - how can I help build my employer brand, and help my world-class benefits program stand out from the crowd?
Budgeting for higher compensation demands and greater values of employee equity is a great start. However, this alone won’t be enough to set you apart when it comes to talent acquisition efforts.
That’s where voluntary benefits come in.
Cutting-edge pharmaceutical companies are starting to offer increasingly generous — and often unheard of — benefits to attract the best workers and keep them loyal, too.
Here are the top 5 benefits every pharmaceutical company can offer in 2021 to stay competitive.
1. Financial Wellbeing
If one benefit alone could lead to healthier employees, lower turnover rates, reduce absenteeism all while raising employee satisfaction and elevating your brand as an employer, it would be a no-brainer, right?
Implementing an unbiased digital + human financial wellbeing benefit has these proven results - especially in the pharmaceutical space where many workers are incredibly educated and have high earning potential, yet often struggle when it comes to their personal finances and paying down debt. Top pharmaceutical companies are partnering with innovative financial wellbeing programs to offer trustworthy guidance at scale.
Financial wellbeing programs like LearnLux can help employees:
- Make a strategy for paying down student debt from years of education,
- Understand their stock options for a publicly-traded company,
- Financially plan for big life events like starting a family or buying a home
- Prepare for the future with retirement readiness and estate planning tools
- And so much more
Programs that blend interactive digital tools with access to unbiased Financial Planners are the gold standard.
Rolling out these benefits in 2021 will also be a breeze - modern programs are fast to set up and drive employee engagement right out of the gate. This allows benefits managers to easily start promoting the benefit to current employees and to prospective hires as a part of their total rewards package.
2. Maternity / Paternity Leave
Parental leave is an incredibly powerful benefit when it comes to attracting and retaining new parents in the workforce. Beyond doing the right thing, offering a competitive maternity / paternity leave benefit at your company can finally reduce the cost of turnover from employees who feel unable to continue work immediately after a life-changing event like starting a family. With a long-term talent acquisition and retention strategy in mind, parental leave is a must-have.
3. Open Time Off
Should your company offer an open PTO benefit? The human resources experts at SHRM say yes.
A few years ago, open time off was a recruitment differentiator, but now employers in high-tech sectors like pharmaceuticals must offer stellar vacation and PTO policies to stay competitive.
4. Mental Health
Mental health perks help employees develop new mental skills, provide mental health support & counseling, and deliver personal development programs for everyone ranging from couples, teams, and executives.
In our increasingly stressful world today, top pharmaceutical companies are bringing on powerful mental health benefits to support their workforce both on and off the clock.
Planning and affording childcare can be one of the biggest challenges your employees face during their workdays, and that’s saying a lot when you work in Pharma.
Making work-life balance a little bit easier for moms and dads is an impactful way to show your support and build your employer brand. Whether you offer on-site childcare centers or programs to help offset the costs for working parents, offering a childcare benefit shows that you understand and appreciate your employees’ ongoing balancing act.
Beyond the short-term competitive advantage, adding these benefits will help take pharmaceutical companies like yours into the future.
Many of the next major wins in pharmaceutical companies will demand that companies develop brand new technologies and operating models. Having the right talent on your team (and keeping them long-term) will be the way that top Pharma players will rise above the rest.