The workplace of today is changing.
The United States Census Bureau estimates that Asian, Hispanic, and multiracial groups - populations typically underrepresented - will transition to majority status by 2044. By 2025, Millennials will make up 75% of the global workforce, as Gen Z, Gen X, and Baby Boomers make up the remaining 25%. And right now, most companies are also managing a location-diverse team with people working remotely across cities and the nation, if not across the globe.
Fostering a diverse and inclusive workplace has and always will be a top priority - and competitive advantage - for companies.
As companies adapt to the changing landscape of the workforce, HR teams are now challenged to recruit, engage, and retain a diverse employee base, which means addressing the needs of a multicultural, multigenerational, and multi-location workforce.
Top Perk Stipends to Support a Diverse and Inclusive Workplace
One way organizations are solving this problem is with employee perk stipends.
Employees are unique, with different interests, needs, lifestyles, and locations. As organizations embrace diversity at work, so too, should the benefits made available to employees. Instead of the traditional one-size-fits-all benefit solutions, employee perk stipends provide a more thoughtful way to support all of your employees, while also catering to their individualized needs.
There are also tremendous benefits to the HR team and the organization. Perk stipends streamline your perk management, add flexibility without complexity, and are excellent for cost-savings.
We put together a list of some of the most popular perk stipends organizations are using today to promote and enhance diversity and inclusion in their workplaces.
Learning and Development Stipends
A learning or education stipend is a sum of money given to employees to spend on the learning initiatives that are most relevant to them and their needs.
Learning can also take many forms throughout someone’s career journey, including educational coursework, coaching, books, and conferences, just to name a few.
They are a great way to support employees in pursuing professional development and learning new skills. It encourages employees who are lifelong learners or those seeking to acquire a new skill and makes the facilitation easy.
Learn more about the benefits of learning and development stipends in The Definitive Guide to Learning and Development Stipends.
A family stipend is a sum of money given to employees to spend that addresses both the employee and family’s needs.
It’s a great way to show support to employees seeking more balance in their work and personal life. It also addresses employee needs outside of the workplace that is essential to their workplace productivity.
A few of the ways employees have spent their family stipends include subsidized child care, house cleaning services, dog walking services, and meal delivery, to name a few.
Health and Wellness Stipends
A health & wellness stipend is a sum of money given to employees for them to spend on health and wellness initiatives that are most relevant to their needs.
It recognizes that every employee has a different idea of what “healthy” means to them. While some people may find that a meal delivery service is how they can best achieve their health and wellness goals, others may prefer to engage in meditation practice or online fitness classes.
A health and wellness stipend allows you to offer every health and wellness perk but without the challenge of picking, piloting, purchasing, and maintaining them.
Learn more about the benefits of health and wellness stipends in The Definitive Guide to Health and Wellness Stipends.
Remote Work Stipends
Remote work stipends have been gaining popularity in recent years as more and more companies adopt remote work policies. A remote work stipend is a sum of money given to employees to build out a home office, purchase necessary equipment and tech, or anything else that makes their remote work experience comfortable and productive.
Remote employees can also use it to buy general perks that on-site teams can access, such as food or health and wellness perks. Remote work stipends allow companies to support remote workers with the same perks on-site employees receive, regardless of where they work.
Learn more about the benefits of remote work stipends in The Definitive Guide to Remote Work Stipends.
All-in-One Perk Stipends
A general, all-in-one perk stipend is an employer-funded account dedicated to a variety of employee perks. These are also called perk stipends, perk allowances and lifestyle spending accounts.
Not sure which perks are right for your employee base? Instead of having to guess, perk stipends make it easy for employers to put perk money into various spending categories (from the items above and more), so employees choose the perks best suited for their life and evolving needs. It’s an excellent way to create a 100% personalized perk experience.
The talent pool is shifting. As organizations adapt to this shift and diversify their employee base, expanding the benefits and perks employees receive should also.
Are you looking to enhance your existing employee perks program to support inclusion and diversity?
Are you ready to discuss adding perk stipends at your organization?
Compt can help get your employee perk stipend program up and running. Speak with a Compt team member today and discover the benefits employee perk stipends can provide to your organization.
Ultimate Guide to Employee Perks (find benefits, examples of companies using them, how to set them up and more)
Ultimate List of Employee Perks and Vendors (explore a comprehensive list of employee perks and perk vendors)
Perks Management Comparison Infographic PDF (a list of general buying criteria compared against the various models of offering and managing perks today)