For leading higher education institutions, the caliber of their faculty and staff is a defining factor that sets them apart. Colleges and universities that want to excel must prioritize attracting and retaining top-tier talent, and employee benefits play a crucial role in this task.
From comprehensive health and wellness programs to tuition reimbursement, discover the key employee benefits that resonate most with educators today.
Comprehensive Health & Wellness Programs
Health insurance is a vital component of a competitive benefits package. A recent survey conducted by the TIAA Institute found that 56% of higher education employees identified health insurance as one of the top three benefits most important to them in a job.
There are a variety of innovative solutions colleges and universities can leverage to make their health and wellness programs even more valuable for faculty and staff, including:
High-deductible Health Plans (HDHPs) with Health Savings Accounts (HSAs)
HDHPs typically come with lower monthly premiums and, when paired with HSAs, allow faculty and staff access to triple-tax advantages: tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. This combination empowers educators with greater control over their healthcare spending.
Individual Coverage Health Reimbursement Arrangements (ICHRAs)
ICHRAs offer a flexible and cost-effective alternative to traditional group health insurance plans, making them particularly appealing to higher education institutions. By offering reimbursement for individual health insurance premiums and qualified medical expenses, ICHRAs empower faculty and staff to select the coverage that best fits their personal needs.
Healthcare Captives
Higher education institutions are increasingly turning to healthcare captives enhance the quality and accessibility of their benefits for faculty and staff. A captive is a specialized insurance entity owned and governed by its member institutions. By pooling resources, captives enable colleges and universities to self-fund health plans and design more tailored benefit packages.
Preventive Care & Wellness Programs
Integrating comprehensive wellness and preventive care programs into employee benefits is a strategic move for higher education institutions aiming to enhance faculty and staff wellbeing. From mental health support and fitness programs to preventive care services, wellness-related offerings help employees manage stress, improve their physical health, and enhance their overall quality of life.
Tuition Reimbursement & Educational Assistance
Offering tuition reimbursement and educational assistance programs can help colleges and universities stand out among competing institutions. These benefits not only foster continuous learning but also serve as powerful tools for recruitment and retention.
Consider providing eligible faculty with a percentage of tuition coverage for undergraduate or certificate courses, or tying the benefit amount to years of qualified, uninterrupted service. Many institutions offering educational assistance extend the benefit to employees’ dependents, further amplifying their value.
These programs offer an innovative way for higher education institutions to invest in their employees’ growth and reinforce their commitment to educational advancement.
Family-friendly Benefits
Family-friendly benefits continue to gain popularity as employers recognize their value in attracting and retaining top talent. Trending offerings include:
- Parental Leave: Paid parental leave and flexible scheduling options allow faculty and staff to balance their personal and professional responsibilities, fostering a supportive work environment.
- Eldercare Assistance: Recognizing the challenges of caring for aging family members, more universities are providing resources and referrals to eldercare services.
- Family-building Benefits: Expanding benefits to support adoption, fertility treatments, and surrogacy can reflect an institution’s dedication to diversity and inclusion, catering to various paths to parenthood.
Voluntary Benefits
Personalized benefits packages are increasingly in demand, and offering a comprehensive range of voluntary benefits is one tactic higher education institutions are leveraging to enhance customization without increasing costs. These optional, employee-paid benefits provide flexibility, allowing individuals to select coverage that’s best for them.
From accident, critical illness, and hospital indemnity insurance to identity theft protection, legal services, and student loan refinancing, colleges and universities can provide a wide range of voluntary options to satisfy the varying needs of a diverse workforce.
Sabbaticals & Professional Development
Burnout is pervasive among higher education faculty and staff. Heavy workloads and insufficient support breed dissatisfaction and often create high turnover.
Higher education institutions are increasingly implementing structured sabbatical programs and comprehensive professional development opportunities to address this challenge. Sabbaticals provide faculty with dedicated time away from routine responsibilities to engage in research, explore new ideas, or pursue personal interests, while professional development opportunities, such as workshops, seminars, and formal training programs, help faculty members hone their skills.
Investing in these benefits can rejuvenate educators and ensure your institution’s offerings are ahead of the curve.
Ensure Your Benefits Program Resonates with Top Educators
By incorporating these key offerings into your benefits package, your higher education institution will be better positioned to attract and retain the talented educators and staff needed to achieve academic excellence.
At CBIZ, we partner with colleges and universities nationwide to develop and implement benefits strategies that align with their unique missions and goals. To learn more about how we can help you transform your benefits to maximize impact, connect with us today.
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