Today’s highly competitive labor market requires employers to go above and beyond to attract and retain top talent. For not-for-profits, this can be particularly challenging. Organizations in this sector operating on tighter budgets must leverage every tool available to build and maintain a dedicated workforce. Offering a strong employee benefits plan is an impactful way to boost the value of your not-for-profit's total compensation without significantly increasing costs.
What Sets Not-for-Profit Employee Benefits Apart?
While many aspects of employee benefits programs are similar across most industries, there are a few key differences that set employee benefits for the not-for-profit sector apart from the for-profit sector. Not-for-profit benefits plans tend to be:
- Mission-oriented: Not-for-profits and their employees are often mission-oriented, and they tend to seek out benefits that align with that mission. Offerings such as tuition reimbursement, time off for volunteer work or donation matching for charitable contributions are all examples of mission-oriented benefits that may appeal to not-for-profit employees.
- Intended to reduce burnout: Burnout is rampant among not-for-profit employees, thus increasing the importance of employee benefits that promote strong work-life balance and employee wellbeing.
- Focused on affordability: Not-for-profits with tighter budgets may offer more cost-effective benefits options, such as wellbeing programs, health savings accounts and other tools that enable employees to better manage their health care expenses.
Key Benefits to Offer Your Not-for-Profit Employees
Offering a wide range of perks is essential to meet the needs of a diverse workforce, but it can be difficult to determine exactly what offerings to include in your plan. The following options can be great additions to baseline group health insurance as you strive to create or optimize your employee benefits program.
Life & Disability Insurance
Life and disability insurance provide invaluable protection and peace of mind for not-for-profit employees. Life insurance provides financial security for employees' families in the event of an untimely death, while disability insurance ensures income continuity for employees who are unable to work due to illness or injury. These benefits contribute to a supportive work environment, demonstrating your organization’s commitment to the wellbeing of your workforce.
Wellbeing Benefits
Wellbeing benefits can help not-for-profits exemplify that they care about their employees’ physical, mental and emotional health while they pursue meaningful work. Consider implementing a wellness program, mental health support, fitness incentives and access to counseling services. These resources can help employees manage stress and prevent burnout, improving productivity and enhancing your organization’s ability to achieve its mission.
Retirement Benefits
Providing robust retirement plans, such as 401(k) or 403(b) options, can help your not-for-profit attract and retain talented employees who are committed to your mission. These benefits demonstrate an investment in employees' long-term wellbeing, fostering loyalty and reducing turnover.
Flexible Work Arrangements
Flexible work arrangements, such as hybrid and remote work, can help your organization foster a supportive environment that enables individuals with different personal commitments to contribute effectively. Fostering a culture of flexibility can also help your organization bring in and retain exceptional employees, resulting in a more motivated and committed workforce.
Connect With Our Team to Optimize Your Not-for-Profit's Employee Benefits Program
Ready to build or optimize your not-for-profit's employee benefits program? Turn to a team of industry experts today. At CBIZ, we specialize in serving the unique needs of organizations in the not-for-profit sector, enabling our team to offer the best-in-class solutions you need to thrive. Click here to learn more.