Sustainable Employee Benefit Trends in 2024
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Although there was a time when paying the highest salary in the market was sufficient to attract and retain the most talented employees, times have changed. Of course, money remains a huge factor in companies attracting top talent, but these days, it’s no longer the king in a world rife with environmental awareness.
The next generation of employees want to work for businesses that share their values, and sustainability is a rising priority. Therefore, it’s time to look beyond traditional monetary compensation and introduce a set of sustainable employee benefits. Offering such benefits will help you demonstrate your commitment to environmental responsibility and make your company a magnet for the next generation of employees.
Below, we explore five unique sustainable employee benefits that will set your company apart from the rest.
Salary Sacrifice Scheme for Electric Vehicles
Even though cycle-to-work schemes and public transport subsidies are certainly beneficial, a radical vision of a more sustainable future will be to go for fully electric vehicles. However, offering EVs to all your employees would certainly not make financial sense. But there is a solution: a salary sacrifice scheme for used EVs, such as the one offered by Loveelectric.cars.
In such arrangements, employers sign a contract with a third-party leasing firm to offer used and new EVs to their employees. The employees then opt to lease the car, and the lease payments are financed through a small portion of the employee’s monthly salary before tax, which both lowers employees’ and business’ taxes.
Carbon Offset Matching and Personal Sustainability Initiatives
Don’t stop with carbon offset programs; partner with reputable organizations to match employee donations to carbon offset efforts. With this step, you allow all employees to be directly involved in the fight against climate change and create a sense of shared responsibility.
You can also consider a “Sustainability Stipend,” which allows your employees to pursue their personal sustainability programs, such as a home energy audit, greener product purchases, or membership in a local eco-friendly transportation solution. It demonstrates your long-term commitment to helping your employees live the most sustainable lives while reducing your company’s environmental impact too.
Sustainable Supply Chain Transparency
Transparency is key to building trust with environmentally conscious employees. Work together with suppliers to chart the environmental impact of your supply chain. Share all of your findings with your employees regarding your supply chain’s effects, and promote open conversations about responsible procurement.
This approach helps you foster a sense of transparency and shared responsibility while empowering your employees to advocate for change in the company’s procurement processes.
Eco-preneurship Opportunities
Invest in your employees’ futures by providing skill-development programs that focus on sustainability. Team up with environmental organizations or universities to offer your team training opportunities in renewable energy, circular economy principles, or sustainable business. This not only expands their abilities but also promotes a culture of innovation within your company and establishes your brand as a significant green economy influencer.
If you’re willing to go a step further, consider hosting an internal eco-preneurship challenge. Organizing such events will allow your employees to develop and present creative green business ideas that can benefit your company while ensuring a greener future for the world.
Community Engagement and Environmental Volunteering
Stop investing in generic volunteering and instead focus on hyper-local environmental initiatives. This includes teaming up with NGOs and non-profits working on environmental problems relevant to your locality. This allows employees to make a direct effort to improve their immediate surroundings, which gives them a closer affinity with the community and develops a sense of making a difference first-hand.
It’s a good starting point to offer paid “Green Action Days,” where employees can dedicate one of their workdays to helping these local partners in sustainability. These days benefit the environment as well as promoting teamwork among employees.
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