The Top 4 Unique Benefits of Life Sciences Companies - Are You Getting Them?
As the world of work changes constantly, so do many aspects of employment. While most people focus on updates to technology and innovation in the workplace, other terms of employment contracts between organizations and their staff have changed considerably within the last five to ten years. Have you thought about what benefits are important to you? Would you request certain benefits from your current employer, or during an interview for a new job?
Many organizations are starting to offer more benefits and incentives for their employees. It isn’t uncommon for organizations to attempt to match, or try to offer more desirable benefits than their competitors. A recent BioSpace Community Poll asked, “Does your employer offer any unique benefits? If yes, what unique benefits does your employer offer?” After reviewing all of the answers, we compiled a list of the top four unique benefits of life sciences companies!
Everyone has to eat, so many companies try to make the mid-day meal as convenient and healthy as possible. Years ago, large organizations began including cafeterias or dining halls on their campuses to make things easier for employees. Today, many companies still have restaurants and dining areas, others choose to “order in” and have lunch delivered. Catered lunch from various restaurants throughout the week, was highlighted as a desired benefit being offered. It can give employees one less thing to think about and plan for during the workday.
Slightly different vacation accrual plans were mentioned during the poll. Some participants described having annual vacation accrual options, as opposed to waiting for multi-year vacation increments. Other people discussed the specific length of time allowed for vacations on a yearly basis. How would having more vacation time change your outlook on work? Would you be able to come back more refreshed, energized, and motivated to perform well? Typically, vacation time has been a common benefit for employees, but new methods of calculating accrual have increased its popularity.
Unlimited Paid Time Off
Paid Time Off (PTO) was another key area of discussion. Multiple respondents described unlimited PTO as highly valuable. To most life science professionals, unlimited PTO can sound like a dream! Imagine not having to worry about unexpected illnesses or events that come up in everyday life. If you had to take time off you could still feel confident and secure of your position within the company. Caretaker Leave of up to two weeks to care for sick children, spouses, or parents with illnesses was listed as a different type of Time Off. Some companies included that in addition to standard vacation and sick time.
Additional 401K Contributions
It’s important to think about life after retirement, and for most professionals that involves considering their 401K. Quite a few poll participants described how their organization makes additional 401K contributions for them out of respect for their support. One person mentioned that their company makes an annual contribution to their 401K based on a combination of the employee’s age and service to the company. Another professional outlined an additional 401K contribution (beyond the match) that is 6-15% of a base salary depending on age and tenure within the company.
Do you have a clear idea of what benefits are important to you? A BioSpace Community Poll identified catered lunch, vacation accrual, unlimited PTO, and additional 401K contributions as the top four benefits within the life sciences industry. Certain benefits can influence your overall work experience and productivity. Are you receiving these benefits at your organization? If not, there might be a way to present them to your human resources department and explain how they can positively impact your company.
Porschia Parker is a Certified Coach, Professional Resume Writer, and Founder of Fly High Coaching. She empowers ambitious professionals and motivated executives to add $10K on average to their salaries.