In today's labor market, a benefits package that meets employees' evolving demands is among the most important competitive differentiators HR teams can offer. Employees are asking for more robust financial support, flexibility, and benefits that meet their needs. But there's a significant gap between these expectations and what companies provide, making recruiting and retaining top talent more difficult.

For example, traditional PTO is still a mainstay of many companies' benefits programs. While employees will always need time away from work, PTO is one of the most underused benefits. In many cases, this means employees lose the value of the time they don't take, which leads to frustration and stress, as some employees will even take unneeded time off so that it doesn't go to waste. In an era of intense competition for talent, HR teams can't afford to rely on conventional benefits that employees no longer embrace.

One of the most critical competitive advantages in the battle for talent is meeting the full range of employees' needs. This is why HR teams should look beyond typical benefits and explore options like convertible PTO, which give employees a wider array of options and offer more comprehensive support. Let's look at how HR teams can deploy more innovative benefits to attract stellar employees and keep them around.