Some benefits are government-mandated, while others are specific to a company. Nonetheless, employers offer significant benefits to their employees not just as a moral imperative to ensure that they write a better future for themselves but also to attract applicants and keep them loyal to the company.
If you own a business and wonder what benefits you can provide your employees with, you need to know which ones they prefer not to waste your business funds. This article will help you determine that.
Most Common Employee Benefits
Creating a competitive package for your employees can be difficult, but it gets easier if you know what your workers are looking for. That being said, we’ve listed down the most common employee benefits below that will help grow your company.
Benefits related to healthcare are almost always present in any compensation package, and employee loyalty is significantly affected. A recent study has shown that 56% of workers stay in their jobs because of health benefits sponsored by their employer. Employers provide two common health-related benefits. First is the group health insurance, where employees can choose if they wish to be part of the company’s insurance plan. The other type of health benefit is HRA or healthcare reimbursement arrangement where employers shoulder their employees’ medical expenses.
Employees work hard to guarantee a better future for themselves and their families. That’s why they often prefer working for businesses that offer a retirement plan. This gives employees a safety net that ensures they live the rest of their lives comfortably after retiring. If you want to provide your employees with this benefit but you’re unsure how you can do it, coming up with a retirement program called a defined-contribution plan will help address both your company’s and your employee’s needs and preferences. Overall, a retirement plan is essential in guaranteeing a sustainable life when employees end their careers.
Another benefit that employees often look for is workplace flexibility, and luckily, more and more businesses are starting to incorporate this. Employees need time off work now and then to take care of their mental health or attend to emergencies and unforeseen events. Not being flexible with these circumstances can negatively make a significant impact on employee productivity. Employees stay in companies if they feel valued, and allowing them to take paid leaves and recover is one way of showing that you care about them.
If you’re looking for a benefit that’s quite out-of-the-box, a wellness program is a great option. This is one of the most recent additions to the long list of employee benefits. Companies are now trying to build a culture of health, and providing employees with a wellness program guarantees that they are at their best selves to be productive. Wellness programs often include stress management classes, gym membership, or wellness-related newsletters. Providing your employees with these doesn’t just boost their performance but also their happiness and satisfaction levels.
There’s a huge salary difference between an employee who has higher educational attainment and doesn’t. In today’s age, employees want to keep on learning and growing. That’s why lots of employees want to further their education. However, this can be quite difficult for them since they have their responsibilities and bills to pay. Employees greatly value a company that is willing to reimburse their education. This will not only keep employees in your company, but developing their knowledge and expertise in their chosen field will also help grow your business because you’d have more competitive employees working for you.
Why Should Employers Provide Benefits?
You may be thinking about whether or not the cost of providing your employees with different benefits is worth it. Allow us to answer that for you; it is. Believe it or not, most employees would much rather have an additional benefit than a salary increase.
Aside from promoting employee loyalty, the provision of benefits can also significantly increase their focus and productivity. If your employees can perform at their best, the cost of these benefits will return a hundredfold because of the boost in your business operations.
A long list of benefits is a glowing treasure chest for applicants. They want to work for a company that can take care of them, and providing them with the best benefits will guarantee that. If your company is capable of spending for these benefits, you will improve your recruitment process and choose the best employees in the pool of applicants. So take the necessary steps to provide the best.