What are employee benefits?
Employee benefits are non-monetary forms of compensation offered to employees by an employer—also called “fringe benefits”. These benefits are offered in addition to an employee’s salary or wage. Offering employee benefits is also an important part of retaining and attracting employees.
Today, employee benefits are widely expected by employees. Employees need benefits in addition to their financial compensation to be happy in their jobs. Offering a well-rounded employee benefits package has been shown to improve employee retention, lower absenteeism, reduce employee turnover rates, and engage and motivate employees. Here’s a list of 9 of the best employee benefits being offered today.
Insurance plans/Wellness benefits
Offering some form of health insurance to your employees is the most popular and most standard employee benefit. An employer will usually cover an employee’s medical care with his benefit. There are many different types of employer-provided insurance, including dental and vision.
In addition to health insurance, many companies are beginning to offer wellness programs. These wellness benefits are especially popular among millennials, and can include mental health days off work, company-provided gym memberships, and resources to have a healthy work-life balance.
Today, tuition reimbursement is becoming an in-demand employee benefit. Many great employees are hindered by student loan debt, which can lead to stress and even burnout. With this benefit, employers pay back a percentage or all of an employee’s tuition costs. Furthermore, if employees are currently attending school while working, they will be responsible for paying their tuition costs out-of-pocket. Upon completion or graduation, then an employer will reimburse the employee for their tuition. Providing tuition reimbursement as an employee benefit is a great way to retain employees and encourage higher education.
Remote working opportunities
After the COVID-19 pandemic, remote working became routine for many employers. Employees of all ages enjoy remote working, and many will seek out jobs so they can have days where they can work from home. Giving employees the opportunity to work not only increases productivity, but cuts down unnecessary time consumption, such as a daily commute.
Many employees enjoy having paid vacation as a top employee benefit. It’s a self-explanatory benefit—employees are being paid when they go on vacation. Paid vacation and paid time off are very popular employee benefits.
Paid parental leave
When an organization offers paid paternal leave, a new parent is allotted a certain number of days off work and still being compensated. This benefit is a must for many employees who may be planning on having children while in their job. Paid paternal leave is a sought-after benefit because it allows employees to focus on their family while not having to stress about the financial burden of taking off work.
Employee training is one of the best employee benefits that helps engage employees. Usually in-house, training employees and improving upon their career skillset not only engages employees, but also shows that you, as an employer, are invested in your employees’ career development.
Allowing flexible schedules for your employees is becoming a staple of employee benefits. Your employers have busy and complex lives outside of work, and the typical 9 to 5 schedule isn’t always going to be best for employees. Providing flexible schedules as an employee benefit shows your employees that you respect their time and non-work commitments.
Mental health programs
Similar to wellness programs, mental health benefits are becoming a necessity for many employees. Mental health programs typically include benefits such as employer-provided access to therapy and other mental health resources.
Obviously, there’s no one-size-fits-all when it comes to employee benefits. Every employee has different needs, is it makes sense to have a personalized benefits program for each employee. Under this policy, employees would be able to prioritize which benefits are right for them personally. Although this can take some time to properly develop and implement, the time spent is guaranteed to pay off in employee satisfaction.
It is crucial to offer some type of non-financial benefit to your employees. Many business owners agree that offering a substantial benefit package helps retain employees and increase employee satisfaction. Work with your HR department to design and implement an employee benefits package that works best for your company.