What benefits do employees need most? The answer to this question will vary depending on the industry, the individual, and the situation; however, one thing is certain–employees need benefits. Employee benefits make up an integral part of any employee’s compensation package.
So what are some of the best employee benefits?
Here are ten must-have employee benefits that every employer should provide.
1. Flexible hours
Companies that give their employees flexible work hours empower them to be productive in a way that works for their specific needs. Whether allowing employees to make up time during their lunch hour, working from home when sick or giving two-hour breaks during an especially hectic period, companies should strongly consider giving their workers more say in how they manage their schedules.
This can lead to happier, healthier employees and a higher productivity rate.
Everyone wins!
2. Training program
Training is a great way to keep employees active and engaged, as well as provide them with new skills. When people feel like they’re being challenged, they tend to feel a stronger connection to their company, which could result in better performance down the line.
However, employers can’t just have mandatory training for employees; these programs must be presented in an effective way.
For example, it’s important that you include clear and concise explanations of how your training can help employees do their jobs better, and what kinds of job success stories are out there for your staff who’ve gone through similar training before (this will help motivate new trainees), and how long each program should take.
3. Remote working opportunities
Today, nearly 60 percent of U.S. employers offer some form of flexible work arrangement, and companies that provide telecommuting options see happier and more productive employees.
Providing a remote working option has been shown to increase employee productivity by 25 percent. It also helps employers save money on real estate costs—they can often house two to three people in an office that previously housed just one full-time worker who commuted every day. And it’s not just about saving space; having a distributed workforce means you’re saving time as well. When workers aren’t commuting, they’re not wasting hours stuck in traffic or waiting for trains or buses. They’re at home with their families or out enjoying their free time.
With today’s technology, it’s easier than ever for employees to be connected while they’re away from their desks—and many are choosing to do so. This flexibility is important because it allows employees to balance their work and personal lives better than ever before.
And when employees are happy at home and work, businesses benefit too!
4. Retirement plans
Providing your employees with retirement plans is a nice perk—and one that can keep you competitive in a tight labor market.
The most common 401(k) plan allows employees to contribute pre-tax earnings to an investment account, and some employers may also contribute matching funds.
You might also consider including a pension plan (which is currently being phased out by Congress). Once you have these benefits in place, be sure that your workers know about them and feel comfortable taking advantage of them—or else they’ll go elsewhere.
One way to do that is: Create ways for workers to stay up to date on financial news and market trends without racking up cell phone bills.
5. PTO policy
Paid time off, or PTO, is a benefit that allows employees to take time off from work when they need it—whether it’s for an hour or a week.
Though employee happiness is often seen as a driving factor in employee engagement and productivity, offering PTO can also help employers attract talent by showing new hires how much value they place on employees taking time off to attend events, spend quality time with their families, etc. But what should your policy entail?
How many days of PTO should you offer?
How many hours per day are allowed?
What happens if someone wants to use more than his allotted time off?
These are all questions you must answer before implementing a PTO policy.
6. Paid parental leave
No matter what industry you’re in, where you live, and how big or small your company is, every employer should provide employees with paid parental leave.
This benefit gives workers peace of mind to take care of their new children without worrying about finances. In addition to giving parents time off to bond with their newborns and children, paid parental leave also helps employers retain talented workers by making them feel valued.
According to a 2016 survey from Ernst & Young, 90% of millennials want some form of paid parental leave—and if you don’t offer it, they may look for a job that does
7. Performance bonuses
Bonus pay is one of those employee benefits that you don’t always hear about. This type of compensation isn’t exactly a benefit, but it can be an important tool for encouraging employees to achieve specific goals or maintain a certain level of productivity.
Performance bonuses are usually reserved for top employees or positions where high output levels are necessary to get business done—but if you can figure out how to make it work for your company, everyone will win.
8. Employee Recognition Programs
By awarding your employees for good work, you recognize them for their hard work and dedication.
Studies have shown that companies with a formal employee recognition program tend to produce higher levels of worker engagement and performance because they offer positive reinforcement when people do a good job.
If you want to recognize your employees in an even bigger way, consider a contest or sweepstakes where workers can win cash or other prizes. You can also give people gift cards on special holidays like Christmas or allow them to take paid time off if they need it.
9. Health and Life Insurance
Health insurance is crucial for everyone. It doesn’t matter if you have a clean bill of health or if you suffer from any pre-existing conditions; we all need health insurance to help pay for unexpected medical emergencies and treatments.
Life insurance is also an important benefit that most employers provide. The average life expectancy in America is 78 years old, which leaves many people with only 20 years of life after retirement.
Having a policy in place, your loved ones are protected against financial hardship should anything happen to you early in your retirement years.
10. Sabbatical Leaves
Many employers offer paid sabbatical leaves that employees can take as long as they have been with a company for a set amount of time (such as five years).
Not only does a sabbatical allow an employee to take time off without losing their position, but it also affords them the opportunity to return to work refreshed and invigorated.
If you work in an environment where workers have access to sabbaticals, plan ahead and make sure you’re making full use of your allotted time! Companies may also give new hires paid leaves of absence, which usually coincides with their orientation periods.
This allows them to familiarize themselves with workplace culture before diving into projects headfirst.
The best part about a great employee benefits package is that it doesn’t have to cost your company a thing.
Free or low-cost options, like offering flexible hours and telecommuting, can greatly impact employee happiness and engagement.
Other creative ideas like puppy daycare or paid volunteer days can help boost your employer’s brand while also saving you money.
Plus, giving perks like these will show potential employees what they are missing if they don’t work for you—giving them an incentive to come work for you instead of someone else.