In the modern job market, the key to attracting and retaining the best talent is having generous employee benefits. Employees are likely to choose extra perks over a pay rise.
Top companies like Twitter and Google are popular among employees because of their incredible employee benefits. Google, for example, has perks such as biweekly chair massages, yoga classes, and lunches prepared by a professional chef.
Twitter employees enjoy on-site acupuncture and three catered meals every day. The following are some of the best employee benefits to integrate into your company’s HR system.
This is the most popular employee benefit and many employers offer it. The Bureau of Labor Statistics reports that over 70% of civilian companies give their employees health insurance.
Health, vision, and dental insurance is one of the most expensive benefits that a company can offer its employees.
Different companies may choose to offer different types of paid holidays for their employees.
If employees have to wait the whole year to get a few days of vacation, they are likely to feel exhausted before the year ends. They may have low morale which affects their productivity.
Government employees get many paid holidays. They include President’s Day, Labor Day, and Martin Luther King, Jr. Day. However, companies may offer fewer days off.
Like any other benefits, consider the impact of this benefit on your company before making a decision.
Even though it may not be as common as health insurance, life insurance is a popular employee benefit.
According to the BLS, 55% of private firms and 59% of civilian companies offered life insurance as an employee perk by 2016. In most cases, companies offer it in the number of employees’ salaries. Employees do not have to pay for it. Companies that find this perk too expensive may pay for a part of their employees’ policies.
Student Loan and Education Assistance
Tuition assistance is an employee perk that benefits the company as well. Helping employees learn more about their field may equip them with skills to perform better at work. If employees feel that their company is investing in them, they are unlikely to leave. They are likely to invest more of their time and effort into the company.
Some companies may require that employees work with them for a specified period after completing their degree. This way, the company will be sure to reap the rewards of their investment.
Help with employees’ student loans is a popular perk as well. Almost half of all employees would take a low-paying job if it offers help with their student loans.
401k and 403b are common retirement accounts offered by employers. The logistics may vary depending on a company’s needs.
Some companies may choose to make contributions toward their employees’ retirement accounts through similar programs.
Other companies may contribute to employees’ retirement savings through profit-sharing. Different programs may vary for different companies.
Flexible Scheduling and Telecommuting
Lots of companies now allow their employees to create their own schedules. Flexible scheduling has plenty of benefits for both the employees and their companies.
It promotes productivity and boosts employee morale. This perk may promote employee retention. With the ability to telecommute, employees do not need to waste valuable time sitting in traffic.
They can invest that time into more productive work. Showing employees that you care about their family and social situations is one of the easiest ways to retain them and maintain their loyalty. The feeling of not being valued is one of the most common reasons why they may want to leave their job.
Everyone wants to feel appreciated when they do a good job. Consider offering performance bonuses as an incentive for employees to put more effort into their jobs. The bonuses promote healthy competition, create team spirit, and encourage employees to work harder towards the company’s goals.
Consider setting performance goals and encouraging employees to work towards them with the goal of getting a bonus. Competing for a monthly or annual bonus lifts morale in the office and creates a buzz.
In conclusion, there are plenty of benefits that you may use to improve employee retention. Employees are definitely the most valuable assets of any company. Caring for their welfare has a significant impact on the success of the company. The secret is to really understand the needs of your employees and offer realistic solutions. Happy employees stay at a company for much longer. They are more productive and loyal.