Benefits are a vital part of any company’s relationship with its employees. Offering better benefits than your competition is essential for attracting new talent. Those perks also help to ensure that the employees you already have are happy with their jobs and won’t look elsewhere for work.
It is important that you understand which benefits your employees value the most. The wrong benefits can have nearly the same effect on your business as no benefits at all. Employees who are offered benefits that they won’t use often feel that their needs are not being met at their place of employment.
Moreover, because of the COVID-19 pandemic, people’s values are changing. Flexibility and healthcare are a premium. To help you with the strategic task of choosing the right benefits, consider enlisting the help of an unbiased, third-party HR professional.
The Most Desired Benefits
There is a wide variety of benefits that employees tend to desire most. A few of them can be considered the baseline benefits that every company should have if they want to stay competitive when looking for new talent. They include:
1. Healthcare
Healthcare is the most important benefit for many workers. Providing a way for your employees to meet their health and wellness goals means better productivity since they can avoid illness and associated stressors. In a culture so affected by the pandemic, healthcare is more important than ever.
2. PTO
Paid time off (PTO) is another high-value benefit. Employees need time to rest, and when given an opportunity to take a break, they come back more focused and productive.
3. Retirement
Options to save for retirement are often part of this “mandatory” category. People begin putting money away early on to ensure that they have a sufficient nest egg to carry them through their retirement years. Security for the future makes employees more confident now.
Secondary But Vital Benefits
These specialty benefits and workplace perks help improve your employees’ daily lives and can set you apart from your competition.
1. Remote options
One benefit that has gained popularity over the course of the pandemic is remote work. Employees are able to reduce the time they spend commuting to work, and employers can reduce the amount of office space they need. Remote work also means that businesses and workers can connect with one another regardless of distance, ensuring the best matches on both sides of the relationship.
2. Flex scheduling
Because of the pandemic, flexible hours are also becoming more desirable. Having this option has always been valued by people since the freedom of choice in work hours allows for a better work-life balance. For many, navigating quarantines and homeschooling has underscored the value of this flexibility.
3. Paid leave
Paid family leave is rather uncommon among employers—only 34% of companies offer paid maternity leave, and paternity and adoption leave are at 30% and 29% of employers, respectively. However, this time is cherished by families and plays an important role in improving health and well-being, as well as, family economic security. Providing paid leave for new parents demonstrates the value you place on them as employees and is a tremendous asset in employee retention.
Other Benefits To Consider For Maximum Retention
Of course, the types of benefits that your company is able to offer will depend on your budget, how many employees you have, and other factors. Keep in mind that in addition to the aforementioned offerings, the following are also popular:
- Four-day work weeks. This can lead to increased productivity from workers and decreased electricity and printing costs, and, of course, everyone gets more free time.
- Free food in the office. Employees are much more satisfied with their workplace!
- Student loan assistance. A big draw that can help businesses hire educated, young employees.
- Pet insurance. Supporting our furry, scaly, and feathery friends as an integral part of the family is much appreciated by many employees! If a company offers pet insurance, employees with pets will be more inclined to accept an offer. As an added bonus, pet insurance is not unduly expensive.
- Fitness perks. Staying active and healthy in these current times has become a nonnegotiable for many. This option is important to employees as it recognizes this growing need and helps to maintain both the physical and mental well-being of your employees.
An HR Professional Can Help You In Choosing The Right Benefits For Your Company
Whether or not you have an HR leader at your company, it is important to seek guidance from time to time from consultants who have a bird’s eye view of the industry as a whole. An outsourced HR consultant like the ones at eBen can help you determine which of these benefits you should adopt, as well as, predict which options will be of most benefit to your company. They can also help integrate these new, important benefits into the existing structure of your company. Reach out to learn more or to schedule an appointment to discuss your options.