Employee benefits are what the company offers aside from an employee's salary: Cash, non-cash, indirect compensation, special activities or occasions, and more, giving their employees the things that are helpful to them or that would make an employee feel appreciated and value.
You can see employee or company benefits posted on the job board when looking for a job. It was most likely included in the job post, company website, job descriptions, mission and vision, and many other ways.
Some employee benefits are required by law. An example is a family and medical leave, which is governed by the Family and Medical Leave Act (FMLA). Employees are entitled to up to 12 weeks of unpaid, job-protected leave in 12 months if they meet specific requirements. Other employee benefits, such as health insurance, are not required by law but may be offered by employers to attract and retain employees.
Offering great employee benefits is key to showing your employees that you value their well-being and contribution to your company. Good benefits can help improve employee satisfaction and retention and attract and retain top talent. Additionally, offering competitive advantages can help you stay ahead of the curve and keep your employees healthy, productive, and engaged.
Read also: What Makes a Company the Ideal Workplace?
Aside from the reasons mentioned above why great employee benefits are significant because:
It will help you attract and retain employees
Improve employee morale and motivation
Increase employee productivity
Reduce employee absences and turnover
Help employees balance work and family responsibilities
Some of the employment benefits packages include:
Health insurance
Paid vacation
Sick days
Paid holidays
401(k)
Profit sharing
Employee discounts
Flexible spending account
Health savings account
Massages & Yoga
Mental Health Support
Home Office Budget etc.
20 Best Employee Benefits that’ll Keep your Employees Happy
Financial benefits
There are a few key ways that employers can support their employees' financial wellness:
Company Equity
If you want to attract top talent without competing on salary, one way to do that is by offering employees a financial stake in your company. This way, they'll have a vested interest in the company's success and will be more likely to work hard to help it succeed.
Company equity benefits a business because it creates a sense of ownership among employees. When employees feel they have a stake in the company, they are more likely to be motivated to see the business succeed. This is because they have a financial incentive in the form of equity.
Paid time off
This is an excellent way to improve work-life balance because it gives employees time to relax and recharge outside of work. It also gives them time to take care of personal or family matters that they may have. Mental health is also improved because employees have time to de-stress and care for themselves. This can lead to less absenteeism and overall better mental health for employees. Finally, quality of life is improved because employees have more time to enjoy their hobbies, interests, and loved ones. This can lead to a more positive outlook on life and work and a more productive, engaged employee.
Employee discounts, rewards, and bonuses
Employee discounts and rewards are a great way to reduce living expenses and to show employees how much their hard work is appreciated. To keep your employees happy, you need to offer them rewards. This could mean giving them discounts on your products or services or partnering with other businesses to provide them with special offers.
Another great way to reward employees is to offer them performance bonuses, provide employees with access to discounts on products and services or offer rewards for meeting specific goals. This can make your employees feel valued and motivated to continue working hard.
Matching 401k contributions
Matching 401k contributions is when an employer agrees to match the amount of money an employee contributes to their 401k account up to a certain percentage. Employers usually offer this benefit as an incentive to encourage employees to save for retirement.
Suppose an employer is unable to match employee contributions to a 401k plan. In that case, the company may be able to offer other benefits, such as matching contributions to a different retirement plan or providing additional health insurance coverage.
Education and career planning benefits
Tuition reimbursement
Tuition reimbursement is a way to help your employees pay for their education. This can offset their education expenses and allow them to acquire more skills and tools for better job performance.
You can offer a student loan repayment option to support your employees' financial and mental health. This can help ease the burden of student loan debt and be a valuable perk for your employees.
Employee growth plan
Imagine your employees cannot see their future with your company. Then they might perform poorly and become lazy or not stay with the company for an extended period. Employees who feel they have no future with your company are less likely to be engaged and motivated.
Additionally, they may choose to leave your company sooner than expected. As a result, ensuring that your employees feel they have a bright future at your company is essential. You can do this by providing opportunities for growth and development, communicating your company's vision, and investing in your employees.
Career development training
Career development training is a type of professional development that helps employees learn new skills or improve ones relevant to their current or future job. This training aims to help employees be more successful in their careers.
Offering paid career development training during work hours is a great way to help employees improve their skills without requiring them to use their personal time. This can help them succeed in their roles and advance their careers.
Personal Development Training
If you want your employees to be happy and productive, you must help them reach their fullest potential. You can create an environment where everyone can do their best work by providing opportunities to grow and learn. When everyone is working towards their goals, the whole company will benefit.
This means that employees can participate in training sessions that will help them improve their skills and development by providing personal development training during work hours. This is an excellent option because it allows employees to enhance their skills while still being able to work.
Personal development training helps employees understand themselves better and how to cope with stress. The training can also help employees learn new skills and strategies for dealing with stress.
Wellness Benefits
Health Insurance
When employees are healthy, they miss work less often, are more productive, and are less likely to get hurt on the job. Employers can keep their workers healthy and improve their bottom line by promoting healthy lifestyles and reducing illness.
If you want your employees to stay healthy, offering them insurance with free check-ups and discounted care is a good idea. This way, they can get the care they need without worrying about the cost.
Daily wellness options
The goal of providing daily wellness options is to help employees stay energized and focused throughout their workday. By offering free tea, coffee, snacks, and water, employees can take breaks throughout the day to recharge and refocus. This will lead to increased productivity and a more positive work environment.
Complementary Lunch
If you work in an office, you know the feeling. You’re sitting at your desk, trying to focus on your work, when your stomach grunts. You start thinking about what you’ll have for lunch and where you’ll get it. Suddenly, all you can think about is food.
If your company offers lunch during the week, you can save yourself the trouble of thinking about lunch and focusing on your work. Employees who don’t have to worry about lunch are more productive, and companies that offer lunch see an increase in employee morale.
Mental Health clinical services and preventative care
In 2019, Most employers believed that workplace wellness programs positively impact employee health and productivity.
Mental health clinical services provide support and care for mental health conditions. Preventative care can help employees avoid mental health conditions or identify them early. This can include education and support groups.
Mental health clinical services are essential because they can help employees with mental health issues before they become too severe. These services can also help employees to prevent mental health issues from developing in the first place.
Relaxation Space
Relaxation spaces in the workplace can help employees in several ways. First, they can provide a place for employees to take a break from work and clear their minds. This can help improve focus and productivity when they return to their work. Also, relaxation spaces can help reduce stress and improve employee well-being.
Employee Recognition Benefits
Employee appreciation program
One way to show employees you appreciate their efforts is to create an employee recognition program. This type of program can take many different forms, depending on the size and culture of your organization, as well as the preferences of your employees.
Some common elements of employee recognition programs include awards, acknowledgment at company-wide meetings, and extra time off.
Giving gift cards to employees' favorite stores when they finish a big project is a way to show them that you appreciate their hard work. This is a way to show them that you are willing to invest in their happiness and value their contributions to the company.
Company parties during work hours
Having company parties during work hours is a great way to build team camaraderie and boost employee morale. This is a great way to show your employees how much you appreciate their hard work and dedication. It also shows that you are willing to invest in your company culture and build morale.
Flexible Schedule
When employees can set their schedule, they have more control over their time and are more likely to find a balance between work and the rest of their life. This can lead to happier, more productive employees who are less likely to burn out or leave the company.
Work-from-home option
Giving employees the option to work from home helps them feel in control of their surroundings. It also gives them a greater sense of creativity and energy. Working from home can help employees feel more connected to work and less stressed about their personal lives.
Overall, remote workers are just as satisfied with their work as onsite workers. They are also just as productive, if not more so. The main difference is that remote workers have more control over their work environment and schedule, which can lead to increased satisfaction and productivity.
Onsite-relaxation services
If you want your employees to be relaxed, one way to do that is to bring in relaxation experts to provide services onsite. This could include massage therapists, meditation teachers, and reflexologists. These services at work will help your employees relax and feel better physically and mentally. This can, in turn, lead to improved work performance and productivity.
Family Care Benefits
Family planning services
Many employers offer their employees a benefits package that includes health insurance and other perks. Adding family planning services to this mix can help attract and retain employees and help them manage their work-life balance.
Help employees that want to grow their families with:
Paid parental leave
Flexible work arrangements
On-site childcare
Adoption assistance, etc.
Child care assistance/reimbursement
The high cost of child care can prevent some parents from returning to work after having children. This financial burden has become even heavier during the pandemic.
This benefit can help offset the cost of child care, which can be expensive. Child care assistance or reimbursement can be in the form of a stipend, a set amount of money paid to the employee regularly. Alternatively, it can be a reimbursement when the employer reimburses the employee for childcare expenses incurred. This benefit can be particularly valuable to employees who have young children and need to use childcare services regularly.
Some Companies with Top Benefits
SelectQuote
Selectquote is a fantastic company to work for and offers excellent benefits. It provides the necessary training to ensure success. It also covers licensing costs.
Facebook can offer some of the best benefits available because it is a large and successful company. They can offer their employees and interns high salaries, free housing, and healthcare coverage. Interns at Facebook have reported earning more than $7,000 a month on top of their regular pay. This is a significant perk that attracts many people to work for Facebook.
Hubspot
The Hubspot team is a big fan of the perks and benefits that make their lives easier and healthier. They particularly appreciate the company's unlimited holiday policy, flexible work agreements, and well-being perks. The company's four-week paid leave policy is also a big plus, as it allows them to take extended vacations every five years.
Microsoft
Microsoft wants its employees to be healthy. They offer an excellent benefits package to encourage this. They also have a strong focus on community involvement and environmental sustainability.
The company offers a variety of benefits that help employees stay healthy, provide for their children, and have a more flexible work schedule. It also has an extensive network of social clubs that employees can use to meet new people and build relationships.
Asurion
Asurion is a technology protection company that provides insurance for devices like cell phones, laptops, and tablets. They also offer other services like device replacement and technical support. Asurion is a great company because they provide excellent employee benefits, including health insurance, a 401k plan, and tuition reimbursement. They also have an outstanding work/life balance and offer flexible scheduling options.
Are you prepared to offer the best work benefits?
A comprehensive benefits package is essential to attracting and retaining employees. It helps create a sense of security and loyalty among employees and can help improve productivity and morale. Additionally, a well-designed benefits package can help reduce absenteeism and turnover.
Explore other articles about the best practices and best companies featured here at Best-Companies.org.