In today’s employment market, best employee benefits provided by an organization hold significant weight. Offering only monetary compensation is no longer enough to engage employees and attract job seekers who now expect more comprehensive rewards for their work. That’s why it is essential to be concerned about potential benefits and assess which ones their organization should adopt.
Now, let’s take a closer look at the best employee benefits!
Advantages For Companies Offering The Right Employee Benefits
By creating a robust employee benefit package, employers can enjoy the following advantages:
- Build a healthy workforce
Employee benefits play a vital role in supporting the health and well-being of individuals. By offering access to medical care and wellness programs, employers enable their employees to prioritize self-care. This, in turn, leads to healthier and happier employees who are more productive and less likely to miss work.
- Improve employee satisfaction
When employees perceive that their employer values them, it contributes to their overall fulfillment. In fact, employees who are satisfied with their benefits are 70% more likely to exhibit loyalty towards their employer.
- Achieve a higher retention rate
Employee benefit offerings vary across organizations, and some may better cater to the needs of employees than others. When employees’ needs are addressed, they are more likely to remain loyal to their employer.
- Attract talents
Although two jobs can offer the same salary, there are significant variations in the benefits they provide. Your organization’s benefit package can be a distinguishing factor that sets you apart as an employer.
- Optimize operational costs
Offering the best employee benefits can optimize operational costs by several means. It helps reduce turnover and attract top talent, minimizing recruitment and training expenses. Comprehensive benefits, including wellness programs, can foster a healthier workforce, leading to lower healthcare costs and decreased absenteeism. Moreover, satisfied employees are more productive, contributing to operational efficiencies and reducing the need for additional staffing.
18 Best Employee Benefits That Can Be Offered In Your Business
While each country and workforce has its own needs regarding employee benefits, these are the most recommended ones to offer your teams.
Financial benefits
Company Equity
One effective way to attract top talent without relying on salary competition is by offering employees a financial stake in your company. This approach, known as company equity, fosters a sense of ownership among employees, making them feel integral to the future of your organization.
When employees have a financial incentive tied to the success of the business, they become motivated to contribute and work towards its growth.
Paid time off
Enhancing your employees’ work-life balance, mental well-being, and overall quality of life can be achieved by providing them with paid time off. This effort encompasses various types of leave, such as sick leave, vacation time, personal days, and even dedicated inner work days.
Additionally, consider offering opportunities for employees to earn additional paid time off based on factors such as the number of hours they work or their tenure with the company.
Employee discounts, rewards, and bonuses
Employee discounts and rewards are a fantastic way to help employees with their living expenses while also showing appreciation for their hard work. This can include offering discounts on your own products and services or partnering with other businesses to provide special offers. In addition, providing performance bonuses is another effective method to reward employees for their outstanding performance.
Wellness benefits
Health insurance
Among the best employee benefits is fostering healthy lifestyles and minimizing illness, which is crucial for maintaining a workforce of healthy employees. This, in turn, leads to reduced absenteeism, increased productivity, and a lower risk of work-related injuries.
Support your employees’ well-being by providing insurance plans that include complimentary check-ups and discounted healthcare services.
Daily wellness options
Offering daily wellness options is a valuable way to support employees in maintaining their energy and focus throughout the workday. Consider providing complimentary tea, coffee, snacks, and water, if feasible, to enhance their experience. By making these resources available, employees can access convenient options that contribute to their well-being and overall productivity.
Complimentary lunch
Providing weekday lunches is an effective strategy to foster employee satisfaction and boost productivity. As lunchtime approaches, employees often experience a decline in focus as they start contemplating the logistics of obtaining their meal. Moreover, concerns about long lines at fast-food establishments or traffic can distract them from their work.
Mental health clinical services
According to a survey in 2019, a significant majority of employers, 83%, expressed confidence in the positive influence of their company’s wellness program on employee health.
To support your employees’ mental health, it is crucial to implement strategies such as providing mental health clinical services. This can include therapy sessions, coaching programs, and mentorship opportunities.
Relaxation spaces
Offer your employees a secure and peaceful environment where they can recharge during their breaks. This provides them with the opportunity to regain their energy, ensuring they are ready to resume work with renewed focus and productivity upon their return.
Education and career planning benefits
Tuition reimbursement
Offering tuition reimbursement or some form of tuition assistance is a valuable employee benefit. It helps employees offset their education expenses while also equipping them with the skills and tools needed to excel in their roles.
Furthermore, you can provide a student loan repayment option to support employees’ financial and mental well-being. This demonstrates your commitment to alleviating their financial stress and fostering a healthier financial outlook.
Employee growth plan
When employees lack a positive outlook on their future within your company, it can lead to unhappiness, underperformance, or early departure.
Engaging in one-on-one discussions with employees to develop personalized growth plans can serve as a powerful motivator. By investing in their future and providing a clear path for growth, you can inspire talented employees.
Career development training
One of the key factors that contribute to employee engagement is equipping them with the tools they need to succeed.
A great way to accomplish this is by offering paid career development training during work hours. This approach ensures that employees can enhance their skills and knowledge without having to sacrifice their personal time.
Personal development training
Enabling your employees to reach their maximum potential leads to contentment and productivity in the workplace.
Once again, offering personal development training during work hours serves as an excellent choice. Such training aids employees in cultivating self-awareness and developing resilience to cope with workplace stressors.
Employee recognition benefits
Employee appreciation programs
Create an employee appreciation program to ensure that your employees feel recognized for their hard work. The specific program you design should be tailored to meet the unique needs of your company and employees.
For instance, you can consider rewarding employees for completing major projects by giving them gift cards to their favorite stores. Another idea is to commemorate work anniversaries by organizing sponsored public outings or special events.
Flexible schedule
Granting employees the ability to establish their own schedules is one of the best employee benefits for promoting autonomy and fostering a healthy work-life balance. And such benefit is becoming increasingly popular in SEA countries like Indonesia, Singapore, Malaysia, etc.
If providing complete control over work hours is not feasible, consider offering alternative options using a workplace management solution, such as:
- Allowing employees to choose between working mornings, afternoons, or evenings
- Implementing rotating shifts, alternating between closing and opening shifts
- Providing an additional day off every month
Work-from-home option
Providing employees with the option to work from home offers the best employee benefits. It gives them a sense of control over their surroundings, sparking greater creativity and energy in their work.
Furthermore, remote workers generally report higher job satisfaction while maintaining the same level of productivity as those working onsite.
Company parties during work hours
Mark significant achievements of your company by organizing company parties during work hours. If your employees engage with customers in person, you can choose to temporarily close your business to the public for a few hours. Alternatively, you can designate a party room where employees can join the celebration when they are not attending to customers.
Family care benefits
Family planning services
Enhance your comprehensive benefits package by incorporating services that support family planning.
Assist employees in their journey to expand their families by providing:
- An adoption benefits plan
- An IVF (In Vitro Fertilization) benefits plan
- A surrogacy benefits plan
- Paid parental leave
Child care assistance/reimbursement
Childcare costs have reached levels comparable to monthly mortgage payments, making it difficult for some employees to return to work after having children. This financial burden has been even more significant for parents during the pandemic.
As the country transitions out of quarantine, a remarkable 96% of parents believe businesses must provide additional financial support for childcare.
5 Best Practices For Building The Best Employee Benefits
To ensure a fruitful return on investment, it is essential to effectively implement employee benefit programs. Consider the following five best practices:
- Collect employee feedback: Utilize surveys and focus groups to gather insights from employees regarding their preferences on the existing employee benefits. This feedback will help identify areas for improvement and better align benefits with employee needs.
- Be mindful of inclusive benefits: Embrace inclusive benefit offerings that promote both internal and external equity. For instance, consider providing inclusive family-building support and addressing racial disparities in employee benefits, as many organizations are doing.
- Find effective employee benefit communication channels: Identify suitable channels to regularly communicate the available benefits to employees. Utilize informative one-pagers, emails, and conduct Q&A sessions to ensure employees are well-informed.
- Offer personalizable and easy to access benefits: Recognize that employees have diverse needs. Allow employees to personalize their benefits to suit their individual requirements. Additionally, ensure that the benefits system is user-friendly, facilitating easy access to information, forms, and the enrollment process.
- Measure the results and improve: Monitor how employees are utilizing the offered benefits while respecting privacy. Combining data on uptake with employee feedback provides insights into potential barriers, such as lack of awareness or misalignment between benefits and employee needs.
Conclusion
Providing the best employee benefits package is crucial for fostering an engaged and satisfied workforce. By following the best practices mentioned above, organizations can optimize their benefits programs to meet the diverse needs of employees.
To streamline your workplace management needs, consider reaching out to Acall. With our all-in-one solution, Acall can provide comprehensive support and guidance to enhance your employee benefits program and create an environment where employees thrive. Contact Acall today!
1. How do financial benefits like company equity and bonuses impact employee engagement?
Offering financial benefits such as company equity and bonuses aligns employees’ interests with the company’s success, incentivizes high performance, and provides tangible rewards, enhancing engagement and loyalty.
2. Why are wellness benefits such as health insurance and mental health services important for an engaged workforce?
Wellness benefits address the physical and mental health needs of employees, leading to a healthier, more productive workforce. They show that the company values employee well-being, which boosts morale and engagement.
3. What role do family care benefits play in employee retention?
Family care benefits, like child care assistance, alleviate personal stress by helping employees balance work and family responsibilities. This support can lead to higher job satisfaction and retention rates.
