4 Must-Have Employee Benefits Every Company Should Consider
Employee benefits are your way of telling your employees you care about them, appreciate the work they do, and are always working to make their lives better in small and big ways. Benefits can also be your door to attracting great talent and building the valuable, trustworthy relationships on which a great business can thrive. Does your company have all four of the must-have benefits?
What Are Employee Benefits?
Employee benefits are the various perks and bonuses a company provides to its employees along with salary. Certain benefits are given by default as per government guidelines like time off, maternity leave, etc. There are a lot of additional benefits an employer can also consider giving employees to earn their loyalty and trust.
Why Is Providing the Right Employee Benefits Important to a Recruiter?
A great mix of employee benefits makes your company appealing to top-tier candidates. A valuable benefits package can increases retention rates, boost the morale of employees, and consequently drive optimum levels of productivity and an elevated brand image that further entices prospective candidates.
Think from the employee’s perspective to come up with suitable benefits. Do not make employee benefits another box you check on your list; offer benefits that are thoughtful and appropriate for your employees. Why shell out money for something your employees would never find helpful?
4 Employee Benefits That Every Company Must Have
It is paramount to remember that one size does not fit all when it comes to benefits.
A great way to make employee benefits meaningful is by making them personal. Customize your benefits based on employee age, gender, community, health requirements, and other relevant personality traits and characteristics.
Below are some thoroughly researched benefits your company must surely try:
1. A Complete Healthcare Package
According to a study by Clutch, health insurance is considered the most valuable benefit by employees. It is three times as important as paid vacation time, which comes in second place. This is understandable, as healthcare is becoming increasingly unaffordable for the average person.
However, health insurance can come with a lot of clauses attached that employees might not know about. Imagine your employee going to the hospital for an ear impairment surgery only to find out their insurance does not cover it. Wouldn’t that be devastating? Be clear, direct, and complete with your health insurance policy. A complete healthcare package is one that covers all physical ailments for all members of the employee’s family. That might sound expensive, but a great healthcare plan ensures healthy, happy, and productive employees who will stay with the company for the long haul. If possible, give employees the option to choose which family members they want covered. For example, an employee’s spouse may have an existing health insurance plan but their grandmother or sister may need one. If you can cover that, employees will be very grateful.
A robust health insurance benefit will contribute greatly to an employee’s sense of security at their job.
2. Childcare Made Easy
How much importance do you place on gender diversity when hiring candidates? Even if your answer is “A lot,” your intentions alone may not be enough to make your workplace gender diverse. Studies show that many women do not grow in their careers because they often must take care of their families. It isn’t pregnancy that poses an obstacle to a woman’s career, but the postnatal responsibilities they must shoulder. A survey from the Australian Bureau of Statistics shows the main reason why a large percentage of women do not come back to work after pregnancy is because of childcare.
In-office daycare facilities or subsidized childcare at a nearby facility — especially with flexible utilization rules — is an employee benefit that every young family can appreciate. You should also go one step further and extend the benefit to the men of your company, as this will ensure your benefits offerings meet appropriate gender equality standards.
3. Paid Time Off for New Parents
This is different from maternity or paternity leave that is mandated by law. PTO for new parents is an up-and-coming employee benefit that many leading companies like Amazon are starting to embrace. Raising a child is no easy task, and this benefit recognizes that fact by offering all new parents a fixed number of PTO hours every month, which they can use as needed. This benefit should apply to both men and women, and it helps parents attend to their children’s most urgent and unexpected needs. You can build this benefit into your company’s time-off policy to attract and retain the best young minds and establish your business in the long term.
By offering PTO for new parents, you would not only be doing your employees a huge favor, but you would also save time and improve productivity. Everyone knows a concerned parent is mentally absent from work even if they are physically present.
4. Physical and Mental Wellness Support
An office gym or yoga session is cool, but if that is the only wellness benefit you offer employees, you are a little behind the times. Wellness is no longer about physical health alone — and even then, there are endless ways to get fit, so don’t saddle employees with restrictive physical wellness offerings. Instead, let employees choose their own fitness classes, whether it be Zumba, Pilates, swimming, or something else entirely. It’s their call; you only pay for your employee’s well-being.
Mental health does not get the same attention as physical health when it comes to employee benefits, but it may be the most important benefit offering of all. Sickness does not only include physical ailments, and every organization should recognize this fact and help employees stay mentally healthy and happy. Offering mental health benefits improves the workplace atmosphere and breeds loyalty. There are several ways to help your employees with their mental health. Some companies have in-office therapists who hold regular sessions with all employees, for example. If you think your employees would not be comfortable with this arrangement, you can give them paid sabbaticals to use when they need time to rejuvenate mentally or visit their own therapists.
Freshteam is smart HR software that helps you attract great talent and set fully customizable time-off policies to incorporate as many employee benefits as you want. Freshteam ensures your company provides a good candidate management experience across all stages of your hiring process. It also helps you track and automate approval flows for leaves of absence or PTO with ease. It is the only ATS and time-off tool you will ever need. Freshteam has transformed how businesses recruit. Try it for free.
This article by Freshteam is built on the original article that first appeared on the Freshteam blog.
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