Think About Your Goals: Why Are You Planning To Introduce A New Employee Benefits Package Or Review Your Current One
Whether this is the first time your company will be offering employee benefits or if youre reviewing your current offering, it’s important to start with clear goals in mind.
Setting goals will help you to define your strategy for your employee benefits offering. Youll know what success looks like for everyone in the company and be able to create a package that helps you to achieve these targets.
Its best to choose one or two main goals. And to help you decide those goals, consider the following questions:
- How can an employee benefits scheme help to achieve your overall business goals?
- What are the main issues that affect your workforce?
- Which benefits might help your company stand out in the labour market?
- How much budget and time can you commit to your employee benefits offering?
Employee Benefit #11 Wellness Benefits
As stated earlier, well-being and wellness are this year’s top priorities, and your employee benefits shouldn’t overlook that fact. Ensure that your workers can lead healthy lifestyles by creating an online hire wellness platform that assigns various health challenges and tasks to the users to boost their physical activity. Thus, you can gift them with yoga and massage coupons or a wellness swag bag once the situation allows.
First Consider Creating Flexibility Around Work Location:
- Partially remote work: The company office is their primary headquarters, but they choose the best location for them based on the work theyre doing that week, day, or moment. This could include their favorite local coffee shop, the citys public library, or their home desk. Since todays type of work is considered to be more mentally complex than prior decades, it results in requiring more deep work, collaboration, and continual up-skilling.
- Fully remote work: The opportunity to work not at the local headquarters, and work from their home, a coworking space in a different city, or even the road.
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Remove The 9 To Five System
These are employees who dont imagine conforming to the normal workforce norms. They dont suppose that working 9 to five is the one strategy to be productive.
Reviews additionally present that 45% of employees would favor versatile scheduling overpay.
The rise of the gig economic system and self-employment is one more reason to alter the 9 to five systems at your office.
Perks At Work Employees Want Most
Perks as in perquisites or corporate perks are nice-to-have additions to an employees salary and benefits package. We define perks at work as above-and-beyond offerings that may sway an employee to value one employer over another. Think of them as icing on the cake.
Flexible work schedules Seventy-five per cent of survey respondents value being able to choose their own schedule . This typically means a compressed workweek or flextime, where employees can choose to work, say, 10 a.m. to 7 p.m. rather than an 9-to-5 schedule. In the wake of the pandemic, with many teams still working remotely, companies are also promoting windowed work where employees break down their workday into non-consecutive chunks of time 8 a.m. to noon and 4 p.m. to 8 p.m., for example.
Remote work options Due to the COVID-19 pandemic, working remotely has become the norm for many companies. And employees reported they want this option to continue beyond the pandemic.
Employee discounts Were not talking 5 per cent off at the local coffee chain . But 40 per cent of survey respondents name company-exclusive discounts on big-ticket purchases like cars, homes and smartphones among their most-wanted perks.
Company-subsidized meals or snacks Organizations that help employees refuel during the workday get a thumbs-up from 20 per cent of those polled. Offering remote workers home meal deliveries or grocery stipends could be a great way to differentiate yourself from your competitors.
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What Types Of Employee Benefits Are Required By Federal Law
There are a handful of employee benefits that employers are required by federal law to provide to their employees. These employee benefits are a set standard across states and industries. Every employer must offer them to stay compliant with laws created by the U.S. Department of Labor.
As with any rule, there are exceptions for each of these topics. This list should act as your guide for the different types of employee benefits programs, but under no circumstances should it be considered the letter of the law. If you have any questions about the legal requirement of employee benefits, you should consult a lawyer who specializes in employment law.
The Big List Of Employee Perks: 45 Perks To Attract And Retain Talent
Do your employees like coming to work? If the answer is no, you could be losing valuable productivity and missing opportunities to retain your best people.
Patrick Lencionis book, The Truth About Employee Engagement, explains that employee happiness is determined by three underlying factors.
To be successful, employees should:
- Feel like they matter
- Do work that has an impact
- Grow and progress
Employee perks can help you meet those three fundamental needs and create a work environment that people want to be part of.
Perks are non-wage offerings that extend beyond salary and benefits . Also called fringe benefits, they are an important component of your company culture.
Employee perks dont have a direct impact on engagement. However, when planned strategically, they can support your engagement initiatives by reinforcing your company values and culture and building an employer brand that attracts and retains talent.
Below we will cover 45 employee perk ideas that can help you boost employee satisfaction and make your office a great place to work.
Health and Wellness
Work-related stress costs U.S. companies $30 billion a year in lost productivity due to sick days and absenteeism. Promote your employees wellbeing through health and wellness programs and perks at work.
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Flexible Spending Accounts Or Health Savings Accounts
Flexible spending accounts are similar to health savings accounts in their allowed use, but each account type comes with pros and cons. For example, FSAs are available with nearly any health insurance plan, however they come with a use it or lose it clause. This means that if you claim $1,500 for the calendar year, but you only use $1,300, you lose $200.
HSAs, on the other hand, never expire. They are more like a real savings account in that money accumulates over time and you are allowed to use it forever, even after you switch health plans. The restriction here is that the contributions you make are only tax-free while youre enrolled in a HDHP.
First Things First: What Are Employee Benefits And Why Do You Need Them
Lets start with some more stats:
- 78% of employees agree that employee benefits are very and extremely significant in an employees decision to accept or reject a job
- 79% of employees would prefer new or prefer new or additional benefits to a pay increase
- 78% of employees reported theyre more likely to stay with an employer because of their benefits programme
These stats should back up what you already knew employee benefits are now an essential part of any compensation package.
From health benefits to free counselling sessions, salary saving perks to cycle to work schemes, by offering your employees extras on top of their salaries, you boost your offering. In turn, your company can reap the benefits in numerous ways.
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And Why Do You Need To Offer These
Think of benefits such as childcare vouchers or discounts for commuting. When you provide your employees with means to cut the price on these otherwise typically expensive costs, you help to ease stress and make their money go further. Its a welcome bonus on top of their normal salary.
For less expensive but more regular costs, such as the weekly food shop, you can help employees save money each week through supermarket discounts. Giving them the means to save on regular outgoings lead to big savings in the long run.
Of course, fair pay is extremely important and should never be compromised on, but you might not be able to massively raise your employees salaries each year. These offerings help employees to feel valued, feel happier inside and outside of work and place you above your competitors leaving your employees less likely to look for employment elsewhere.
Tuition Reimbursement And Student Loan Repayment
The student loan crisis is something weve all seen discussed in the news over the past several years. There are nearly 42.9 million Americans currently burdened by $1.59 trillion in student loan debt, and your employees are undoubtedly among them.
Some employers offer tuition reimbursement and student loan repayment programs to their employees to proactively combat the problem. These programs help lessen the financial burden on employees and encourage them to pursue advanced degrees.
How does this benefit your company? Employees who arent financially burdened are less likely to leave their job for a company that will offer higher pay. On top of that, employees who pursue more education will learn more and bring additional value to their current role. An investment in your employees education and future is an investment in your company.
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Relocation And Housing Options
Some companies located in areas considered “talent deserts” are taking the next step to recruit new talent by offering relocation and housing options. In April 2019, Omaha, Nebraska launched an ambitious plan to offer $10,000 and relocation services to candidates willing to move for work. While this may seem like an extreme case, the practice is becoming more common.
Relocation and housing options can include a lot of things. The most common incarnation of this plan is offering financial assistance to employees looking to move. It can also include partnering with local housing agencies to help apartment hunt for out-of-state employees.
Companies are looking outside the talent pool in their own city or state to attract the best and brightest to work for them. Offering a top-tier employee financial assistance may be the push they need to relocate.
Paid Maternity And Paternity Leave
Paid maternity and paternity leave was another big miss for companies. It was the sixth most important perk on our list , yet again, less than half of companies provide it.
Paid maternity and paternity has a psychological effect that extends to everyone, regardless of their parental status. It signals to employees that you see them as whole people, with lives, families, and priorities outside of work.
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Employee Benefit #5 In
Most people dream of starting from low positions and later climbing the ladders due to their exceptional skills and hard work. Offer training programs that can make that dream a reality and nurture in-house employee development that can also save you from hiring costs and additional onboarding training.
No Official Work Hours
Much like unlimited PTO, if your company believes in just getting the work done, you dont need to instate official work hours. Some people want to sleep in, while others want to burn the midnight oil. Some may even want to work from halfway across the world. Giving employers the freedom to work when theyre most productive will reduce stress and increase job satisfaction.
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Different Types Of Employee Benefits Examples
Employee benefits are not only profitable for employees but also for the employer. So, as an employer, if you are seeking the best way to offer compensation to the employee, but many thoughts come across your mind, such as:
- What are employee benefits?
- What are the types of employee benefits?
- Why are employee benefits important?
- What are the best employee benefits?
Then, don’t skip this blog 20 Different Types of Employee Benefits and know A to Z about employee benefits quickly.
Tip #: Do Not Try To Replace Company Culture With Perks
Perks are extras, not substitutes. Just like you cannot call a bowl full of cherries a sundae, you cannot expect perks to take the place of company culture. A gym membership or free lunches will not fix poor communication, an overly-competitive atmosphere, or lack of accountability. You need to consciously build a rich company culture by embodying organizational values and training strong team building leaders.
Perks are a way to advertise your company culture, not to build it entirely. You can show off your vibrant community through team building events, but you must also encourage camaraderie and cooperation in the office. Fitness perks show that you care about your employees health, but staff wellbeing also means not overworking your crew.
Creating a positive work environment extends beyond offering extras. Bonuses like discounts, awards, and retreats are occasional, but attitude and behavior are everyday. Thus, perks can be proof of commitment to the employee experience, but should not be the only proof.
Here is a list of ways to improve company culture.
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Different Types Of Employee Benefits List For 2021
Different generation’s employees demand different types of benefits. Or we can say that different people want different things.
Thus, employers need to focus on a variety of benefits for employees in order to supply correct appreciation to each employee. Hence, we brought a huge list of employee benefits to simplify your work and eliminate the confusion of providing accurate benefits.
What Type Of Benefits Are Typically Offered
At the end of the day, humans are complex beings. This means that you cant just satisfy one part of a human’s needs and expect overall happiness.
Human health, happiness and wellbeing consist of different elements. To ensure overall employee happiness, you have to cover the different elements within your employee benefits package. These elements include:
Financial wellbeing is about a sense of security and feeling as though you have enough money to meet your needs. Its being in control of your day-to-day finances and having the financial freedom to enjoy life.
Employee benefits can satisfy financial wellbeing through a varied offering of employee discounts and salary sacrifice schemes. These allow your employees to stretch their salaries further and help to reduce any financial strain in their lives.
Emotional wellbeing doesn’t have one set definition but its used to talk about how we feel and how well were coping with daily life.
Our 2020 survey revealed that work-related stress is the most common form of stress in the UK, with 79% commonly experiencing this. With work taking such an emotional toll, its an employers duty of care to offer tools that help employees manage their mental health.
Offering employees benefits such as an Employee Assistance Programme and apps to assist meditation and mindfulness can help employees to find balance and maintain stable mental wellbeing.
Health and physical wellbeing
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What Are Employee Perks
Employee perks are additions to employee compensation â which includes salary and benefits. Perks are not required by law or considered basic necessities. They typically help define and reinforce a companyâs overall culture and are considered important parts of enhancing the employee experience.
Why Benefits And Perks At Work Are Important To Employees
Employees are looking to check many boxes when considering a job offer. In addition to a competitive salary, they want to know the company theyre applying to values their well-being.
For example, companies often provide financial incentives to candidates who might not have the best salary history or who cannot afford the high cost of living in certain cities. These can include things like:
- Relocation costs
- Signing bonuses
- Salary boosts to match costs-of-living where employees live
These are just the baseline as an employee gets onboarded. Employee benefits and perks while they work at your company are of utmost importance to show team members they are appreciated. Plus, they can often lead to employee satisfaction and improved workplace culture.
These incentives are an increasingly competitive area for corporations looking to attract top talent. Next, well talk about the best employee benefits at work that attract employees.
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Family And Medical Leave
As mentioned above, employers with 50+ full-time employees must offer Family and Medical Leave to any qualifying employee.
The FMLA dictates that any eligible employee is allowed to take up to 12 workweeks of unpaid leave during any 12-month period to care for a new child, a sick family member, or any family-related emergency without their employment being put at risk.
Employees are eligible for FMLA if they meet the following requirements:
- An employee must have worked for the employer for at least 12 months
- The employee must have worked at least 1,250 hours over the past 12 months
- The employee must work for a company with at least 50 employees
State and local laws may dictate that employers require additional time for employees that qualify for FMLA. You should consult your local employment laws to ensure your HR department is compliant with updated FMLA laws.
College Grants And Scholarships
Depending on your employer, you may be able to receive a grant or scholarship for college. Many employers develop scholarship programs that allow employees to return to school or finish their degrees. The amount you receive can differ depending on the employer, their scholarship program and how they sponsor the scholarship program.
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Mandatory Employee Benefits In Canada
It’s common for employers to provide full-time employees with a benefits package, known as employee benefits. Employee benefits generally include perks like health insurance, vacation days and paid sick leave. But the question that everyone wants to know is — Are these benefits mandatory? In this blog, well answer this question and give some recommendations about non-mandatory benefits that will help your business attract and retain employees.
Canadian Labour Laws specify certain minimum employment standards called statutory benefits, statutory meaning fixed or authorized. These benefits usually vary from province to province. 90% of Canadian workers are protected by these laws and the other 10% work in federally regulated places. This means that as an employer, you are responsible for knowing and following these standards. Failure to do so will result in a pretty hefty fine, so its important to keep track of the standards that are in place.