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What Are The Best Employee Benefits

Flexibility Around Work Location Or Hours

Picking The Best Employee Benefit Plan

This perk directly aligns with the labor force move toward increased flexibility.

Recently a study found that 96% of professionals say they need flexibility, but only 47% have it. Thats a pretty significant when it comes to employee needs to do their best work. And allowing employees to own their own schedule comes with tremendous mental health benefits as well.

Offering more flexibility doesnt have to be difficult. Create a program around the types of flexibility and then check in frequently to see how it’s performing is a great start.

Common Retirement Plan Options:

  • 401: This option typically offers a pre-tax benefit. Employees can usually choose the investments for their money, or can opt to have investments managed . Each plan has specific limitations on when you can withdraw or loan money.
  • IRA: This option is typically a Roth IRA or traditional IRA . There are limitations on when funds can be withdrawn and whether withdrawals are taxed or not.

Note: Retirement plans vary widely and it is always recommended to consult a financial advisor to determine the best option and learn of any potential tax consequences.

Consolidated Omnibus Budget Reconciliation Act

COBRA should be on your radar if you have 20 or more workers and offer group health insurance. Its a federal law that requires you to continue to provide former employees and their families health insurance coverage for 18 or, in some cases, 36 months. To take advantage of COBRA, a terminated employee will have to pay the entire premium, including the portion you used to cover for them.

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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 Two-thirds 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 8-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 to manage their professional and personal obligations.

Remote work options Due to the COVID-19 pandemic, working remotely has become the norm for many companies. And employees reported they want this work option to continue.

Employee discounts Employees love getting company-exclusive discounts. In fact, 37% of survey respondents name company-exclusive discounts on big-ticket purchases like cars, homes and smartphones among their most-wanted perks. If thats beyond your reach, consider what your budget can afford. Even a discount at the local coffee chain can be a beloved perk.

Companies That Offer Some Of The Best Employee Benefits

We have compiled 10 best company perks to help attract quality ...

The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed’s data and insights to deliver useful tips to help guide your career journey.

Employee benefits are compensation employees receive outside their salaries. Some common examples of include health insurance, paid time off and tuition reimbursement. If you’re looking for a job currently or might be soon, it can be helpful to know more about the companies that offer good employee benefits to guide your job search.

In this article, we explore 21 companies that offer their employees great employee benefits.

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Coffee In The Breakroom

Many people love how coffee makes them feel alive and energized and primed to seize the day. Give them this sweet nectar of life by providing the benefit of coffee delivery or a break room complete with a customer-favorite office coffee machine.

How to get started with this employee benefit: SnackNation coffee delivery and SnackNations Guide To The Best Office Coffee Machines

SnackNations coffee delivery service features artisanal brands to please the most discerning coffee snobs. Set up deliveries to suit your preferences and deliver the uninterrupted flow of coffee employees crave.

Here Are The Top 10 Employee Benefits Worldwide:

  • Private Health Care Plan
  • Retirement / Pension plans
  • Work From Home and/or flexible hours
  • Food and snacks
  • Bonuses / Awards / Gifts
  • Company equipment

Note that the most popular benefits vary per location and there are also benefits that are exclusive to certain areas. For example, Australians can receive novated leasing as a benefit, enabling them to lease cars with their employer taking on the contracts obligations.

In the U.S., where paid parental leave isnt federally mandated by law like in other countries , time off for mothers and fathers is a popular company-offered benefit.

In four English-speaking countries, employee benefits may include:

Employee Discounts

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Required Small Business Employee Benefits

There are several small business employee benefits that youre legally required to provide to your employees. You must offer them to stay compliant with the U.S. Department of Labor laws and regulations. Failure to do so can lead to steep fines and other penalties. If youre unsure of the benefits requirements for your particular business, dont hesitate to consult an employment lawyer.

First Consider Creating Flexibility Around Work Location:

Who Has the Best Employee Benefits? – GameStop, Walmart, Target, and Best Buy
  • 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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Why Choose A Job With Good Benefits

It’s important to consider the benefits that a job offers when applying and before accepting offers because having good benefits can save you money in the future and ensure that you remain supported.

For example, an organization that offers good health insurance coverage might be more attractive to an employee than a company that provides less or no coverage, as you’re responsible for paying for your own health care without it.

Related:What Benefits Should I Ask For?

Disability & Workers’ Compensation

The purpose of both workers’ compensation and disability is to make sure that an injured or sick employee continues to get paid until they are well enough to return to work.

Every state has its own workers’ compensation and disability requirements for employers. While some businesses are exempt from providing workers’ compensation, most payroll employees are eligible if they are injured on the job.

Only a few states require employers to provide disability coverage. However, many employers offer this benefit to employees of their own accord.

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Decide Which Benefits To Include

Its up to you to decide which benefits to include in your package. Of course, youll have to offer workers compensation, Medicare, Social Security and other required benefits, but there are many optional perks you can add on. Some of them, such as flexible work schedules and remote opportunities wont cost you anything.

Recognition And Spot Bonuses

Top Employee Benefits Clip Art, Vector Graphics and Illustrations

Think of the last time someone genuinely complimented or thanked you. It felt good, right?

Employees appreciate their compensation and benefits, of course, but thats not the only reason they do their jobs. They also want to be recognized and appreciated for their hard work and talent. Companies offering this nonmonetary incentive find it unlocks immeasurable value in the form of satisfaction, happiness, camaraderie, and engagement, which may in turn reduce employee turnover.

How to get started with this employee benefit: Bonusly

Bonusly is an employee recognition software employers may leverage to create robust cultures of recognition. Using the platform, anyone can recognize anyone else for meeting goals, practicing kindness, or reaching a key work anniversary.

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Monetary And Material Employee Benefits Packages And Perks

Sometimes, the most valuable employee benefits packages and perks come in the form of monetary compensation or material items.

Recognition, Gifts, and Rewards

After a tough year, its more important than ever to reinforce your appreciation for your staff and all of their hard work. One great way to do this is to focus on employee recognition, gifts, and rewards. If youd like to learn more about how to do this, we created a comprehensive Online Guide: Why Employee Recognition Matters and How You Can Provide It.

Retirement Savings Plan Matching

As full pensions continue to become a rarity in the North American work force, more and more employees are contending with the idea of having to fund their own retirement. As an employer, anything you can do to help them get there will go a long way in retaining your people. For example, a tax-advantaged 401 plan can be an excellent way to motivate employees to save for retirement. Offering to match contributions up to a certain amount is a big plus in the eyes of workers and can encourage them to stick with your firm.

Student Loan Repayment Assistance

Performance Bonuses

Stock, Stock Options, or Equity

While this may not be applicable for all organizations, its extremely beneficial to those that can. Thats because offering stock options and equity give employees a sense of ownership in the success of the business and bolsters the emotional connection between your team and their work.

Reimbursements And Free Services

Twitter has reimbursements available for staff that many companies don’t offer. For instance, some employees at Twitter can claim back up to $1,200 per year in phone bills, and can claim up to $60 a month back for gym and fitness classes.

No matter your tax bracket, doing laundry is a hassle you can do without. That’s why Twitter offers its employees free laundry and dry cleaning services, because a clean employee is a happy employee.

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What To Avoid When It Comes To Perks

Your employee perk programs should be one part of your overall workforce plan. For example, if you own a restaurant addressing employee turnover, you may want to focus on efforts that you think can impact employee retention. Whatever your case may be, start by identifying specific and measurable goals before rolling out any new employee perks.

After the plan to measure new initiatives is in place and youâve selected the perks youâll offer to employees, create a communications plan. If employees arenât aware of the perks, they wonât use them and you wonât be able to move the needle on your workforce strategy. Many employees are often unaware that their companies offer volunteer time off, support for childcare or access to mental health services. Communicate about perks regularly and often through the company intranet, emails and by asking employees to share their own experiences with others.

Some perks may need special attention from senior leadership to help implement. For example, if junior members of staff donât see their management taking advantage of unlimited PTO, they may be wary to take time off themselves, which can lead to higher levels of stress, poor health and burnout.

Perks have come a long way since they were first recorded in 1636 when Plymouth began paying a pension to colonists who were disabled while fighting in on behalf of the township. Finding the right mix for your employees should be done carefully.

In This Article

Employee Benefit #4 Care Gifts

Top 4 Benefits Employees Value Most | AIHR Learning Bite

Everyone loves personalized presents that show genuine care and recognition that goes beyond standard perks.In an era of remote work and social distancing, such gifts will encourage a sense of connection and belonging. Therefore, consider care gifts made of healthy snacks, natural cosmetics, and environment-friendly products.

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Why Should Employers Offer Employee Benefits And Perks

The importance of employee benefits and perks are countless, and each one that comes to your mind is as important as the other.

Did you ever stop to think that employees choose a company that offers them a lower salary package, but a great perks for employees, over organizations that offer a larger salary package, but limited perks and benefits? Well, itâs true!

Good benefits and perks show your employees you care, appreciate their hard work, and are rewarding them. The additional incentives further motivate them to work harder.

If your company offers bigger and better benefits, it will also attract top talents from the industry as well as promote employee retention. Employee health also means less sick leaves, and thus, less absenteeism at work.

This is just the tip of the iceberg. Thereâs a lot more. The right employee benefits will give you and your organization a bang for your buck!

How Do I Ensure Employees Are Using The Perks Appropriately

When choosing your job perks, outline how employees can use them in the employee handbook. By setting clear rules and limitations ahead of time, employees are more likely to use the perks appropriately. For example, if your work has unlimited paid time off, clarify that this benefit is only for employees who are regularly getting their work done on time. Similarly, if dogs are allowed at work, you may want to set a limit for how many times each person can bring their dog per week.

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What Are The Major Types Of Employee Benefits

Employee benefits are provided under its type. There are majorly four types of employee benefits offered by the companies, and that given below:

  • Medical insurance

  • Retirement plan

  • Disability insurance

But, presently, the list of employee benefits is continuously expanding. In the below content, we have added different examples to provide extra benefits to the employees.

Stock Stock Options And/or Equity

10 Examples of A List of Employee Benefits and Perks

Similar to performance bonuses, stock options and equity give employees a real sense of ownership in the success of the business.

This helps bolster the emotional connection between employees and their work thats so important for creating an engaged workforce.

When yogurt company Chobani announced it would give all its employees equity awards, the companys CEO said,

this isnt a gift. Its a mutual promise to work together with a shared purpose and responsibility. To continue to create something special and of lasting value.

Employees have a sense that their working life isnt a mere transaction, but that they are working to create something bigger than themselves and that theyll be rewarded for their success.

In fact, there are some well-documented benefits to offering employees stocks and equity. One study found that employees, especially young employees, with ownership in their companies

  • Enjoy higher median incomes than employees with no equity
  • Possess a higher net wealth than employees with no equity
  • Can access more overall benefits at work than employees with no equity
  • Experience more job stability than employees with no equity

To summarize, employees with equity experience benefits that go beyond just owning equity.

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Top 20 Companies With The Best Benefits In 2022

Want to work for a company that appreciates and values you? You might want to add these companies to the top of your list.

Good pay and progression opportunities are no longer enough to make a job seem attractive. Indeed, jobseekers are now more focused on the benefits and perks on offer when deciding to accept a job.

As a result, many companies now complement their compensation packages with amazing perks like free food, yoga classes and generous parental leave packages some of which have truly managed to hit the ball out the park and stand out from the crowd of top employers.

So, which companies offer the best benefits?

Read on to find out which top 20 companies have the best incentives, according to Glassdoors annual Best Places to Workrankings.

Start Family Planning With Fertility Perks And Parental Leave

According to an early 2022 article in the Harvard Business Review, a recent survey showed that 12 percent of more than 1,000 respondents said they receive fertility and family-forming benefits from their employer. This means some employers are offering fertility support benefits, including reimbursement or discounts for IVF and egg-freezing as an employee perk.

Research from Carrots global team of fertility experts showed that while 31 percent of people wouldnt feel comfortable asking their employer for fertility benefits, 77 percent said they would stay at their company longer if fertility benefits were on offer. And 88 percent said theyd consider switching jobs to access fertility benefits. Many big companies like Starbucks, Google, and Apple already offer fertility benefits to employees, but a growing number of startups and regional companies do too.

Family planning is a huge part of work-life balance, so its no wonder that people are also on the lookout for parental leave benefits to support adoption, pregnancy, and postpartum recovery. If you’re asking your current or potential employer about family planning perks, remember not to just ask about maternity leave, but parental leavewhich also applies to non-birthing parents.

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Maternity & Paternity Leave

Despite being based in one of the few countries that doesn’t provide maternity or paternity leave to citizens, Netflix has one of the most robust plans in the world. The streaming company offers a full year of maternity and paternity leave for employees, and even offered an unlimited option a few years ago, before opting to change to a year.

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