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
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.
A Formal Mentorship Program
Worried about new employees falling through the cracks? Implementing a formal mentorship program will help foster a forward-thinking, goal-oriented work environment. Connect new hires with experienced contributors at the company early and often.
Companies can increase productivity by offering a few low-cost ways employees can get re-energized, including:
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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Top Benefits That Uk Employees Want The Most
Offering a good employee benefits package is proven to increase staff loyalty, boost productivity and help attract the best talent. But what perks and benefits do employees actually want?
The employee benefits you provide can play a big part in the success of your business. A good selection of employee perks and benefits helps workers stay happy, and a happy team tends to be more productive and creative.
Additionally, employees who feel satisfied with their benefits package are less likely to move elsewhere. According to the LinkedIn Global Talent Trends Report, better benefits were one of the top 3 reasons why millennials changed jobs in 2020.
However, with so many different types of employee benefits to choose from, its not always easy for employers to know which ones are worth investing in. Whether you are a small business or large corporate, below is Yulifes top 5 list of benefits most desired by employees today:
Create A Competitive Employee Benefits Package
Providing a comprehensive package of the best employee benefits will have a long-term impact in increasing employee wellbeing, helping to retain and attract staff and improving overall business outcomes.
To take your benefits strategy to the next level, there is a real need for seamless integration to limit the number of touch points for employees looking to access these important services.
Technology has the potential to bring together all these benefits under one umbrella. This can drive utilisation and engagement, and ultimately better serve colleagues when they need it most.
YuLife offers companies an easy way to provide employee life insurance bundled in with critical digital health services like 24/7 GP access via a gamified app that rewards employees for practising healthy behaviours such as walking and the use of mindfulness apps. With their in-app wellbeing hub, employees can easily access all of their wellness tools in one place.
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Life Disability And Other Voluntary Benefits
Voluntary benefits can create a win-win situation for employers and employees. Employees get access to the benefits they want at affordable group rates, while employers pay little to nothing while offering great employee benefits.
Popular voluntary benefits include life insurance and disability insurance. Other benefits that could be provided this way include dental insurance, vision insurance and critical illness insurance.
Why Do Employers Offer Benefits To Employees
Benefit packages take a lot of time out of many HR professionals time. And with good reason: theyre one of the most basic employee engagement and retention strategies, and they support talent attraction as well.
The numbers speak for themselves about the importance of employee benefits. Extensive research by the Society of Human Resource Management indicates that 92% of employees consider employment benefits as important for their overall job satisfaction . Almost one third of employees also cited work benefits as the top reason of looking for a job outside their organization and for choosing to stay at their job, too.
Benefits are also among the top driving factors candidates look for in job ads 63% of job seekers surveyed say they pay attention to what benefits a company offers. This means that offering benefits, and mentioning them in your job ads and careers page, is a great part of your employer branding efforts.
Employee benefits also help you take care of high-performing employees without the need to keep investing in exceptionally high pay raises. All employees should get paid enough to pay the bills and live comfortably, but they might accept less pay if they have strong health insurance, flexible hours and other benefits important to them. The practice of employees giving up a part of their salary for benefits is called salary packaging, and may also result in tax deductions or other gains for either party.
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Bonus: The Rest Of The List
This list of common employee benefits is by no means exhaustive. There are many others which remain very popular, including vision coverage, long term and short term disability, long term care, accident, critical illness, and hospital indemnity insurance. These more traditional benefits now share the stage with others that are trending in popularity, such as pet insurance, financial wellness programs, online identity protection and prepaid professional legal services, just to name a few.
Assembling a robust benefits portfolio while still keeping an eye on the bottom line is both a science and an art form. Some benefits, in fact, are designed to work in tandem with others, so employee education is a critical step in the employee benefits process that shouldnt be overlooked.
Did we leave something off this list that your company offers? Do you have questions about any of the common employee benefits on this list? Leave us a comment below or contact us. Were happy to provide answers!
Fundamental Employee Benefits Packages And Perks
For organizations looking to get their employee benefits packages and perks kick-started, there are a few fundamental ideas to keep in mind.
A recent study found that creating a company culture that encourages volunteering can help boost employee morale, workplace atmosphere, and brand perception. This goes to show just how important it is to making volunteering accessible for staff. For example, here at Outback, our employees get a pre-determined number of paid volunteer days to use in support of the causes of their choice. They simply need to submit a request and secure approval. If youre looking for ways to give back, check out our blog article: 15 Creative Volunteer Ideas to Help Your Team Make a Difference.
Paid Sick Days and Paid Vacation Time
While this might seem like a no-brainer, a staggering 32 million U.S. workers dont get paid sick days. For organizations, this is an easy place to start for drastically improving the lives of your staff. Offering paid sick days, paid vacation days, or even unlimited PTO, goes a long way in increasing your employees quality of life.
Sometimes one of the best perks for employees is simply getting together to do something social which has nothing to do with work. Office events like parties or happy hours can do just that. This can happen in-person or virtually if your team works remotely .
Team Building Activities
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Types Of Employee Benefits
The term employee benefits can cover a number of things. Often part of a company’s compensation and benefits support program, everything from health insurance to unlimited PTO fall under the umbrella term.
There are three main types of employee benefits:
- Employee benefits that are required by law
- Employee benefits that arent required by law but considered an industry standard
- Employee benefits that are offered as an added perk or fringe benefit
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Financial Services And Banking
Many financial institutions offer low-cost and free access to banking services. This can include mortgages, savings and checking accounts, and financial planning. You can even have an ATM installed in your company cafeteria to make it easier for employees to access fast cash for healthy lunch choices.
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Popular Financial Wellness Benefits
So How Do You Choose Employee Benefits
In addition to the options listed here, many employers offer their workers life insurance, professional development opportunities, tuition reimbursement, family leave, paid gym memberships, and commuter benefits .
With employee benefits making up a hefty 32% of total compensation costs, employers should consider their options carefully. Our data about which benefits are most important to employees is a good place to start. As you consider your options, keep in mind that health insurance is far and away the benefit employees want most. But after that you may want to get more insight by asking your team directly which benefits they would prefer or how they might view tradeoffs between investing more in one benefit over another.
Choosing among all the options can feel a little head-spinning, but you dont have to go it alone. Partner with a benefits broker or a top-notch payroll service provider to help you manage these essential HR functions.
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Best Employee Benefits For Millennials
A one-size-fits-all approach doesnt work anymore. With the rise of millennials and diversity in the workforce, the need to implement various employee benefits packages is high.
Millennials now take up almost 35% of the workforce. They are smart, ambitious, energetic and will not conform to the traditional norms. And they are good at their work.
So, what do you do?
Well, you give them what they want. The benefits they need and try your best to fulfill their expectations.
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.
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The Right Benefits For Your Workforce
Some benefits like health insurance, life insurance, and retirement savings programs will always be popular. Other benefits and perks will change depending on the current needs of the workforce. In 2020, the pandemic caused major shifts in what employees want, and employers will need to respond to these changes with new and evolving benefits for employees in 2021.
Need help designing an employee benefits package that meets the unique needs of your workforce? Thats our specialty. Contact us to learn more or check out our to see why clients give Altura Benefits a 5-star rating.
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.
Employee Benefits That Matter Most In 2022
Here are the unique employee benefits that are most popular for 2022.
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Benefits are unique to each company. Plus, now that COVID-19 has overhauled the world for a second year in a row, benefits are looking different as we progress into 2022.
One of the easiest ways to figure out what the best benefits for your specific company might be is to take a look at what others are doing. Unfortunately, there isnt one entity or survey that has exacting metrics for benefits. But there are ways to look at smaller surveys and coalesce insights, so thats what weve done.
We looked at the Ben Benefits Outlook Survey that surveyed over 300 businesses on how they have adapted their benefits offerings to this new world of work. We also scoped out news articles like this CNBC story and looked at other industry surveys such as Workables The New World of Work survey.
Based on everything weve seen, here are 10 of the most popular employee benefits for 2022.
Extended Maternity And Paternity Leave
Maternity leave is generally about 1214 weeks long for those who are eligible. That leaves parents in the position of having to work right up until the baby is born to enjoy three months with their newborn, or have to return to the office quicker if they take time off before the baby is born. Extended maternity and paternity leave gives parents more time to adjust to parenthood and take care of their new child.
Example: Employees have enough leave to take the last month of the pregnancy off work and return once their child is a few months old.
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Why Perks Matter For Employers
As an employer, you can use perks and benefits as a way of showing your employees that you regard them as significant contributors to the success of your business and that you are willing to listen to them about ways you can improve the work environment. Benefits also offer many concrete advantages to employers.
Bonus: Top Work Perks From The State Of Company Culture Report
To add to the insights from Glassdoor, weve also compiled some of the biggest opportunities according to our State of Company Culture Report. This comprehensive study surveyed 586 employees in 26 different industries representing companies of all sizes to take the pulse of company culture in American today.
Of course, employee perks were a big part of the discussion. In the report, we defined perks as all the non-monetary perks that companies offer employees. Thats everything from your health insurance plan to free beer on Fridays.
As you can imagine, there are a lot of perks and benefits for companies to consider. So which perks should companies and HR departments focus on? Which perks at work represent the biggest opportunities the ones that employees really care about, but just arent getting?
To figure this out, we compared the frequency of work perks offered with the importance that employees place on then. Heres are the three biggest opportunities we found:
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