- Health insurance and PTO are the most popular employee benefits, with 99% of large employers offering health care coverage.
- Flexible work arrangements can increase staff productivity, job satisfaction, collaboration, and creativity.
- Asset provisions such as tuition reimbursement, car loans, and childcare services can differentiate your company from competitors.
- Free food and beverage in the office can boost morale and team collaboration while increasing productivity by up to 20%.
Employee benefits are a critical part of any successful workplace. They can be hugely beneficial in helping employers attract and retain top talent, motivate employees to perform at their best, and build loyalty and trust between employers and staff.
Health insurance and paid time off (PTO) are the most popular employee benefits. According to the 2019 Employer Health Benefits Survey by the Kaiser Family Foundation, 99% of all large employers (200+ workers) offer health care coverage, while many others provide other types of benefits such as life insurance, retirement plans, vision plans, dental plans, employee assistance programs, and flexible spending accounts.
Studies have shown that employees who receive generous benefits packages are more engaged and productive than those who don’t. Employee engagement is linked to higher customer satisfaction ratings and increased business profitability. For example, a Gallup poll found that companies with high employee engagement experienced 147% higher earnings per share than those with low engagement levels.
However, businesses can offer more than just health care and PTO. Here are a few ideas on how to invest in employee benefits and make your workplace an even better place for everyone:
Flexible Work Arrangements
Flexible work arrangements can be an excellent benefit for employees. They give workers the freedom to choose when and how they work, making it easier for them to balance their career ambitions with their personal life. Flexibility also helps reduce commuting costs and stress levels associated with long commutes.
Studies have shown that providing flexible work arrangements can have a positive effect on employee engagement and productivity. One Deloitte survey found that employees with access to flexible schedules reported higher job satisfaction, better collaboration with colleagues, and greater creativity. Moreover, another study by WorldatWork found that over 90% of employers in the US reported improved performance results from offering flexible work arrangements.
In addition to its effects on productivity, flexible work arrangements can provide other benefits, such as increased retention rates and reduced employee absenteeism. For example, companies that offer flexible working hours tend to experience lower turnover rates than those that do not – this is especially true for women returning from maternity leave or taking care of young children. Research has also shown that flexibility in scheduling can lead to fewer absences due to illness or family commitments.
Asset Provisions
Employee assets are an essential part of a comprehensive benefits package. Unconventional assets such as tuition reimbursement, car loans, and other creative perks can help differentiate your company from the competition, creating a unique value proposition for potential hires and increasing employee satisfaction. These additional benefits can also play an essential role in improving morale and loyalty among staff members.
Tuition Reimbursement
Tuition reimbursement is one of the most popular unconventional assets offered by employers. It allows employees to pursue further education or training opportunities without worrying about the financial burden associated with such endeavors. Employers often use this benefit as part of their recruitment strategy, as offering tuition reimbursement can be a great way to attract top talent from different educational backgrounds or disciplines.
Car Loans
Car loans are another asset provision many employers are beginning to offer their staff members as part of a comprehensive employee benefits package. Offering car loans provides employees access to reliable transportation while helping them avoid high-interest rates associated with traditional auto loans from banks or lenders – making it an attractive incentive for potential recruits looking for job stability and long-term career growth opportunities within the company. However, when offering this benefit, you must check all the factors when choosing your auto loan lender. You can partner with the lender to provide your employees with the best loan rate and terms.
Childcare Services
Some employees in your organization might have young children and would benefit from the additional support of on-site childcare services. Providing this type of benefit can help alleviate the financial burden associated with childcare and make it easier for parents to participate in team activities or attend conferences. On-site childcare is also a great way to show employees that you value their family life and work-life balance.
Pet Insurance
Providing pet insurance is another unconventional asset that companies can offer their employees. By doing so, employers ensure their staff members have access to quality veterinary care for their pets without worrying about the associated costs. This benefit can be desirable to animal lovers looking for a job with benefits extending beyond traditional healthcare plans and vacation days.
Free Food and Beverage
If there is anything employees love more than getting an extra day off, it is free food. Providing free snacks and drinks in the office can help boost morale and encourage collaboration among colleagues. Offering your team meals or healthy snacks will energize them all day! A study by Harvard Business Review found that providing free food at work could increase employee productivity by more than 20%.
You can start with a simple snack station and gradually expand it to include meals. This can show your team you value their well-being and efforts without breaking the bank.
Final Thoughts
Employee benefits are a great way to increase your staff’s engagement, productivity, and loyalty. Investing in employee benefits such as health insurance, paid time off, and flexible work arrangements is essential for success. However, don’t forget about unconventional assets such as tuition reimbursement, car loans, childcare services, pet insurance, and free food – these can help differentiate your company from the competition and make it an even better place for everyone!
