Employees are critical to the overall success of a company, especially those who are able to get the job done. Effective employees achieve goals not only for themselves but also for the business. When their morale is high, they create a positive work environment. So, it’s important to consider their needs and expectations. Studies have shown that happy employees are actually 12% more productive. The better the employee experience, the better the talent you can attract and keep, which means a better customer experience and bigger profits for your company. A good employee experience is built on the benefits that fulfill their needs and the perks that satisfy their wants in a company. Read more to discover the perks and benefits employees actually want!
The first benefit employees actually want is insurance. There are several types of insurance a company may offer, but health insurance tops the list of urgent needs. After salary, employees need healthcare coverage for themselves and their families, and all the more in the current global health crisis. Health means happiness, and health insurance is one of the most important benefits employees can receive from a company. In general, if you have more than 50 employees, you’re expected to provide health, workers’ compensation, or disability insurance, and unemployment insurance.
2. Retirement Plans
Retirement plans like the 401(K) are a great way to show your employees that you care about their future. Under a 401(K) retirement plan, employers contribute part of an employee’s paycheck to a tax-advantaged account, to be compounded over the years for your staff to enjoy in their golden years. On its own, this can be a huge draw for employees, but you can go the extra mile with a 401(K) match program. In this type of program, employers add a certain amount to every 401(K) contribution employees make — which means that their savings can go even further. Although this seems costly to maintain, the investment is worth it. Not only can it attract and retain effective employees, but employers also receive tax benefits for contributing to 401(K) plans.
3. Paid Leaves
Taking time off work to recharge is necessary for the employees’ overall wellbeing. But it’s not enough to offer paid time off. It must be encouraged so employees won’t hesitate to use their vacation leave. Recharging sure can boost the morale and productivity of employees, and consequently benefit the business in terms of profitability and success.
Paid family leaves are offered in some states through Temporary Disability Insurance (TDI) programs, where employees pay the contributions instead. But in states without TDI programs, companies are required to extend 12 weeks of job-protected leave without pay. Paid sick leaves, meanwhile, are generally shouldered by the employer, but not required by the government.
1. Flexible Working
Flexible working is focused on results more than working hours. Employees have the option to work anywhere and at any time, as long as they get the job done. Flexible workers often achieve more, get sick less often, and end up happier and more productive. They tend to have a good work-life balance and stronger professional growth. Moreover, they get empowerment from their superiors’ trust that they can accomplish their tasks on time with minimal supervision. Most employees end up having higher job satisfaction and lower stress levels with this type of working structure.
Implementing and encouraging a flexible working setup outright removes the stigma behind it as an option. Employees don’t have to hesitate availing the setup, with worries they’ll be judged as asking for special treatment. Having the choice to either come to the office or work remotely anytime gives employees the freedom to find the best ways to be productive, and deliver better results for the success of the business.
2. Discounts, Freebies, & Extras
Corporate discounts for things like gym memberships and nearby shops may not seem like a big deal. But it can still help employees with their financial needs and even their wellbeing. The same goes for free meals and healthy snacks in the office, which is why it’s often included in job posts. Even sports amenities like a Ping-Pong or foosball table are not just about fun and games. Spending on extras like these will boost employee mood and productivity while promoting a culture of camaraderie. Offering wellness programs can also promote meaningful employee engagement through a healthy lifestyle that can improve productivity as well.
When employees feel important and appreciated, they’ll find no reason to leave a company. Implement some of these amazing perks and benefits employees actually want into your company to boost their morale, loyalty and career growth.
Article exclusively written for atlasgo.org
Authored by Rita Joyce
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