Companies are always looking for ways to recruit and retain their best workers. Providing the best employee benefit packages is a sure-fire way to ensure employees feel valued, supported, and engaged. But what exactly makes a good benefits package? This article gives the lowdown on the elements of a great employee benefits plan. Find out why it pays to keep your workers happy.
What Is the Place of Employee Benefit Packages?
With younger generations at the helm, the workforce is now more focused on work-life balance, mental and physical wellness, and opportunities for growth. The Ideal employee benefit packages provide more than health insurance. They create levels of support that are physical and mental and exist inside and outside the office.
That means the days are gone when a semi-competitive wage is the only thing an employer needs to secure the right workforce. The following are some key benefits for employees to keep them happy:
Health Insurance
Oh, the convenience of health insurance! It’s at the forefront when employees are looking at their benefits packages. However, not all health insurance plans are created equal. The best employee benefit packages include competitive health plans that will meet a wide array of needs.
So, consider options like medical, dental, and vision coverage that’s easy to navigate. There are also telemedicine services for quick, virtual consultations. Finally, mental health support through counseling and therapy sessions come in handy, especially in a busy workplace. These benefits assure employees that their company is serious about taking care of their overall well-being.
Paid Time Off
One of the biggest factors a candidate weighs when looking at their potential benefits package is the amount of time provided for vacations. In an increasingly burnout-prone world, knowing they’ll be able to unwind is near the top of the list of things employees are looking for.
The best employee benefit packages reflect that by offering generous vacation policies, paid sick days and personal days, and parental leave for mothers and fathers. Giving employees time to recharge away from work and with loved ones will be the ultimate protection against battling for their health.
When employees know they can take a day or two off without tearing a hole in their paycheck to tend to personal situations, it works great for the overall health of the team. Offering vacation policies where employees can pick when to go on a break keeps them loyal to the organization.
Wellness Programs
Wellness programs are a cornerstone of the best employee benefit packages. These programs can help employees improve their fitness through gym memberships and wellness challenges, and help them manage stress with financial wellness programs. The idea is that providing them with opportunities to stay healthy and well means less sick days and less stress.
Stress-free employees contribute to a positive company culture. Popular wellness perks include on-site or discounted gym memberships, health screenings and flu shot clinics, stress management workshops, and yoga or meditation classes.
This leads to loyalty and appreciation, encouraging a company culture of positivity and energy. For a bird’s eye look at the benefits of wellness programs, follow this resource: https://www.indeed.com/.
Flexible Work Arrangements
The year 2020, which is the year COVID-19 hit the whole world, changed the way people want to work. The set nine-to-five behind four walls is no longer the gold standard; flexibility is. With a growing demand for remote or flexible schedule opportunities, especially among millennials and Gen Z, businesses will find they have the competitive edge for candidate attraction, local or otherwise, increased employee satisfaction, and improved work-life balance.
Consider offering remote work opportunities or hybrid work models and flexible hours for employees to juggle both work and life responsibilities with less stress. You can also offer them work-from-anywhere policies so they can choose where they want to work without being restricted to the office.
This adaptability isn’t just a new trend. Job seekers across the demographic spectrum are looking for flexibility. For a forward-thinking company, getting ahead of that trend is part of what makes them more appealing.
Career Development
Candidates want to know there is a place for them. The best employee benefit packages include a plan for growth and development. Whether through training programs, mentorship, education reimbursement, or other platforms for growth, when a candidate can see a future with your company, you instantly become more attractive.
Some top perks in this area include tuition reimbursement for employees pursuing further education, in-house training and development programs, and access to conferences and industry events. By offering a path to growth, even entry-level candidates look at a company who invests in development as more appealing and feel like they have a reason to stay.
Retirement Plans
Another foundational piece in an excellent employee benefit package is retirement. A 401(k) or other retirement plan will help employees prepare for the future. But what sets a benefits package apart? Employees love matching contributions.
Why? This is because it signals something employees love to hear: we care about your future. These benefit packages protect a critical pot of money from being taxed and provide employees the opportunity for personalized financial goal-setting. Click here to learn more about 401(k).
Additional Perks
Rounding out the best employee benefit packages for employees is the extra icing on the cake. Some companies offer free meals or snacks in the office, employee discount programs for everything, from entertainment to travel, and pet-friendly offices or pet insurance for employees’ furry friends, among other perks.
While not a make or break addition, this extra polish on a company culture can actually boost an employee’s overall job satisfaction. And when an employee is happy, they’re more productive and likely to pour their all into your company, bringing value and skills they otherwise wouldn’t necessarily use.
Finding the Right Balance
Every organization is different and the best employee benefit packages are tailored to meet company and their employee needs. Whether you’re a fast-growing startup or an established corporation, having a well-rounded benefit package could be the power play you’re looking for to attract the best talent, making everyone in your organization happy.
Conclusion
In today’s employment landscape, benefits are table stakes. Employees need and want them and the right ones add value, driving an engaged, healthy, and loyal workforce. Deliver the most competitive employee benefit packages and your staff will feel supported, appreciated, and excited to contribute at work. It’s a fair exchange because when they’re happy, your employees become more productive, creative, and committed to exceeding goals and driving success.
