Employee benefits (should be) an essential part of any business. They are part of what makes your company appealing to potential employees, and many times the central reason they consider working for one organization over another. While most people can see how important they are, many businesses fail when it comes to offering them because they don’t understand the real difference they can make.
The Importance of Benefits
As
an organization, offering employee benefits helps separate you from the
competition. Offering benefits shows that your organization cares about your
employee’s health, stability, education, and future.
According to perhumanresources.com, 80% of employees say they would stay with employers who offer benefits over obtaining a new position without them. In addition, close to 50% of employees in small businesses said their benefits are extremely or very important to their workplace happiness.
What Are Work Benefits?
Work
benefits are additional offerings an employer may offer an employee. Depending
on the size
of your organization and
industry, the types of benefits offered can vary. The benefits offered by a
potential employer may include:
·
Health insurance
·
Dental/vision care
·
Life insurance
·
Retirement saving plans
·
Job counseling
·
Paid time off
·
Adoption assistance
·
Educational benefits
Types of Perks
In
addition to insurance and assistance packages, employers can also offer
additional perks for employees. This can range from volunteer
time to health and wellness benefits;
Integrity HRM offers the following discounts and rewards through our Employee
Perks Program:
·
Travel
·
Auto
·
Electronics
·
Apparel
·
Education
·
Entertainment
·
Restaurants
·
Health and Wellness
·
Beauty and Spa
·
Tickets
·
Sports & Outdoors
The Importance of Benefits to Your Employees
As
shown above, the majority of candidates prefer an increase in benefits rather
than a salary increase. According to reports from Indeed and Glassdoor, employees whose company offered health, 401(k),
and other benefits were reviewed higher than average.
By
offering benefits such as paid volunteer days or paid time off, employees can
feel valued and enjoy their personal lives without fear of losing pay. In
addition, these amenities help employees achieve a desired work-life balance,
often leading to an increase in morale.
What Benefits Do Your Employees Look For?
The
pandemic provided a chance for employees to reflect on which benefits matter
most to them. Health insurance and paid time off remain the most popular
choices.
However,
thanks to a blog from People
Keep, these were the most sought-after
benefits in 2020:
·
Remote work
·
Healthcare
·
Paid time off
·
Flexible hours
·
Paid family leave
·
Four-day work week
Benefits Takeaways
The pandemic showed workers that the potential stability and flexibility benefits provide matter much more in the long run as opposed to a salary bump. Even millennials are starting to opt for benefits versus traditional pay increases. By offering employee benefits, organizations can not just show, but prove how much they value their workers.
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