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; HR Service Partners 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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