What are the best Employee Benefits?

What are the best Employee Benefits?

February 23, 2019 Off By Eric Mahoney

Employee benefits are commonly called extras or perks a person gains from his employer organization. Benefits in kind which are also known as perks and employee benefits are non-wage compensations which are offered to employees as well as their usual salaries or wages.

It is not every candidate that considers a job or an organization based solely on the salary, most especially when the salary is the market rate. To make your company different, putting together a competitive benefit package might help fascinate a higher caliber of candidates, particularly those candidates who are in search of a long-term career rather than a job that will solely boost their immediate earnings.

Various organizations offer various benefits packages and as expected, diverse candidates will be attracted to diverse things. The best are the flexible employee benefits where different staff can be given different benefits that suit them better so these services are very much worth considering.

Here are some examples of the best employee benefits:

Flexible working hours 

One of the most under-appreciated and under-utilized perk in a today’s workplace is flexibility. A good work/life balance is gradually becoming one of the most significant facets of peoples’ job searches. Offering flexi-time around a set of core hours or work from home days can increase an employee’s motivation and is a great attraction for candidates. The ability to occasionally work remotely as well as being able to shift hours that best fit an employee’s life and job goes a really long way in keeping employees happy and sustaining engagement. Knowing they are encouraged to balance their work and life is a great perk.

Incentives

Another good way to increase engagement amongst employees is through prizes, bonuses, awards, and other incentives. Business managers who utilize incentives will often see that extra push once there are valuable items and experiences on the line. For example, some companies offer a 5-star brunch or an extended weekend holiday if certain projects are completed ahead of time. This modest gesture is often enough encouragement for workers to get their act together and step up their game.

Health insurance

Health insurance is generally the most expensive benefit, yet, it is also the most sought after benefit. Paying for insurance out of pocket is expensive, and paying doctors’ bills without insurance is even worse, so it makes complete sense why job applicants make career decisions largely based on insurance benefits. Studies have shown that health is the most important benefit to modern youths, and as such, offering a suite of benefits that relate to health (on-site health clinic, 100-percent paid health/dental/vision benefits) would be a top recommendation.

Training and development 

Now more than ever, unlike in the past, employees seek opportunities for professional development, to master new skills and to grow into other roles. (This is especially important to modern youths who are mainly concerned about career path options.) Funding training and continuing education can be extraordinarily beneficial to both the employee and the employer. Offering learning opportunities demonstrates a company is willing to invest in an employee’s future and foster their growth and progress in the organization. 

Working from home

Although, every employer’s work-at-home policy may be different depending on the job duties, but having the option is something that most employees are seek before they commit to a company. From an employee’s point of view, it allows an individual with kids to save on daycare costs. It also can save on gas, vehicle wear and tear, and the anxiety of daily shuttling. From an employer’s point of view, it will cut down on absenteeism and tends to increase the level of productivity within a company.