Employee benefits can make or break your work atmosphere. If you offer the bare minimum, your top employees are almost certain to check out the competition and see if the grass is greener. If you go overboard, you could put your financial bottom line in jeopardy. When offering benefits to your employees, it’s all about finding a happy balance. Discover yours by browsing through the top 10 employee benefits we have seen in the industry that are boosting employee performance and improving retention rates.
Beyond Health Insurance
Offering health insurance was once a top benefit but now it’s the bare minimum. Consider offering other types of insurance, like vision, dental, disability, and life. Unless you’re willing to pay 100%, make add-on policies optional for employees.
Who decided 9-5 was the perfect workday? There are a few different ways to approach this benefit. You can let employees work longer days, so they only come in four days a week, let them choose from a selection of set hours (7-3, 8-4, 9-5, etc.), or let them completely call the shots and determine when they come in and when they leave, as long as they’re meeting their goals and requirements.
Work from Home
To piggyback off of flexible hours, allow employees to work from home when possible. There are several software programs that will make this easy for everyone.
Exceptional Vacation Policy
One unique benefit companies are starting to explore is unlimited paid time off. There are pros and cons to this approach and it may not be for you. Either way, enact a competitive vacation policy that encourages time off.
Student Loan Assistance
According to Inc., almost two-thirds of Millennials have over $10,000 in student debt. Offering to relieve a portion of that debt after a predetermined grace period is an excellent benefit to offer employees. You can also offer reimbursement for continued education if it pertains to an employee’s position.
No one wants to leave Fido at home. If your space allows, permit employees to bring their four-legged friends to work. Just make sure you’re not breaking any health code laws. If you’re not on board with this benefit, consider offering on-site pet daycare or doggy daycare reimbursement.
Encourage your employees to remain fit and active by having an on-site gym. Employees can hit the treadmill for a few minutes after lunch, come in early for some cardio, or get in some reps after work. This is often better received than a gym membership as it’s much more convenient.
While company picnics or outings are always fun, see if there are any company-specific perks you can offer. For example, Ben & Jerry’s offers three free pints of ice cream to their employees…every day! Airbnb offers employees a free stay in any of their listings.
Employees are retiring later and later, making younger generations wonder if it will ever be an option. Make it easier for them to see the light at the end of the work tunnel by offering a 401(k) or similar retirement plan. Bonus points are awarded for matching a portion of their contributions.
It’s no secret the United States is behind the rest of the world when it comes to parental leave and pay. Companies who voluntarily offer parental benefits are sought out by employees.
Some of these benefits will force you to crunch some numbers and see what you can do. Others only cost you the time that goes into laying the policy out. A mix of both paid and unpaid benefits is usually best.
How many of these top 10 employee benefits do you currently offer?
For help coming up with a benefits package that works for both your company’s resources and employees, contact Tandem HR today at 630.928.0510.