Employee benefits are a core way to attract new talent and improve employee retention. Your staff works hard and they deserve some perks!
Classic employee benefits include health insurance and retirement options. But employers are also opting for voluntary benefits — 67% of employers in a survey stated they use voluntary benefits to attract new talent.
Here are 8 workplace benefits you should start offering.
1. Plenty of Vacation Time
Americans take fewer days off than the rest of the world’s workers. The reason why is many companies don’t offer a lot of PTO.
While you may conduct research and see your competitors offer two weeks’ worth of PTO, your employee retainment and recruitment will improve drastically if you offer more.
What’s a good amount of PTO? Start with four weeks. If you can only afford two weeks of PTO, allow your staff to take additional days off with no pay. You can also separate your days off, such as for vacation, personal, and sick leave.
2. Beyond Basic Health Insurance Coverage
If your business has more than 50 full-time employees, you must provide health insurance.
But it’s easy to settle for cheap plans. These plans may not be the best, such as requiring high deductibles and don’t cover many appointments or specialty doctors.
As an employer, do more research and find a solid health insurance plan. You don’t have to worry about employee absences and healthy employees are more productive than unhealthy employees.
You can also offer health insurance for free, covering all employee premiums.
Even though employer-provided health insurance is generally less expensive than private or public plans, covering their premiums takes the burden off of your staff even more.
3. Performance Bonuses
Do you pride yourself in hiring the best staff members? Prove their value by offering performance bonuses. Performance bonuses keep your employees engaged and inspire them to work harder.
Performance bonuses offer more benefits for employers as well as employees. As an employer, you have more control over these bonuses. The bonuses are based on results and are rewarded when they’re earned.
How do you craft a bonus plan? Give your employees a goal with a timeframe, such as at the end of the quarter. If they meet this goal, offer them a bonus.
4. Flexible and Remote Work Options
Your employees have a life outside of the office and the 9-to-5 schedule doesn’t cut it for all employees. Discuss your work schedule options with each staff member regularly.
For example, let’s say a staff member has children and they would like to match their work schedule to their child’s school schedule. Offer this scheduling option.
You can also allow a flexible work schedule to long commuters so they miss heavy traffic.
Remote work is also becoming more popular. It’s expected that 50% of the U.S. workforce will switch to remote work. If the role can be done remotely, offer work-from-home days or even switch the role to fully remote.
5. Retirement Options
Everyone wants to retire. But retirement isn’t cheap.
The average worker needs to have enough retirement savings to cover two decades’ worth of expenses. The best way to prepare for retirement is by starting early and taking advantage of employee retirement plans.
The 401(k) is the most common plan. The 401(k) works in many ways. Money is taken out of your check and is deposited in the account. Your 401(k) funds can also increase by utilizing stocks and bonds and company dividends.
A 401(k) also has tax benefits, meaning you save even more money.
6. Employee Development Plans
Gone are the days where workers stayed with one company until they retire.
Now, the average employee will only stay with your company for a few years. Instead of investing in lifetime benefits, collaborate with each staff member to make their time with your company worthwhile.
The best way to do this is by offering employee development plans. These plans help identify employee goals and how an employer can achieve them.
For example, let’s say one staff member appreciates bonuses and raises.
Develop a plan where they have regular reviews and are rewarded a bonus and/or a raise if they meet their goals.
Similarly, if an employee wants to move up in the company ranks, develop a plan where they can get promoted if they meet certain goals.
7. Fun Office
The cubicle life can get dull quick. Since one-third of your life is spent at work, you can create a fun office atmosphere.
First, let your employees be themselves. Take out the work dress code.
If a staff member feels they perform better wearing business attire, let them wear their suit-and-tie.
But if your staff feels more comfortable in a t-shirt or their workout clothes, let them wear what they want to the office (if you work a client-facing role, ensure the outfit is at least tasteful).
Another fun incentive is free food. Whether you have snacks at the office or buy your staff free lunch, food is something your whole staff will appreciate.
Bringing your dog to work is becoming a popular office perk.
Pet owners don’t have to worry about their doggies staying at home all alone. If your dog is friendly, your dog will love having the extra company and dogs help employees de-stress and stay happy.
If you want a dog-friendly atmosphere, make sure your building is dog-friendly.
8. Offer Free Gas
The average American spends $2,000 a year on gas. Offering free gas will help save your staff a lot of money — and they will really appreciate it.
What if you own company vehicles? Fueling cards are the best option. The top fueling card for small businesses is a credit card used strictly for gas and is convenient for employees who drive for your company.
These Workplace Benefits Will Make Your Employees Happy
Workplace benefits will help improve your recruitment and retention rates. While classic benefits are always appreciated, there are many modern and creative benefits your staff will love.
Are you looking for more business advice? Continue reading our blog!