In today’s ultra-competitive employment market, your Employee Benefits packages can be the difference between retaining great talent and losing it to your competitors.
According to a study conducted by USA Today, 48% of employees weigh company work perks and benefits, like the availability of snacks, in their decision to find their next job. It also applies to temporary workers. Perks likely determine if a temporary worker will stay after the assignment is done.
While employees love a salary increase, there are other ways to reward employees besides offering higher compensation. The following are 20 best employee benefits your team will love in 2022.
1. Care and Appreciation
All workers crave appreciation and want to know their employers care about them. To make a meaningful impact, firms need to express their appreciation in ways beyond the standard pay cheque and benefits package.
2. Employee Recognition
A compliment or a simple thank-you can change an employee’s day. It is usually effective for virtual and hybrid teams. Moments of recognition and gratitude can make team members in different locations feel more connected and closer to each other.
3. Personalized Bucket-List Experiences
Employees are looking for employers who truly recognize and care for their whole person. As the employment market becomes extremely competitive, worker retention is a top priority. Curated employee perks are very efficient. According to a survey, this perk is an authentic employee benefit strategy that has powerful employee motivation, retention and promotes company culture.
4. Employee Rewards and Discounts
Today’s top talent is seeking more than just a maxed out payment. They want responsibilities within the company that enable a certain kind of lifestyle. Curated company exclusives like discounts on everything from fitness to dining to retail eliminates the hassle of negotiating discounts.
5. Home Office Budget
With work from home becoming a more permanent arrangement, members of a team want home office space that is personalized. It should be established with high quality furniture, and personalized accessories to increase productivity.
6. Wellness Program
According to a study conducted by the Annals of International Medicine, the sedentary nature of American workers is having a detrimental effect on their health. Sitting for too long at work brings with it a host of negative long-term health effects that can increase the risk of getting cardiovascular issues and cancer.
7. Office Perks
Encouraging work-life integration helps promote employees to project their true self at work. There is no point in pretending to have two personas, a “real” you and a “professional” you. The main aspect here is to make the office a more enjoyable place to be.
8. Paid Time Off/ Holiday
Time is the most valuable commodity. Studies indicate that once our basic needs are met, experiences contribute to our long term happiness more than any material things. That’s why paid time off or taking a vacation is valued more over salary raise.
9. Healthcare Insurance
Employees value the health insurance more than a pay raise. Offering employee-sponsored coverage is less expensive than private or public insurance. Most of all, the peace of mind that comes with knowing that you and your loved ones are covered in the event of a major accident or illness is priceless.
10. Performance Bonus
As noted earlier, the effectiveness of monetary incentives have limits. However, it is not to say that financial incentives don’t work at all. The key is connected monetary rewards to the emotions that keep your employees engaged at work. Performance bonuses are an effective way to do just that.
11. Retirement Plan, 401(K) or Pension
Having financial security is a premium benefit. Most employees have a strong feeling about their retirement benefits. When they don’t have employee-sponsored retirement benefits, they do not believe they can retire peacefully.
12. Paid Sick Days
Similar to PTO or Vacation, paid sick days give employees back their most valuable commodity time, while also letting them know that they are appreciated and cared for.
13. Flexible Work Schedule (Work From Home)
Flexibility is continuously becoming a desired perk for modern employees. As individuals, they try to balance a multitude of professional and personal responsibilities, including family and education duties. Employees should be provided with a flexible working schedule to promote their productivity.
Tuition costs have skyrocketed in the last decade. Tuition reimbursement alleviates both opportunity costs and real costs. Employees can simultaneously go to school and work, saving in the opportunity cost and tuition fees of being unemployed.
15. Employee Development Plans
Employee development plans are a good way to reflect the changing dynamic in the job market. Implement individual development plans where employees and their managers identify four professional and four personal goals, as well as a pathway for achieving them.
16. Discounted Access to Company Services and Products
Depending on your business, discounted access to your firm’s product and services can be a lucrative perk for your employees. The effect of this benefit is to make your entire employees feel involved in the process and express gratitude for their contribution to the final product.
17. Gym Membership
As an employer, the effects of sedentary demands placed on employees includes increased health care costs and a less productive workforce. Providing a gym membership is one of the wellness incentives that can encourage your workforce to lead a more active lifestyle.
18. Child Care Assistance
Childcare is not negotiable for most workers. These costs can add up rapidly, and anything to ease this burden is valuable. Getting childcare from companies is the only way some families can afford daycare and plan to grow their families.
19. Commuter Assistance
Commuter assistance can go a long way towards improving the quality of life for employees. It is a perk that is considered by many when it comes to hiring and retention.
20. Diversity Program
It is good practice to always hire for “cultural contribution”. It requires a close look at the existing company culture and actively seeking out diverse points of views. This increases the harmony and productivity of your employees.
As the working world looks to move forward from an extremely challenging pandemic, identifying and rolling out incredible employee perks will be a key driver of your organization’s success. The above perks will ensure success in retaining and acquiring incredible talent.