Your employees are one of the driving forces in your business’s ability to grow and thrive, so you need a team of diligent and experienced people. To attract the top talent, your company has to make an effort to distinguish itself from the multiple job offers that the candidates receive. Most employers try to achieve that by offering a set of benefits above the salary.
The benefits and perks are effective incentives, and for many workers, they’re among the top considerations before accepting a job offer. That’s why while weighing their options, the employees will look at whether your benefits package offers the most desirable options such as health insurance, accident funding, paid leave, or retirement saving plans. Additionally, they appreciate flexible hours, remote work options, and paid parental leave.
In today’s candidate-driven job market, employers who don’t have something additional to offer risk losing the top performers to the competition. In this article, you’ll find several job benefits that will help you entice experienced employees.
Health insurance is a must for every employee, and it’s the most important benefit for many workers. The fact that their medical expenses will be taken care of in case they get sick or injured gives them peace of mind. That’s why 88% of employees would take health insurance into consideration when choosing between a high-paying job and a lower-paying job.
Health insurance can be either a subsidy or an employer-paid plan. In the first case, employees pay only a small portion of the premium, while the majority of the cost is covered by the employer. In the second case, employers pay all the costs associated with health insurance.
Unfortunate events occur every day, so it’s important for employees to have accident funding that covers any out-of-pocket expenses when they do. An accident fund is particularly relevant for those who work in a field or industry where they’re likely to suffer an injury or disease. For example, construction workers are at risk of getting injured on the job, while truck drivers are susceptible to motor vehicle accidents.
Employees want to know that their families will be taken care of if they happen to get sick or hurt at work. Many companies offer accident funds that reimburse employees for covered expenses up to certain thresholds if they get injured in the workplace.
Paid leave is another crucial benefit that attracts employees. It gives them the freedom to take time off from work without worrying about having to save up vacation days or ask for unpaid leave. Paid leave is particularly important for those who want to take care of their families or tend to a family member’s health issues. For example, if your employee has a baby or a sick parent and needs some time off, paid leave will give them the financial security they need during that break.
Retirement Savings Plan
As the U.S. population ages, more companies are offering retirement savings plans to help attract and retain staff. A retirement savings plan helps employees save up for their golden years by giving them employer-matching contributions to their retirement accounts. For example, an employer can match their employee’s contributions up to 4%.
This is a great benefit for employees because it helps them build a nest egg that will help secure their financial future after they retire. A retirement savings plan is valuable for employees who don’t have access to a 401(k) or IRA at work.
Flexible work hours let employees decide how they want to schedule their days, which helps them balance their personal and professional lives. It gives them the freedom to arrive on time, leave early, take a long lunch break, or finish an important task without feeling guilty.
Flexible hours are beneficial for employees because it helps them manage their time and workload in a way that’s most convenient for them. Employers can also benefit from this option because it gives them access to talent who don’t have to work during typical business hours. For example, your company could hire a freelancer who works during the night or a contractor who has a full-time job elsewhere.
Remote Work Options
You might have heard about the ‘work from anywhere’ trend that’s taking over today’s job market. Many companies let their employees work remotely from wherever they want, such as cafes and coffee shops around town, rather than requiring them to work in the office every day.
This option is beneficial for both employers and employees because it gives workers more flexibility to manage their personal lives while allowing employers to save on real estate costs by not renting office space in every city they want to expand into.
Remote working also allows companies to hire talent in a wider range of locations and regions, which lowers the cost of hiring people in remote locations. Employees appreciate this option because it gives them the freedom and flexibility to work from wherever they want without having to commute to an office every day.
Paid maternity and paternity leave are useful benefits for employees who need to take time off from work in order to care for a newborn or tend to the health of their children. These plans allow workers to take time off without fear of losing their jobs, and they give them the freedom to spend time with their families without worrying about the cost of childcare.
This benefit is particularly relevant for parents who need time off to care for their new child. Companies that provide paid maternity and paternity leave are more attractive to employees because it gives them the opportunity to take time off without sacrificing their financial security and careers.
An experienced team of employees is one of the driving forces behind your company’s ability to grow and thrive, so it’s crucial for you to keep them happy by offering them a set of benefits that they want. These employees are used to working at companies that offer better benefits than yours, so you have to take proactive steps to attract them.
The key to building an effective benefits package is to give workers the opportunity to choose what they want and need. You don’t want to force someone to take something he doesn’t want because then he might leave the company. So make sure you do your research and offer employees the benefits that matter most to them.