In today’s job market, the key to attracting and maintaining the most talented individuals is providing generous employee perks or benefits aside from a competitive wage. That’s because workers are more likely to choose extra perks over pay rises at any time. Company perks remain a significant opportunity for most businesses that aren’t taking advantage of non-monetary benefits for workers.
With that in mind, here are the top and most sought-after company perks and benefits.
Company vehicle policies are vehicle use agreements that establish which workers are eligible for a company fleet vehicle. Some companies may offer car plans that allow their employees to enjoy using company-owned cars for professional and personal use. Some even provide having a car accident lawyer in the program.
Different businesses can choose to provide various types of paid holidays for their workers. If employees need to wait the whole year to get a couple of days of vacation, they’re likely to feel exhausted before the year ends, leading to low morale and productivity. All these drastically affect their work output. Government employees are likely to get more paid holidays than those working in the private sector, ranging from Labor Day to Christmas holidays. However, like most perks, consider the impact of paid holidays on your bottom line before deciding.
The most popular employee benefit that most workers sought after and companies offer is health insurance or health plans. That’s because, in the past, there was no affordable public health insurance option, and the only reasonable way for most people to afford insurance was through their employers. Employer-sponsored health plans are generally less expensive than getting private or public insurance policies.
However, most of all, there’s a peace of mind coming with knowing that you and your loved ones are covered in the event of accidental or medical emergencies—and you can’t put a price on that. Several benefits also come with health plans on the employer’s side, including reduced absenteeism due to illness, higher engagement, productivity, and happiness.
For most normal workers, peace of mind is invaluable—especially for individuals experiencing financial uncertainty. That’s why financial security has become a crucial consideration for many workers. Surveys reveal that employees without employer-sponsored retirement benefits don’t believe they can retire comfortably, resulting in them not lasting long in that particular company. So, adding retirement plans to your company perk package can double the likelihood that workers will stay satisfied with their benefits package.
401k and 403b are the most common retirement accounts offered by business owners, but each one’s logistics vary depending on each company’s needs. Some businesses may contribute to their workers’ retirement accounts through similar programs, while others may contribute to employees’ retirement savings via non-profit sharing.
Business owners can move their savings game to the next level by subsidizing employee savings by either matching or partially matching the contributions of their workers’ contribution into their retirement accounts.
Child Care Assistance
Most parents work in most households with children in the United States, meaning childcare is non-negotiable for millions of employees. That’s because childcare costs can add fast, and anything that can mitigate this burden is valuable for any worker—and getting child care assistance is the only way most families can afford quality childcare.
For instance, infant care alone can set any family back around $786 per month, meaning many families don’t even come close to affording all these needs. That’s why child care assistance is one of the most sought-after company perks by employees, helping them provide the care their family deserves.
Flexible working schedules are becoming one of the most desired perks for the modern worker, balancing many personal and professional duties, such as education and familial responsibilities. This situation should be all too familiar for employees with kids at home. That’s why flexibility has become necessary for most workers as they need time to juggle several responsibilities. Providing employees flexibility in their working schedules lets you show them that they’re trusted partners and not just a mere ‘worker,’ eventually leading to higher engagement.
Additionally, offering flexible schedules leads to a better overall quality of life. Employees that feel like they don’t need to sacrifice their career to focus on their education or family—and the other way around. All these provide more long-term value than a mere pay rise ever could.
Most business owners would agree that their people are one of their most valuable assets. However, many fail to realize that to maintain the best talent in today’s market—they need to offer more than just competitive rates. There are several ways you can keep your employees happy and engaged, and those mentioned are just some of those perks that can keep your workforce thriving.