You would be nowhere without your employees, right? Employees are the life of any business. They ensure everything gets done as it should. They strive to achieve more for the company's greater good, helping it reach the ultimate objectives. Because of this, it is vital that you award employees and show them your appreciation.
In this post, we will look at employee benefits in more detail, helping you understand why they are essential and which benefits make the most sense for your business.
Employee benefits are non-cash provisions within the reward package employers provide for their employees. Although being non-cash provisions, they can have a financial cost for employers, for example, company cars or paid holidays.
You may be wondering why you should go above and beyond to offer employee benefits, but there are many advantages to be gained such as:
Now that you have a good understanding of the advantages associated with employee benefits, the next thing you need to do is decide which benefits will be best for you. Five benefits that are highly sought after are as follows:
There is only one place to begin, and it is with corporate health insurance. It was revealed that by the end of March 2020, there were 4.24 million people on NHS waiting lists across England. We are sure that this number will have only increased due to the Covid-19 pandemic. Of these millions of people, over 20% had been on the waiting list for over 18 weeks.
If someone working for your business had a debilitating health condition and needed to wait this long for treatment, it could have a severely damaging impact on their life. It could also significantly impact your business because you will be one person down.
Therefore, by making the most of corporate health insurance, your workers will be able to access the very best healthcare in private hospitals and clinics. This is something that appeals to all employees, no matter their age or condition.
Remote working is something that has certainly gained more attention over the past 18 months. In fact, in April of 2020, 46.6% of people in employment did some work from home.
Naturally, as we leave lockdown restrictions, more and more people will be returning to the standard office environment. Yet, this does not mean you cannot be open to the prospect of remote schedules in the future.
Remote working can give your employers great flexibility. It means that they can pick up their children from school without spending money on a nanny. They also don't have to deal with the anxiety of daily commuting, vehicle wear, and tear, and they can lower their expenses too.
There are also some great benefits for employees. Absenteeism will reduce, and you will find that there is typically an increase in productivity at your business. Your employees will feel valued, which is sure to increase their loyalty to your company.
According to a study from Oxford Economics, every 8 in 10 employees believe that vacation time is one of the most appealing benefits their employer could provide them with.
A lot of employers worry too much vacation time is going to cause their productivity levels to dip. However, this is not always the case. When employees are respected and able to take breaks, they will work harder and have more energy while in the workplace.
We have seen a lot of businesses whereby vacation time is provided, yet employees don't have the actual time to capitalize on it. There are also instances whereby workers simply feel too scared to take time off work. Because of this, it is essential to make sure that your employees are aware of vacation time and feel comfortable taking it.
Aside from the benefits that we have mentioned so far, we have seen that many employers are providing their workers with more professional development opportunities. Examples include the following:
The benefits here are extensive! First, this will help to boost employee loyalty and satisfaction at your business. One of the main reasons people end up quitting their jobs and moving onto another place of employment is that they feel like they do not have any progression opportunities. They feel like they are stuck in dead-end jobs.
By offering training and coaching opportunities, workers know that they can progress in their current job roles. They won't feel like they need to look elsewhere to achieve their career objectives. This will ensure that they feel valued and loyal to your business.
In addition to this, your employees broadening their knowledge means that they will develop their skills and expand their education. They can then use this to benefit your business by applying their new skills to the workplace. This will ultimately help your business to achieve more and boost your bottom line.
Last but not least, we cannot talk about employee benefits and perks without mentioning freebies and discounts. This covers everything from office snacks and reduced prescription medicine to discounts on dining out and various clothing brands. As you can see, many different things can fall into this category.
The motive behind this option is quite simple; we all like to get things for free or at a much cheaper rate, don't we? Nothing feels better than picking up a true bargain.
Of course, you can offer freebies and discounts as part of a broader wellness program. For example, you may decide to provide your workers with reduced gym memberships and healthy snack options at no charge. Some businesses can even offer a free-to-use gym on-site, making it even easier for workers to concentrate on their personal wellbeing.
As you can see, many different options are available to you when choosing the best employee benefits package for your workers. It is not a case of one perk being better than another; it is all about thinking about what will be suitable for your team.
For example, if you have a lot of parents working at your business, childcare vouchers will be very well received. However, the same cannot be said if most of your workforce does not have children.
It is vital to figure out what matters to your employees the most. The best way to go about this is to simply ask them. Collect information from all of your employees so you can discover what benefits will make the most sense for them.
So there you have it: everything that you need to know about five of the most desirable employee benefits. We hope that this has helped you understand why employee benefits are essential and which benefits make the most sense for your company.
If you are planning on implementing more than one employee benefits program, it makes sense to use a platform like Perkbox to manage everything effectively. This will ensure that you are making the most of your employee benefits strategy.