What are employee benefits?
Employee benefits are non-wage compensation provided to employees as part of their employment contract. These benefits may be required by law or provided voluntarily by the business. Some required benefits include health insurance, parental leave, and retirement security. Bonuses, healthy snacks, wellbeing programs, and company swag may be included in a business’s voluntary benefits package.
Why are employee benefits important?
It is very important for a company to develop the best employee benefits plan as it can help both attract and retain employees. It shows the employees that the business cares about their well-being and their interests. The voluntary benefits on top of the required benefits are what can differentiate one businesses attractiveness from another.
The best type of employee benefits
1. Health Care Plans
Health care plans are seen as very attractive to many potetntial employees, making it a very important employee benefit. Companies can offer medical insurance options, alongside other health benefits. You need to carefully consider your plan based on the cost of employees and health services covered. More information regarding a business’s health coverage can be found here.
2. Paid Vacations
In addition to the already required paid annual leave, paid vacations are an important employee benefit that builds a strong relationship between employee and employer. This includes paid time off to rest and recover from illness and injury, as well as paid time off for holiday celebrations.
The perfect way for you to show your employees that you are seeing the hard work they are putting in and that you appreciate them is through bonuses. This can include paid bonuses or can include nonmonetary incentives. This builds employees’ satisfaction and happiness within the company, as well as motivates them to work their hardest.
4. Professional Development
Employees love to have the opportunity to learn and grow within a business. By offering training and career growth opportunities, employees will feel valued by the company, increasing employee retention.
5. Team Lunches
Team lunches are an important way to build a bond between employees and management. You can have weekly team lunches, or provide snacks throughout the working day. This not only makes employees happier, but motivates them to work harder.
Each companies employee benefits will be based on its industry, business size and employees needs. It is important to create benefits for your employees in order to attract the best talent and retain existing employees. Browse here to find the best employee benefits for your workforce.