Employee benefits are varied, and there’s a lot to choose from. Offering the right kind of benefits to your workforce can be hugely beneficial. A workforce that feels cared for is a happy one, and you’ll be able to attract more highly trained, in-demand staff to your business. On the other hand, employers who neglect benefits will often find themselves with a high staff turnover rate and a dissatisfied workforce.
Perhaps the most important benefit of all, most businesses, regardless of their size, now offer some kind of healthcare system. This benefit is so prevalent, in fact, that you’ll probably struggle to hire long-term staff without it. Offering healthcare for your workforce doesn’t have to be an expensive or overly complex process. Using a healthcare marketplace to compare health insurance quotes makes the process much more straightforward. You’ll be able to compare different policies at a glance, including how much they cost and the types of cover they offer. For a business looking to offer the best cover at the best price, this can be a real lifesaver. Healthcare is a part of your budget that you shouldn’t neglect, but one you should continually revise to ensure that you’re getting the best price.
#2 Flexible hours and work from home
The coronavirus pandemic made working from home the norm, and there’s evidence to suggest that this will continue at least into the immediate future. Employees simply don’t want to spend time and money commuting into the office when they could accomplish the same tasks at home. Although there are plenty of good reasons to retain at least some semblance of the office environment, most employers are now opting for a hybrid model. This allows employees to set their own schedule, working at home for a portion of the week and then coming into the office when necessary. Being flexible with the work schedule is one of the most favored benefits amongst employees, and it’s bound to keep your workforce happy. As office work continues to change and adapt, it’s better to make a move in this direction early and before circumstances force your hand.
#3 Student loan assistance
This isn’t one of the most common benefits, but it ranks highly on employee surveys as one of the main motivators behind someone taking a lower-paid job. Student loan assistance simply means that you’ll help a person pay off a portion of their student loan as they work for you. It sounds expensive, but student loan assistance is more of an investment. You’ll be investing in the employee and nurturing them as they grow. Besides, businesses that offer student loan assistance can take advantage of a tax break, lowering the overall cost quite considerably. This benefit tends to be associated with more modern, forward-looking businesses, especially tech startups. It’s a fantastic way to encourage fresh talent through your doors.
#4 Discounts and rewards
Setting up a discount and rewards program is fairly straightforward. Platforms like Fond allow you to offer coupon codes for your employees to use at certain outlets of your choosing. Aside from the obvious benefit of saving your workforce money, you can use these benefits to establish a company ethos. If your business prides itself on healthy living, then you might offer discounts for outdoor activities, fitness brands, and health foods. The same applies to tech, travel – you can establish any kind of “brand” that you like.
#5 Free (healthy) snacks
One of the simplest benefits of all, free snacks can boost the morale of your employees and even save them some money. Snacks don’t have to cost a lot, but it’s important to be selective. Offering healthy snacks like fruit establishes a caring atmosphere that prioritizes employee health. This can even be the foundation of a wider company shift towards health and fitness, which can be reflected in other benefits like discounted gym access or even weekends away. In their most basic form, though, snacks are simply a kind gesture. A well-fed workforce is more productive, of course.
#6 Dress-down days
As a benefit that costs absolutely nothing to implement, dress-down days are (understandably) popular across multiple sectors. They give employees the opportunity to come to work in their casual clothes, free of the usual shirt, tie, and jacket combination. Dress-down days are good for morale and, on the day itself, foster a more laid-back community spirit. There can even be a charity element if employees donate a small sum for the privilege of wearing their “at home” clothes. A dress-down day is simple, easy to implement, and a guaranteed crowd-pleaser, so if you’ve never implemented one before, now is a good time to start.
#7 A company car
Company cars are expensive, but they have lots of benefits aside from just helping employees get around. A company car with the right type of branding is a moving advert that’s on the road 24/7, drawing attention to your business. Moreover, businesses that use a fleet of company cars seem more professional, more upmarket, and simply more successful. Employees will thank you too. Not having to worry about bringing their car to work is a huge relief, not to mention the money they’ll save on petrol and parking. Company cars can seem like a big outlay, but they really are win-win, offering big benefits to both you and your employees.
#8 Performance bonus
Sometimes a tricky proposition, performance bonuses risk alienating some staff. If implemented correctly, they can be hugely advantageous, though. Rewarding employees for excelling on a certain task or performing well over time boosts morale and encourages other staff to follow their example. These bonuses also help to foster a culture of endeavor, encouraging employees to go the extra mile and seek innovative solutions. Performance bonuses are usually handed out in lump sums of cash, but some businesses get more creative with weekends away and other, experience-based incentives.