If you want to attract and retain skilled employees for your organization, you will have to bring in innovative solutions. A great way to do this is to offer employee perks. This way, you will be able to deal with the inherent talent gap that exists in almost every organization today.
In general, skilled employees and potential candidates value perks a lot. Basically, these are the benefits that you will have to provide to your staff in addition to their salary. In fact, there are some benefits that are mandatory for all employers to offer to their employees.
Therefore, if you are wondering what benefits and perks you must offer to your employees, read on.
Why Offering Employee Benefits and Perks Is Important?
Primarily, when you offer employee benefits, it increases the value of working in your organization. Apart from that, it also improves the quality of life and health of your employees.
In fact, when applying for jobs, many candidates look for what benefits the organization offers, along with salary. Interestingly, employee perks are one of the major aspects that candidates check when they apply for a job with a particular employer.
Basically, when you offer a good benefit package to your employees, you show that you care for them. For instance, some of the most common benefit packages are paid time off, wellness programs, workplace perks, tuition reimbursements, fuel cards, etc.
With the help of these benefits, you will be able to show your employees that you value them. Hence, employees will be happy to be in their jobs and shall be loyal to the company. Moreover, they will also have the motivation to do good work.
Apart from that, employee benefits are also important for ensuring workplace morale. This is because if the team is positive, they will always be productive and work well. In addition to that, it will also reduce employee turnover in your company. Hence, there shall be a stronger and stable dynamic within the department.
Types of Employee Perks and Benefits You Must Offer
The following are the major perks and benefits you must offer to your employees if you want a better workplace morale and want to retain talent to your company:
1. Health and Wellness
Basically, health and wellness benefits are helpful for ensuring the physical, mental, and emotional well-being of employees. The following are some common health and wellness perks you must try to offer:
- Partner with a certified counsellor to offer mental health support to employees.
- Conduct wellness programs like meditation, yoga, mindfulness, etc.
- Conduct seminars and events on preventive healthcare for employees.
- Ensure that there are on-site health facilities for employee well-being. For instance, invest in first-aid kits, emergency services, and an in-house infirmary.
2. Work-Life Balance
If you offer useful perks for employee work-life balance, they will be more satisfied with their work. This is because they will be able to offer more time to their personal lives as well, in addition to their work schedules. The following are some of the major steps you might take in this way:
- Make flexible work arrangements for employees. Basically, make sure that your employees get the chance to work from home whenever there is a requirement.
- Offer paid time off to your employees. This way, they will be able to take some personal time off without losing their pay.
- Keep the provision of parental leave for employees who become new parents. This way, they will be able to take time off for their children.
- Provide specialized services for the families of employees through family support perks. For instance, many companies offer financial subsidies, tuition support, school support, etc.
- You might also offer pet-friendly policies like pet days, pet insurance, pet care, etc.
3. Financial Benefits
In general, financial benefits are helpful to attract top talent. This way, you will be able to better attract and retain them. In this case, you might choose to do the following:
- Offer competitive salaries to bring in talented candidates.
- If you want to recognize employee achievements, provide bonuses and incentives.
- Employees will feel the ownership of the brand if there are equity and stock options.
- If you want to encourage long-term association, you might offer retirement benefits.
- Apart from that, you might also choose to conduct financial wellness programs. This way, you will show that you are working towards your employees’ financial literacy.
4. Career Growth
If employees get career growth and developmental benefits, they will feel motivated to achieve their goals for personal growth. Thereby, you have to aid your employees with self-growth and skill development tools.
In this case, you might choose to offer the following benefits:
- Professional training and development through executive coaching. This will enable the employees to do their work better.
- Conduct mentorship programs. This way, your employees will be able to polish their skills and will also receive personal guidance.
- Provide tuition reimbursements to your employees. Thereby, you will encourage learning and upskilling.
- Make sure your employees get multiple career advancement opportunities. This way, you will be able to motivate and engage your employees to work on the goals of the organization.
5. Miscellaneous Benefits
In general, these perks do not fall into any particular category. However, they are extremely popular since they really attract employees. The following are some of the perks you must try to offer:
- You must acknowledge good work by employees and reward them with recognition.
- Provide travel and relocation assistance to employees. This way, you will be able to make things easier when they move to a new place or travel to any particular destination.
- Reward environmentally responsible behavior with sustainability perks.
- Ensure your employees get the chance to engage socially. This will improve their relationships and communication skills.
- Make sure there are on-site cafes. weekly special menus, etc.
Bring Changes Now
Some of the best companies in the world make a lot of effort to make the workplace better. This way, they ensure that their employees always feel positive and work with optimum productivity. Also, it helps them attract and retain top talent from time to time.
Do you have more employee benefits to suggest for business owners? Please share your ideas and opinions in the comments section below.