Employee Benefits Packages That Are Essential for Your Business
In the aftermath of COVID-19, employees are reevaluating their careers and current work situations, and many are deciding to move on to new and better jobs. As a result, companies everywhere are finding it more and more difficult to find, hire, and retain high-quality talent. This trend has led employers to carefully rethink their compensation and bolster their employee benefits packages with a more competitive mix of benefits for employees.
How Can Employers Create Compelling Benefits Packages?
Direct pay is by far the most important and most-desired element of any employee’s package, and it should not be neglected when discussing how to create a more compelling offer. However, if your direct compensation is competitive, it is often the indirect perks that are the determining factor for employees choosing between two similar offers of employment.
That is why it’s important for employers to continually reevaluate and bolster their mix of indirect benefits. There are a number of common benefits, such as health insurance, paid time off, and a retirement plan, that is now considered non-negotiable by many job-seekers. However, this does not mean that employers cannot still customize and improve within these particular benefits. For example, offering lower deductibles, expanded vision, and dental plans, or higher coverage for certain health services is a great way to set your packages apart from the competition.
In addition, perks are a great way for employers to meet their workforce’s particular needs, lifestyles, and personalities. For example, employees will greatly benefit from an earned wage program that gives them instant access to their earned wages immediately after working a shift.
5 Top Categories of Benefits and Perks
There are a wide variety of different benefit categories for employees. Here is a list of our top five categories of packages and perks that companies should offer:
In addition to health insurance, many employers are now offering a variety of additional benefits, such as health savings and reimbursement accounts, expanded dental and vision plans, and mental health services. Some employers are even expanding their healthcare offering to include optional pet insurance.
Financial education, budgeting tools, and earned wage programs are just a few of the programs and perks being offered under the category of financial benefits. Savvy employers recognize that financial wellness means employees are much happier, more fulfilled, and more loyal to their workplaces, and they want to make it easier for employees to achieve a state of financial wellness.
Some companies are experimenting with a variety of workplace lifestyle benefits, such as gym membership subsidies, cell phone credits, discounts to other local businesses, and travel benefits. These all focus on improving an employee’s quality of life outside of normal working hours. This is one area where employers can get creative and greatly distinguish their packages from their competitors.
Helping employees plan for their future after work is a great way to encourage long-term loyalty to your business. Retirement benefits take many forms but often include things like 401k matches, retirement consulting services, and stock options.
Many companies are beginning to experiment with voluntary benefit offerings that allow employees to customize their benefits to meet their particular needs and lifestyle. This approach solves one of the biggest weaknesses of a one-size-fits-all approach to packages. It’s an area that companies will definitely want to pay attention to now and in the future.
Quality Employee Benefits Packages are Essential for Success
Did you know that your employee benefits packages are a critical part of your business’s ability to succeed in its mission? Without high-quality talent, your company will likely not be able to deliver on its promises to customers and clients. The quality of service and customer satisfaction will quickly suffer, and your business may even stagnate or fail as a result.
Attracting and retaining quality talent is essential in avoiding this scenario and setting your company on the path to thriving. Offering high-quality benefits to your employees is one of the most powerful tools that you have in your tool belt to accomplish this goal. It is simply too important not to invest in a competitive employee package!