Offering a competitive employee benefits package is crucial to recruiting and retaining talent. Almost 60% of people report that benefits and perks are factored into deciding whether or not to accept a new job position. In this highly competitive talent market optional benefits provided to employees, in addition to regular wages, can vary from on-site amenities, gym reimbursements, work-from-home options, to paid sabbaticals.
Especially in present-day hiring market, employers are faced with challenges beyond the coverage costs of employee benefits plans. Employers must become more innovative. Companies with conservative views towards employee benefits may encounter difficulties in securing retention rates.
According to Harvard Business Review’s Research, better health, dental, and vision insurance topped the list, followed by more flexible working hours and vacation time.
Read on to find out about some of the traditional and innovative perks and benefits:
- On-demand healthcare: 24/7 telehealth, mental health and prescription savings
- Onsite wellness: fitness, yoga and meditation, nutrition, screenings and health fairs
- Onsite services: manicures and massages
- Financial benefits: retirement annuities, 401k plans, student loan repayment and tuition assistance tools
- Wellness portals: discounts for employee health, wellness and fitness
- Healthcare: egg freezing, IVF, gender reassignment
- Philanthropy matching
- Paid maternity and paternity leave
- Legal and credit counseling services
- Unlimited paid time off and sick days
- Daycare services
- Company-wide retreats or outings
Ultimately, other aspects—workplace culture, growth and leadership opportunities, organizational strategies, and core values and missions—also play a role in keeping employees engaged and satisfied. However, there is a strong relationship between employee benefits and increased productivity, because employees tend to work more efficiently when they can rest assured of security for themselves and their immediate family.
