Employee benefits can play a crucial role in attracting and retaining top talent. Beyond compensation and bonuses, offering a variety of perks can significantly enhance employee satisfaction and productivity. But what should you include in your employee benefits offerings?
What are employee benefits?
Employee benefits encompass compensation, bonuses and various perks outside an employee's wage. By offering flexible employee benefits, you can improve employee productivity and loyalty while attracting and retaining talented candidates.
Personalized benefits examples
The type of benefits offered can vary by industry. We've compiled some of the most popular options to help you explore possible employee benefits strategies.
1. Social opportunities
Employee perks don't always have to be tied to a benefits package. Sometimes, the best way to engage your employees can be through social opportunities. Group activities can help improve and strengthen relationships. Try getting your feet wet by offering employees one of these options:
group breaks;
book clubs;
happy hours; and
coffee mornings.
2. Career development
This is a popular option that's highly encouraged in most organizations. Career development opportunities have been shown to increase feelings of job security, boost skill development and provide chances to learn and practice. Here are some ways employers can facilitate this:
tuition reimbursement for continuing education;
lunch and learns; and
opportunities for lifelong learning.
3. Wellness
This has been a rising area of interest as more companies recognize the importance of the mind-body connection. Organizations have invested in this through gym memberships, standing desks, wellness retreats and meditation programs. Some companies have taken this a step further by offering mental health benefits.
4. Student loan assistance
As the burden of student loan debt grows, repayment benefits have become an important part of a robust recruitment and retention strategy. This high-value, low-cost benefit can help your organization retain valuable employees and attract new ones in a competitive labor market. It can also improve employees’ quality of life by removing a major stressor and helping them save money. You can learn more about education assistance programs through the IRS.
5 Tips for personalizing benefits
Different employees have different needs and values. Therefore, offering the same benefits won’t satisfy everyone. If your organization is trying to appeal to current and prospective workers, consider tailoring your benefits options with these strategies:
Survey employees: Ask them directly about their benefits desires.
Conduct focus groups: Meet with employees in groups to solicit feedback.
Maintain ongoing benefits conversations: Continue to ask employees about their evolving benefits needs.
Opt for variety: Offer different types of health plans or management programs that address specific health conditions.
Effective and frequent communication: Think about leveraging internal communication resources like email or using posters and graphics.
Rework your current benefits package
The employee benefits mentioned above are newer options that have emerged over the last decade. While younger generations may be more excited by them, it's important to revisit the basics of your benefits package to ensure long-term success. In other words, having a strong retirement and health plan may be enough to see an uptick in employee recruitment and retention.
Robust retirement savings plans: According to a Willis Towers Watson survey, 67% of employees would trade a pay cut for richer retirement benefits.
Affordable health insurance plans/options: Offer tiers of health plans, including high deductible plans and more comprehensive options. You can also provide Health Savings Account (HSA) benefits to help employees pay for healthcare costs using untaxed dollars.
Paid time off (PTO): Gen Z and Millennials want flexible schedules and work environments, states Nelson Connects. Revisit your company's vacation, sick and parental leave policies to ensure you're staying competitive. Also, brainstorm ways for employees to accumulate more PTO. This could be through contests, participating in events, etc.
Ready to customize your plan? Contact TruePlan today!
Enhancing your employee benefits offerings can significantly improve job satisfaction and retention rates. Tailoring these benefits to the individual needs of your workforce can also create a more engaged and productive team.
Contact TruePlan today if you'd like to explore customized employee benefit solutions. Our team of experts can help you design and implement retirement and benefits programs for your employees so you can focus on moving your organization forward.
This content is for informational purposes only. It has been partially generated from an AI language model, which may not always be exhaustive or tailored to individual circumstances. We encourage you to contact one of our experts for more information. We assume no liability arising from any use of this content.