In today’s competitive job market, offering a generous benefits package is key to attract and keep candidates. Employee benefits are a bonus on top of salary to help improve their overall health and wellbeing. Plus, healthy employees take fewer sick days. This means companies that offer benefits also have a lower turnover rate. So, it’s in employers’ best interest to offer an attractive benefits package.
Here’s what to consider when you’re reviewing your employee benefits package:
1. Why are employee benefits important?
Employee wellness is good for both employers and employees. A company that invests in its employees shows that they care about their health now and in the future. And ultimately, healthy employees help a company’s bottom line. So, it’s in everyone’s best interest to have a good benefits package.
How does employee wellbeing help a company’s profitability? Well, every person wants access to services that help them personally and professionally. Benefits help your team stay healthy and builds loyalty. And this means employees are less likely to look for a job elsewhere. When employers are focused on their staff’s wellbeing, it shows that they’re valued and cared for.
2. Traditional vs non-traditional benefits
Many employees agree that “traditional” benefits are ideal to have. Paying out of pocket for things like a dental exam can get pricey. So, it’s a bonus when these items are covered by the boss. But keep in mind, a one-size-fits-all approach to benefits doesn’t work.
Examples of traditional benefits:
- Maternity and paternity leave
- Pension plan
- Retirement plan
- Dental insurance
- Vision insurance
- Life insurance
- Dependent life insurance
- Accident insurance
- Short term disability insurance
- Long term disability insurance
- Extended/supplemental health care insurance
What about non-traditional benefits?
Non-traditional benefits can either be on top of or instead of traditional ones. It’s up to the employer to decide what to offer. However, employees definitely value “perks.” They can be a huge draw for top-notch recruits.
Think of “perks” as things like a wellness spending account, extra vacation days, or a home office allowance. There are even discounts for things like home and auto insurance. Plus, it’s completely free for the employer to set up. These types of savings on everyday expenses are valuable benefits for employees.
Examples of non-traditional benefits:
- Sabbaticals
- Flexible work schedules
- Work-from-home stipend
- Tuition reimbursement
- Wellness activities
- Healthcare spending accounts
- Mental health services
- Financial wellness services
- Perks and loyalty programs through partners
- Discounts on home and auto insurance
- Discounts on pet insurance
3. Get employee feedback on what benefits they want
Ask your employees what benefits they want. This will drive engagement and boost company loyalty. It’s also a good idea to continually think of new ways to improve your company culture. Your current and future employees will thank you.
Also, consider how a person’s needs can change. Certain benefits might be a bigger draw, depending on their stage in life. For example, a millennial might not need family coverage just yet. But, they might be thinking about starting to save for retirement. So, you could consider matching RRSPs (up to a certain amount).
Someone with a young family, on the other hand, might be looking for a top-quality dental package. (We all know how expensive braces can be!) At the end of the day, knowing your team’s needs will help guide you when building your benefits program.
It’s in employers’ best interest to provide holistic benefits. A good package will attract the right people, so you can hire great candidates. And when people maximize their benefits, chances are you’ll have a healthier, happier and more engaged workforce. This is why it’s important to review your employee benefits regularly, so your company stands out.