Do you need help motivating your staff? Or, is your staff turnover rate particularly high? Well, the solution may be to offer more benefits to your employees.
The importance of employee benefits should never be underestimated. At one time, just having a decent wage was enough to please workers, but not anymore.
Just look at big tech giants like Facebook and Google. Their campuses are like huge playgrounds. They realize what the staff wants and they deliver it.
But, what’s the advantage of this?
Well keep reading and we’ll break down why you need to offer more benefits to your employees right now.
What are Employee Benefits?
Employee benefits are any rewards or perks that are outside of the worker’s salary.
Typically, staff benefits would include things like:
- Health insurance
- Paid sick days
- Paid vacation days
- Life insurance
- Business expenses
These types of benefits are usually given free or at a reduced rate to the employee. And at one stage, these were enough to please most employees.
But in this modern age, companies have now started to introduce more benefits to employees. This now means that many companies compete against each other to offer the best compensation.
What are the Types of Benefits Which Employees Expect?
We mentioned them briefly before, but tech giants like Facebook and Google re-wrote the rule book on employee benefits. Both organizations realized the importance of employee benefits and acted accordingly.
Now they have giant campuses which feature the following:
- Coffee shops
- Sleeping pods
Staff can enjoy all these for free or at a reduced rate.
As a result, smaller companies took note and started to introduce their own type of benefits. Over time, employees have started to expect bigger and better perks as standard.
Some of these include:
- Flexible working hours
- Free meals, drinks, and snacks
- Free or subsidized fitness classes
- Extra vacation days
- Longer paid maternity/paternity leave
- Help with childcare
It’s important to know that these types of benefits are now so common, that people won’t apply for jobs with a company unless they offer most of these.
What are the Advantages of Employee Benefits?
There are many upsides to offering extensive staff benefits.
First, they motivate staff tremendously. How often have you tried to inspire your workforce on a Monday morning with little effect? Well, with the types of benefits mentioned above, you won’t need to.
Secondly, your staff retention rate will be much higher. If somebody is receiving great perks at work then it’s unlikely they’ll leave. This means you won’t have to spend hours, advertising jobs and interviewing candidates.
So which benefits can you start with?
If you’re looking at which benefits to introduce first then try things like health insurance, a wellbeing program, and certainly a pension plan. A 401(K) plan provides greater stability within your business than without it.
The Importance of Employee Benefits to Organizations
We hope this guide has been useful and helped to explain the importance of employee benefits.
We suggest implementing your own staff benefits starting asap. Not only will your workforce be happier, but they’ll feel much more valued.
Finally, check out our blog for more great business advice.