With unemployment in the US at its lowest level since the late 1960s, luring in the very best employees can be a challenge. The reality of the situation is that most employees now want more than just a paycheque if they are going to supply their labor.
This is where employee benefits package can help you out. Tying benefits into the contracts of your employees can encourage them to stay with you in the long term.
If you’d like to learn more about employee benefits and how you can take advantage of them, read on to hear about 7 of the best ones you can offer.
1. Medical Insurance Benefits
Out of all of the benefits available to potential employees, this is the one that they will care about the most. With levels of medical protection varying so much from company to company, you can really attract in top clients if you offer generous medical benefits.
This often takes the form of Private Medical Insurance (PMI). You can offer them the chance to join your private insurance scheme.
Depending on the scheme, this will either subsidize the cost of their medical treatment or pay for certain procedures and therapies completely.
People can face huge costs should the worst happen, so if their company offers them good protection from illness and injury, they’re not going to want to leave.
Because the standard of cover offered differs so greatly, it could be a good option to opt for the best scheme you can find, sacrificing some of the more secondary benefits that are available.
Although some of the smaller benefits are a nice bonus to have for employees, it’s the medical insurance which can be the most decisive factor.
If you would like to learn more about private company-provided medical insurance, please check this guide for more information.
2. Maternity/ Paternity Benefits
Welcoming a new little member of the family is a massive moment in a family’s life. It also happens to be a very stressful time where any help received will be hugely appreciated by the recipient.
With 66% of employees now expecting to receive some high-quality benefits during their maternity or paternity period, you don’t want to be left behind on this.
A potential employee could easily be turned off from a particular company if they are planning to start a family of their own in the near future. You should bear this in mind when you are creating your benefits package.
3. Annual Salary Bonus
Whether you are on $15,000 a year or $500,000, there is not a single employee working today who would not appreciate a bonus payment at the end of the year.
Especially when you consider the costs of Thanksgiving and then the Christmas holidays which need to be taken care of in November and December.
This is a benefits package inclusion that every employee can get behind. They could use the money to make a payment on some bills, or even on some luxury kids fashion accessories, just in time for Christmas.
A salary bonus is very simple. It usually takes the form of a predetermined rate, depending on whether or not the company has been profitable during the year.
In many cases, companies will have a pot of profits which are split evenly between team members. This creates good will and helps the entire team to see they are part of a group.
4. Flexible Locations Arrangments
In 2019, your employees are likely to have all sorts of other commitments which they must work around. Whether it’s Thursday night when grandma can’t pick up the kids, or they are taking night school, it’s likely that most employees won’t be able to consistently work 9 to 5, week in, week out.
You should embrace this and offer them the chance to work from home or elsewhere if necessary. The trust you have shown in them will be rewarded with long-term loyalty.
The key is to agree to any arrangements before the employee begins working. This way you will have an understanding of which days they’re likely to need to come in late or leave early.
This may be one of the most underrated employment benefits available. The good news is that it won’t cost you anything to implement either.
5. Health Screenings
With people leading busy lives, it can be easy for employees to forget about taking the time for their health. This is why including health screenings as an employment benefit is always so well received.
Employees will be extremely grateful if you provide time for them to go and get a health check. It also benefits your business, as they can take preventative action before any of their ailments become too serious.
Screenings are an effective way of spotting many potential problems. You can learn about these health problems here.
6. Company Car
If you are trying to lure experienced workers to your company, a company car policy is a great option.
By taking out a car on lease in the name of the business, but allowing the employee to use, you are providing them a huge benefit.
Cars are expensive, and even if you lease one, it still ties up thousands of dollars which can be used elsewhere. If you provide them with a car, they are not going to want to leave and lose out on this.
7. Paid Leave
Virtually all companies offer some amount of paid leave to their employees, and with good reason. Allowing workers to get out of the office for a long weekend can help with their productivity in the long-term.
The key differentiator here will be the number of days that different companies provide. If you are able to offer an additional day or two of paid leave compared to rivals in your industry, it will help you to pull in better employees.
A Great Benefits Package Leads to Great Workers
On the face of it, creating a strong benefits package can seem like a waste of company resources. This is the wrong way to think about them though.
These are one of the best ways that you can pull yourself apart from the field, especially with good workers at such a premium at the moment.
The key is balancing the benefits with cost. Look at all the different benefits you would like to offer, and then create a package that fits the size of your company.
This could really pay off in the long-term when the industry’s best workers are knocking on your doors trying to sign contracts.
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