According to Glassdoor, nearly 3 in 5 job seekers (57%) report that benefits and perks are considered before accepting an offer. In that same survey, 80% of employees would choose more benefits over high pay, proving that a great benefits package can win over candidates.
5 Benefits That Matter to Employees
When employees are cared for by their employers, they’re more likely to work harder, faster, and take fewer sick days. Plus, an incredible benefits package can attract quality hires.
1. Medical, Dental, and Vision
If you live in the UK, private health insurance is mainly used to reduce wait times and access private facilities. In Canada, private health insurance goes further by covering dental, vision care, and medications. In the United States, quality health insurance is a necessity.
Without health insurance, your employees wouldn’t be able to afford doctor’s visits, let alone hospital care. That’s why it’s essential to offer candidates medical, dental, and vision benefits at the very least and mental health and medication coverage if you have the funds to spare.
2. Group Life Insurance
Employers who offer group life coverage as an employment benefit can help their employees feel more secure. Life insurance isn’t just beneficial to older employees; your young employees also need a way to protect their families financially if they pass away or can no longer work.
Group life insurance is a cost-effective benefit for both the employee and employer. If your employee is in good health, they may pay £20-£40 a month. However, coverage is limited, so give your employees the option to upgrade their plans if they need supplemental insurance.
3. Flexible Work Hours
A January 2022 Pew Research Center study found that 61% of people are working from home because they want to. This is different from the October 2020 Pew Research study, which found that 64% were working from home because the office was closed, showing a change in attitude.
Flexible working hours can influence 88% of respondents to choose a job that offers a lower salary as opposed to a higher pay rate and a fixed schedule. If you allow your employees to work from home, take every Friday off, or work their own hours, you’ll attract more candidates.
4. Wellness Program
Millennials and Gen Z are paying more attention to their physical and mental health, so they’re looking for employers who offer wellness programs as a benefit. When your employees are in good health, they’re less likely to take sick leave and are more likely to be productive at work.
While you may not have the funds to offer discounted gym memberships or an onsite fitness center, you can put healthy snacks in the cafeteria or provide mid-day yoga classes. Don’t put your wellness classes before or after work, as it shows you don’t respect your employee’s time.
5. Retirement Benefits
The cost of retirement is expensive, and many seniors can’t afford to stop working for this reason. Offering a retirement plan can not only strengthen your brand, but it can also increase the number of job applicants. You don’t even have to match contributions, either.
However, it’s more attractive to employees if you match their contributions up to a certain amount because it will give them more to retire with. Although a defined benefit pension is preferred, a defined contribution pension is a great option for small businesses, startups, and independent contractors.
Benefits Make a Job Offer More Attractive
While the benefits mentioned on this list are the most sought-after benefits for employees, there are other perks you can offer to make your company more attractive. Unlimited vacations, tuition assistance, and paid maternity leave should also be added to your benefits package.
