Employees are the backbone of any organization. They determine the ability of an organization to grow and make profits. It is, therefore, crucial that employers offer benefits to boost their morale and make work easier.
Employee benefits are provided over and above their regular wages and salaries. They include medical insurance, overtime, student loan repayment help, and vacations. These benefits are important because they let employees know that their employers care about their overall wellbeing. The right employee benefits can attract top talent and help organizations stand out from the competition. The following are a few benefits that all employees should be aware of.
Flexible Working Arrangements
This is a great benefit as it makes it easy for employees to attain a proper work-life balance. Many workers prefer jobs that allow them to work wherever or whenever they work. The ability to work remotely may help employees save time. It increases their productivity and may improve the quality of their work. The choice of working during non-traditional hours is great for employees, and it doesn’t cost employers much.
Help With Student Loan Repayment
One in five adults in America has student loan debt, and the average monthly payments are $200-$300. Therefore, many employees may be struggling with financial problems. Student loan repayment help is a helpful perk, especially for younger employees.
One of the simplest ways for companies to attract and retain top talent is by investing in their professional development. They can help employees master new skill sets, grow into new roles, and improve their abilities. Tuition reimbursement is one of the best ways to do this. If employees want to take certain classes, earn a degree, or earn certification, their employers can offer tuition reimbursement to cover a part of or the entire course.
Group Disability Insurance
Short-term or long-term disability insurance might not seem important when you are in good health, but it is important. According to the Social Security Administration, almost 25 percent of 20-year-olds will be disabled before age 67. Disability insurance will cover some of the employees’ pay if they can no longer work because of a job-related illness or injury.
With group disability insurance, all employees are covered. They all have the same premium costs. If an employer offers group disability insurance, they often pay the full cost.
Unlimited Paid Time Off (PTO)
Unlimited paid time off is a popular employee perk because of its benefits. It demonstrates an employer’s trust for employees, and it also promotes flexibility. This perk may help employees improve their work-life balance. Paid time off allows employees to take time off for vacations, sickness, or family time as long as they continue to meet targets and do their jobs.
This is a traditional bonus that gives employees some control over their salary and encourages them to be more productive. These bonuses are important for both employers and their employees.
Formal Mentorship Programs
Employers that offer formal mentorship programs are likely to retain their employees. It helps new employees connect with experienced members of the team early and gives them a sense of direction. These programs may foster a goal-oriented work environment.
In many organizations, interns are considered to be at the bottom of the corporate ladder, and they may be excluded from benefits and salaries. However, organizations have started understanding the benefits of interns and most of them now offer competitive packages. Facebook is one of them. It offers interns a salary, free housing, and healthcare coverage.
Volunteer Time Off
Many employees would like to be involved in community work. However, they do not always get time. Employers can make things easier by offering some paid days off every year. By offering volunteer time off, companies promote volunteerism and show good corporate citizenship. The benefit promotes the well-being of employees.
Many employers work with service providers and retailers to give their employees discounts on specified products and services. Employees may get help with savings on local attractions, wireless plans, airlines, or hotels. If companies deal with consumer services or products, they can offer them at a discount to employees.
Recruiting and maintaining top talent is a major challenge for both big and small employers. Even though the pay is the main motivating factor for most employees, benefits are important as well. Some of the benefits that can make an organization more enticing include: flexible work arrangements, group disability insurance, student loan repayment assistance, tuition reimbursement, and unlimited paid time off.