Top Valued Employee Benefits
The benefits offered to employees can be a key factor in making the decision of staying with the current employer or looking for a new one. Studies have shown that 4 out of 5 employees consider new/additional benefits as a better alternative to pay raise. Employee benefits are not just important to getting a new employee- it also helps keep existing ones on board.
A common mistake that small business owners make is believing that they cannot afford offering benefits. While this can boost finances in the short run, it will definitely hamper long-term growth and prosperity. Good employees believe that they must have access some benefits. There are certain employee benefits that have more value for employees then others. A list of the 5 most preferred employee benefits for millenaries is up ahead.
1. Health Care Benefits
The health care benefits offered to employees are very important. With the increasing costs for health care services, medical coverage provided to employees helps them deal with unexpected complications, which is widely appreciated. There are many employers offering high-deductible medical benefits, and employees are now looking for options like vision plans and dental care. Employees use these plans most often.
2. Retirement benefits and plans
As an employee plans for the future, the security offered by insurance benefits is much appreciated. Many employers help their employees to setup 401(k) or similar pension plans, by offering a matching contribution or by other means. As employees look forward to retiring with a safe future, retirement and financial planning for the same is also highly appreciated.
3. Paid Leaves
As per statistics released by the Society for Human Resource Management, 97% of the employers in the market have some form of paid leaves/vacations to their full time employees. In addition to that,
- 85% of them provide anywhere between 6 to 20 paid leaves, while 40% give 11 to 15 days of paid leaves to the full-time staff
- 98% employers provide the facility of paid leaves to their full time employees
- 95% have some type of paid sick leaves for all their employees
Employees realize that meeting deadlines and project execution on time is a part of their workplace responsibilities. However, some form of appreciation, even a word of thanks, is something that they expect. For employees who are consistently working with exceeding expectations, paid time off, bonus pay or even gift cards can be valuable forms of recognition and rewards.
5. Flexible schedules
For employees, juggling their work responsibilities and those towards their families can be made less of a stress with flexible working schedule. This helps them gain the much sought after balance in their lives. There are many employers that provide their employees with additional time for elder and child care responsibilities.
For any business, finding and retaining the right employees is becoming more of a challenge with every passing day. Providing the right mix of these benefits and choices to employees helps in keeping them engaged. These simple yet highly effective techniques go a long way in helping a business stay a sought-after employer.