As an employer, you know the importance of providing employee benefits. Be it monetary or non-monetary; they are what keep employees motivated to perform. Sometimes, these benefits can amount up to 40% of the total compensation, making it a considerable expense that needs to be managed. The cost of employee burnout was pegged at $550 billion per year by Forbes magazine.
So, how do you understand which employee benefits work for your organisation? You can visit website that advises on finding the most suitable benefits program for your company. These pointers should help you find an employee benefits program most ideal for your team.
Begin With Basics
These benefits are mandatory as per law. Some examples are giving time off to vote or serve on a jury. Ensure that you comply with the various employment laws, such as medical leaves, paid leaves, maternity and paternity leave, etc. You will also need to consider hazardous conditions, over time, and working on holidays, and pay accordingly.
Additional Benefits
These benefits, while not mandatory, are offered by most employers, and can help attract talent. Some of them are retirement plans, medical insurance, life insurance, dental plans, flexible working hours, and interest-free financial aid. These benefits can be used as a negotiation tool when trying to attract top talent. Bear in mind that these add to the overall cost per employee.
Lifestyle Benefits
These are a new introduction to the basket of benefits that you can offer. They also set you apart from other employers. Benefits like work-life balance, mobility, flexibility, upskilling opportunities, employee club, leisure activities, food and beverage during working hours, and in some cases, housing are some lifestyle benefits that you can consider adding to your package.
Career Growth Benefits
About 70% of employees quit because they think their careers will not advance in the current organisation. You can make sure that you retain top employees by providing career growth opportunities like educational assistance, certification programs, sponsor executive programs, and monitoring and counselling.
These benefits can be provided in terms of partial or full sponsorship and can be part-time or full-time. When companies invest in their employee’s growth, it is a strong indicator of its commitment. Such employees are loyal to their employers.
Fringe Benefits
This is the most touted form of benefits that employers can provide. It covers just about any benefits the employer gives, that are not covered in the categories above. They include gratuity payments, profit sharing, employee stock options, housing allowance, company car, etc.
Usually, companies offer all these benefits to top management and a few to middle management. It can be an incentive for employees to work harder to advance to the top tiers. While salary is one way to attract talent, employee benefits are another. A combination of both can work in your favour and help you get the best talent. Several companies offer online consultation if you visit their websites. All you should do is decide how much you are willing to spend to retain employees.
