May 13, 2019
Seven Types of Employee Benefits
Attracting and retaining talent in the workforce are two of the most important aspects of running a successful business venture. Employee benefits are non-wage compensations offered in addition to a staff member’s salary, and some of them can be quite valuable to retain talent and attractive for potential candidates.
As the proposed employee benefits package can play a significant role in negotiations between employers and talents they wish to interest, recognizing what your organization can offer is vital. Here are 7 types of employee benefits your company should consider including in the package, in addition to the ones that are requested by law (such as minimum wage, overtime, compensation, and disability insurance).
1. Medical benefits
The most important of employee benefits that the prospective staff care about are their health-related ones. Medical benefits such as health insurance, dental insurance, life insurance, disability income protection and long-term care will show the staff that your company values their contributions as well as their wellbeing.
Health and dental insurance, the most vital of all the above-mentioned medical benefits, will, among other things, help your employees get private rooms in hospitals should they need them, cover the costs of prescription drugs, and offer them a choice of different dental treatments. Disability income protection covers the employee’s compensations in case they get sick or injured, while long-term care compensates for expenses for ill or injured employee’s care.
2. Pension and retirement benefits
Certain employee benefits aim at taking care of your workforce even after they retire. Pension covers a fixed amount of funds to be allocated to the employee after retirement and at regular payment intervals. Retirement benefits can include perks apart from a pension, like providing specific health-related advantages.
3. Family-supporting employee benefits
A considerable number of your staff members are likely to have spouses and children, while some of them might be in need to take care of their elderly family members. Creating the employee benefits package that focuses on helping workers keep the balance between their family and work life is the right decision for every business, no matter how big or small.
Parental leave benefits include paid maternity, paternity, and/or adoption leave. This benefits offering generally also includes programs to help workers choose the best daycare for their children. Dependent care benefits represent a notable aid for the employees that need their sick or disabled children or elderly relatives watched after attentively.
4. Education and training benefits
Respecting your employees’ wishes to learn and develop personally and professionally will grant your organization a lot of points when it comes to acquiring and retaining talent. Workers will highly value for an employer who’s willing to provide education and training benefits such as mentorship programs, seminars, conferences, or tuition reimbursements.
In the long run, these expenses will really pay off for your organization, bringing in and keeping the competent, educated, satisfied employees who are happy to work in a company that cares about their needs.
5. Transportation and relocation benefits
Transportation benefits for employees will help them manage the costs of office travel. These perks may include reimbursements for using public transportation methods (buses, trains, or metros), covering the costs of other transportation types, or even providing vehicles such as cars or bicycles to drive to and from work.
Relocation assistance benefits help your staff members make an efficient and painless transition from their current locations to the location of your business. Your company can even offer exclusive perks like travel benefits, which will attract a lot of potential employees you wish to interest in your organization.
6. Legal assistance benefits
Sometimes your employees may find themselves in need of professional legal advice concerning matters such as family law or real estate planning. Allowing them to approach your company’s legal representatives with issues they need help with will help you score high with both potential staff and current workforce.
7. Working conditions and business expenses
The traditional understanding of the workplace is rapidly changing, and a mixture of different generations and demographics in the workforce demands that companies keep up with the pace. The demand for improving general working conditions shows no signs of stopping, and your organization should at least try to accommodate the requirements most employees today find essential at the workplace.
Offering your staff excellent general working conditions that include workplace flexibility, positive company culture, and other perks such as reasonable workload, low occupational stress or job security will help you appeal to the best candidates for the positions in your company.
When it comes to attracting talent and keeping exceptional workers in your ranks, employee benefits will prove to be an important part of the efforts you put in. Whether you run a small business or a large corporation, including most or each of these 7 employee benefit types will help you interest and retain the best staff. These perks will show your current and future employees you care about their wellbeing and development, which will put your company ahead of the competition at the negotiating table.
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Xoxoday is a SaaS commerce company with products for employee and channel management.