As a company or hiring manager, you should always be looking for new ways to attract the best employees. So what draws an applicant’s attention? Offering perks at work that bring new employees in and keep them thriving at your company.
In fact, a recent survey reported that around three-quarters of millennials would trade some salary for better benefits like flexible work hours and mentorship opportunities, per CNBC.
But you can’t stop just at offering a few perks or benefits. Taking care of your employees is crucial for retention, but it’s also an excellent way to show them you value their hard work as well as workplace and company culture.
The best benefits packages provide employees with perks like student loan repayment assistance, opportunities to have employer-sponsored health insurance, work-life balance, life insurance, and company equity. Other great employee benefits include remote work, flexible hours, and even a fitness stipend. We’ll get deeper into these benefits soon, but let’s talk about why perks at work are important to employees of your company.
Why Benefits and Perks At Work Are Important to Employees
Employees are looking to check many boxes when considering a job offer. In addition to a competitive salary, they want to know the company they’re applying to values their well-being.
For example, companies often provide financial incentives to candidates who might not have the best salary history or who cannot afford the high cost of living in certain cities. These can include things like:
- Relocation costs
- Signing bonuses
- Salary boosts to match costs-of-living where employees live
These are just the baseline as an employee gets onboarded. Employee benefits and perks while they work at your company are of utmost importance to show team members they are appreciated. Plus, they can often lead to employee satisfaction and improved workplace culture.
These incentives are an increasingly competitive area for corporations looking to attract top talent. Next, we’ll talk about the best employee benefits at work that attract employees.
Employee Benefits that Attract Employees
1. Affordable Health Insurance
One of the best employee benefits a company can offer is employer-sponsored health insurance. It has been shown that better health leads to increased productivity and mental well-being, which can translate to bottom-line growth.
As of 2022, just over 50% of people get insurance through their company. The other remaining population may not get insurance through their employer because it is too expensive or because their employer doesn’t offer health insurance at all.
In addition to basic health insurance, a company can offer health savings accounts (HSA). These allow employees the opportunity to put money into an account, have that money grow in value, then use it on healthcare expenses like vision, medical, and dental. There are annual limits employees can put into an HSA, but they’re extremely helpful for employees who encounter a medical emergency or have a procedure planned down the road that they want to save for.
Companies can also offer extended health benefits, like mental health resources (discussed more soon) and fertility coverage.
2. Retirement Savings Plans
Retirement savings plans are a great way to help employees protect their future. The primary retirement savings plans are:
- Roth IRAs
Offering a retirement plan as a benefit shows employees that you are looking out for their future selves. Sometimes employers will match a percentage or dollar amount that an employee contributes. This all depends what your company can afford, but any matching to retirement account contributions is beneficial to showing employees you care about their financial futures.
Retirement accounts have become far more frequent of a benefit than something like a pension plan. The Bureau of Labor Statistics said that, in 2021, around 61% of employees were offered some sort of employee contribution plan like a 401(k), as opposed to just around one-quarter of employees being offered a pension plan.
3. Student Loan Repayment Assistance
Helping employees pay down their student loans is an excellent way to attract new talent.
Student loan debt is a huge burden for professionals of all ages. (The office of Federal Student Aid says that the average student loan burden by people over 25 is between $33,000 and $45,000.) Offering loan repayment assistance can create a better financial situation for your employees at home.
4. Paid Parental Leave
Paid parental leave is a benefit that attracts employees and is becoming more common. It’s for good reason, too. While companies are required by federal law to allow up to 12 weeks of unpaid parental leave, offering paid parental can ease the stress of returning to work and allows the family to recover after a massive life moment.
This benefit can include the birth of a new child—for both mothers and fathers—or the adoption of children, too.
5. Paid Time Off
Paid time off (PTO) is another common benefit that allows employees to take time off work for any purpose they need, thus improving their personal life.
PTO can come in many forms and schedules. These include:
- Vacation time
- Sick time off
- Unlimited time off (both paid and sick)
- Holiday/floating holiday pay
Over 60% of people surveyed said they’d turn a job down if it didn’t offer PTO, and around 30% of employees say they aren’t offered any time off.
6. Dental/Vision/Life Insurance
Dental insurance often covers a wide range of services, like preventive care, braces, and surgery with a relatively inexpensive deductible per month (for most coverage). Vision insurance similarly covers preventive care and allowed employees to purchase glasses and contacts at a more affordable price, too.
Life insurance is another employee benefit that can provide peace of mind to team members and their families. If something happens to the employee, life insurance can provide financial stability for their loved ones.
7. Structured Wage Growth
It can take a lot out of an employee to ask their employer for a wage increase. An employee also shouldn’t go years before getting paid more—even if they’re in the same job.
If you’re able to express to candidates that you have a yearly merit increase based on performance and other factors, you might be able to attract better candidates—especially those who may be looking to stay in one type of role for a couple of years.
8. Company Equity
Offering company equity is a way to show employees you are willing to invest in them. When employees have a stake in the company, they are more likely to be committed to its success. Equity options include:
- Shares of the company: employees are given shares of the company based on how much they work. Typically, these shares can’t be sold until an employee is with the company for a defined amount of time first.
- Stock options: the ability to buy stock in the company at a certain price point if the company is publicly traded or if the company is privately owned but the employees own the company.
- Long-term incentives: monetary incentives offered to employees or executives that grow as the company’s business grows. (Insight Global offers LTIs to all of its employees.)
Giving employees any of these options show you want them to be as invested in the company as you are in them.
Perks at Work that Attract Employees
The main perks at work that attract employees are those that make their lives easier. Flexible work hours, for example, allow employees to work when it best fits their schedule instead of having to come into an office every day.
Remote work allows employees who live far away from the main office to still be part of the company, and employer rewards/bonuses can be structured to create the most positive impact. This perk often increases employee retention.
Here is a list of the best perks at work that attract employees.
9. Flexible Hours/Locations
Many companies offer flexible hours to full-time workers who want their work schedules to fit in with their personal lives.
Allowing employees to get their work done on schedules that fit their own personal schedule best—while also taking into account the company’s timeline—helps employees with a work-life balance. For example, a mom or dad of three may be busier in the 6 a.m. to 10 a.m. block while getting kids ready for school. Letting them to come into the office after that is all settled, or not setting up meetings until you know they’re free and not in a rush, shows great tact for your employees’ personal lives.
You might not be able to accommodate everyone’s schedule, but you will build an incredibly loyal team and an equitable workforce by appealing to their personal lives with flexible work schedules.
Job location can be just as important as when employees complete the job, too. Many employees prefer the option of working remotely at least some days during the week, and it can be a great way to attract top talent. Allowing employees to work remotely shows that you trust them and are willing to give them the flexibility they need to be efficient and productive.
10. Employee Rewards/Bonuses
Employee rewards and benefits can give employees the financial recognition they deserve for their hard work.
Productive employees love it when their hard work is acknowledged and rewarded with perks and performance bonuses. Employee bonuses and rewards can be in the form of:
- Cash bonuses
- Tangible gifts (appliances, company swag, event tickets, etc.)
- Team outings/parties
- Office improvements
RELATED: 5 Employee Recognition & Reward Ideas
11. Career Development Training
Career development training is a great way to help your employees grow their skills and knowledge as well as professional development. Ongoing training opportunities allow employees to learn new things and stay up-to-date in their field while advancing in their careers and making more money.
This starts with an upskilling and reskilling plan. This can include anything from on-the-job training to providing stipends for certifications to attacking skills gaps with intention.
Does your company have a training program focused on the betterment of its employees?
12. Mental Health Services
Nearly half of all employees in corporate America have said they’ve suffered from mental health issues. That number is higher for Gen-Z and Millennial employees. Mental health care is a benefit that is becoming more and more common. This perk shows employees that you are concerned about their well-being and want to help them get the care they need. It allows employees to seek treatment for any anxiety, stress, depression or any other mental health issue that might affect their performance on the job and, more broadly, how they live life.
Healthy, thriving employees are the best employees.
13. Fitness Stipend
A fitness stipend is a great way to show your employees that you care about their physical health. Offering a fitness stipend allows employees to use the money for gym memberships, personal trainers, or other healthy activities. These benefits recognize your employees’ desire to lead healthy lifestyles.
14. Home Office Setup Stipend
Providing a personal home office setup is a great way to allow employees to work outside of an office environment. Employees who choose this work perk appreciate the flexibility it offers, and you’ll benefit from their increased productivity.
Team members will often use their stipend for functional items like:
- Comfortable, lumbar-supportive office chairs
- Computer screens
- Home office accessories like pens, notepads, and wireless appliances
These amenities allow employees to set up a comfortable working space outside of the office.
15. Volunteer Time Off
Volunteer time off is a benefit that allows employees to take time off of work to volunteer for a charity or organization they care about. This type of benefit can help employees feel good about their job and give back to the community.
Employees who volunteer feel good about themselves and are more likely to be productive at work. Insight Global gives each internal employees 40 hours per year—or five work days—of volunteer time off.
16. Employee Discounts
Companies form partnerships with local and national business to give employees discounts for using their services. For example, certain hotels may offer 15% off purchases from employees of your company. This ends up as beneficial for both your employees and the company you’re forming a partnership with.
Other industries you should look into to form relationships for employee discounts include:
- Rideshare services (Uber, Lyft, etc.)
- Rental cars
You as a company may be able to get even better perks if it turns out your employees utilize these benefits frequently. It’s a win-win situation when forming these relationships.
What Benefits and Perks at Work Do You Offer?
Employee benefits and perks are important for attracting and retaining top talent. By offering a variety of incentives, you can show your employees that you care about them while increasing productivity and employee engagement.
These perks at work can include but are not limited to:
- Tuition reimbursement
- Performance bonuses
- Wellness programs
- Financial assistance
- Flexible schedules, healthy snacks
- Employee discounts
- Retirement plans
- Paid time off
When employees are happy and content at work, they are more likely to be productive and stay with the company for the long haul.
For any help with finding employees for your company, check out the Insight Global hiring page, and we’ll instantly connect you with top talent. And if you need help with your company’s culture, including benefits you offer your employees, get in touch with Compass, Insight Global’s culture consulting division.
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