You need talent to make your business soar. Small business owners must offer benefits that will appeal to and keep talented employees. However, it’s not sufficient to simply provide any old benefits; you need to choose the right ones. Employees want advantages that will enrich their lives both at work and outside of it. Here are five of the most in-demand employee benefits along with how they can benefit you as an employer:
1. Healthcare and Dental Benefits
Health and dental benefits are two of, if not the most important benefits to your employees. A study done recently discovered that nearly 63% of workers stay with a company because of their benefits, health insurance being at the top of the list. By offering health insurance, you’re not only able to bring in better talent, but it helps your business as a whole run smoother. Healthier employees take fewer sick days and tend to be more productive while they are working.
Health insurance not only has positive effects on your health but also on your bottom line. For example, healthy employees take fewer sick days and are less likely to need time off for doctor’s appointments or to care for a sick family member.
There are many benefits to providing dental insurance for your employees, including reducing the chance of sicknesses that result in both lower productivity and more expenses. For example, if your dental plan covers cleaning, employees can just have their teeth cleaned regularly, avoiding tooth decay that results in toothaches and needing teeth implants. Overall, providing health insurance is a win-win situation for both employers and employees. It helps keep your employees healthy and attracts and retains top talent.
2. Retirement Savings Benefits
In addition to great health insurance and paid vacation, another perk that your employees will certainly appreciate is a retirement savings plan. A 401(k) or other similar savings plan allows your staff to save for their future while getting a tax break on their contributions. As an employer, you can choose to match your employees’ contributions, which is an excellent way of demonstrating how much you care about the well-being of those who work for you. Furthermore, offering a retirement savings plan is also beneficial for recruiting as it can help attract top talent. After all, if given the option between two equally good companies — one which offers a secure retirement and one which doesn’t — wouldn’t you prefer the former?
3. Employee Assistance Services and Packages
Employee assistance services encompass counseling and other support to staff members experiencing personal or work-based predicaments. By assisting them in resolving these difficulties, their productivity will increase as they’ll be happier at their jobs—which benefits the company overall!
Employee loans are another form of employee benefit that can be extremely helpful to both the employee and the company. For the employee, a loan can provide a much-needed financial cushion in times of need. This can be especially helpful if the employee has an unexpected expense or faces a difficult financial situation. For the company, offering loans to employees can help attract and retain top talent. By providing employees with access to affordable loans, you’re demonstrating that you care about their well-being and are willing to go the extra mile to help them out.
4. Work from Home or from Anywhere
Giving employees the chance to work flexibly is becoming more and more common, especially after everything that happened these past years. It has come to a point that 32% of employees would quit their job if they couldn’t keep working from home. Plus, offering flexible work arrangements shows your staff that you trust them to get their job done no matter where or when they do it. And as we all know, happy employees are productive employees. Having flexible working arrangements can actually help you attract great talent from outside your area because remote workers will see your company as a more attractive option.
To keep your employees efficient, you can use productivity-monitoring apps such as Hubstaff, Apploye, Traqq, Everhour, and DeskTime. However, before you start using these tools, have a conversation with your team about it – because if they find out you had these installed in their company-provided devices without telling them first, it might come across as an invasion of privacy, even if the equipment was from the company. Either way though, implementing these kinds of apps can make staff members feel distrusted. Before you go ahead with this kind of monitoring, think carefully about whether your staff requires this kind of intense micromanagement.
The most straightforward way to improve productivity is by setting clear goals for your employees and then coaching them to achieve these targets. Apart from showing them you trust them, you are also investing in them and helping them develop their skills.
5. Personal Time Off
Most employees desire benefits such as paid time off and a healthy work-life balance. Being able to take time away from work recharges employee batteries, prevents burnout, and increases job satisfaction.
Employers should allow their employees to have hobbies because it benefits both the employee and the employer. From increased productivity to weaker chances of quitting, there are many advantages that come from letting your staff take break time for themselves!
Your company’s success is hinged on its employees. So, it would be great for you to offer benefits that promote their overall health and wellness. Some popular examples include health and dental benefits, retirement savings benefits, employee assistance packages, flexible work arrangements, and paid time off. By offering these types of benefits, you’re effectively communicating to your team that their welfare is important to the organization—a keystone in keeping morale high and production output at its peak.