Employees will always be the most costly assets entrepreneurs will have to take. However, they are also the most valuable investments. If you can find the right talents, you must do whatever it takes to keep them in your company.
Providing medical insurance helps employees stay healthy, while a competitive salary ensures that employees receive fair compensation for their hard work. Company perks such as free meals, gym memberships, and parking can also make employees happier and more productive.
Employers can also create a positive work environment that encourages employees to stay with the company for the long haul by providing these benefits.
However, some businesses might have to do more than offering the basic package. Here are a few underrated incentives employers can add to it.
Dental and Vision Insurance
Many employers believe that providing health insurance as part of the employee package is enough. Unfortunately, health issues go beyond the typical injury or illness situation. Despite being a helpful tool, there are a few areas that the HMO coverage cannot cover.
Meanwhile, many employees don’t realize how important dental and vision insurance is until they get older. Offering these benefits ensures that employees can receive preventative care and treatment for any eye or dental issues they might have.
Employers can also go the extra mile by partnering with dental clinics or eye doctors. Your employees can enjoy considerable discounts if they have to get dental replacements. Vision centers might offer free checkups if your business can help promote its services.
It might even be better to avail dental and vision insurance to complement the health insurance plan, providing overall assistance for employees with medical-related needs.
Academic Tuition Reimbursement
The current state of the economy has forced many people to return to school or take up additional courses to improve their skills. However, the high cost of tuition can be a barrier for some employees.
Employers can offer educational tuition reimbursement as an incentive for employees to upgrade their skills. This benefit can also encourage employees to stay with the company long-term.
Under this program, employers reimburse employees for a certain percentage of tuition and other related expenses. Employees can get up to 100% reimbursement for course-related costs, depending on the employer’s policy.
Before offering this benefit to your employees, consider a few things. First, you need to make sure that the courses your employees are taking are relevant to their job. Second, you need to limit the amount you’re willing to reimburse.
Education can help your employees further their career paths, and your company will be the first to benefit from it.
Commuter Benefits
The average American spends about 26 minutes commuting to work each day. That adds up to about 10 hours per month or 120 hours per year. The commute cost can also increase, mainly if employees use public transportation.
Employers can offer commuter benefits as an incentive for employees to use sustainable modes of transportation. This benefit can also help reduce traffic congestion and pollution levels around the workplace.
Under this program, employers provide employees with a certain amount of money each month to cover the cost of their commute. Employees can use this money to pay for public transportation, parking, or even gas expenses.
Each month, employees’ money can vary, depending on the employer’s policy. Some employers might give a flat amount, while others base it on the commute distance.
Commuter benefits are a great way to reduce your company’s carbon footprint and help your employees save money. It’s a win-win-win situation for the company, the employee, and the environment.
Childcare Benefits
Childcare is one of the most significant expenses for families with young children. According to the National Association of Child Care Resource & Referral Agencies (NACCRRA), the average cost of child care is about $9,589 per year for an infant and $7,728 per year for a 4-year-old.
Employers can offer childcare benefits as an incentive for employees to stay with the company. This benefit can also help employees save money on childcare expenses.
Under this program, employers provide employees with a certain amount of money each month to cover the cost of child care. Employees can use this money to pay for daycare, babysitters, or even after-school programs.
Childcare benefits are a great way to help employees balance work and family responsibilities, making it an attractive perk for your team.
Final Thoughts
Employers have a lot of options when it comes to assisting their employees. Employers can help their employees save money and live healthier lifestyles by offering health insurance, commuter benefits, and childcare benefits. These benefits can also encourage employees to stay with the company long-term.