Are you having a hard time assembling awesome company benefits that get employees excited to work for you? We researched different benefit programs to see which were most liked by employees. But first, let’s dive into the basics of company benefits.
What Are Company Benefits?
Company benefits, also known as perks or employee benefits, are compensation programs paid to an employee beyond an employee’s regular salary or wages. Common types of benefits include medical insurance, overtime pay, vacation time, and retirement plans, to name a few.
Why Are Company Benefits Important?
Employees care about more than just their salaries. To truly entice a candidate to work at your company instead of your competitors, a competitive benefits package can make all the difference.
For example, what if you were one of the only accounting firms in the area that offered flexible PTO or childcare services? You’d probably see a lot more qualified applicants coming your way.
A good benefits package will also show your employees that you care about their well-being and their future, on top of their contributions to your company.
No matter what benefits package you decide on, state and federal laws require employers to offer certain benefits, including:
- Time off to complete civic duties such as voting, serving on a jury, and performing military service.
- Payment of state and federal unemployment taxes.
- Compliance with all workers’ compensation requirements.
- Contribution to state short-term disability programs.
- Compliance with the federal Family and Medical Leave Act.
Benefits that are not required by law, but are still a good idea to offer (if not expected), include:
- Retirement plans.
- Life insurance.
- Paid vacation, holidays, and sick leave.
- Health plans (required in Hawaii).
- Dental and vision plans.
10 Awesome Company Benefits Your Employees Will Enjoy the Most
People are every company’s most valuable asset. Company benefits will help your people feel valued in their roles, making for productive and happy employees. However, with so many different perks to choose from, you may be afraid of choosing a benefits package that your employees won’t appreciate. Not to worry—here are 10 awesome company benefits that your employees are sure to love.
1. Financial Planning Resources
Financial stressors can have a serious effect on an employee’s well-being. To help ease their stress, you can offer financial planning resources that include training on debt reduction, asset management, and saving for future needs.
2. Paid Family Leave
The U.S. is the only developed country without a paid-parental leave policy. Employees yearn for parental leave when they become new parents so they can spend time nurturing their newborn. Fortunately, more and more employers are getting on board to improve their parental leave plans.
Family leave policies are also becoming more progressive, with employers giving time off for adoption, foster care, and surrogacy. Some companies even offer fertility services, like help paying for egg harvesting and freezing or in-vitro fertilization treatments.
3. Childcare Services
So what happens when parental leave ultimately runs out and your employees come back to work? That’s when childcare comes into play. Unfortunately, due to high costs, many families can’t afford to put their children into childcare; the average annual cost of childcare for infants in the United States is nearly $15,000. Because of this, childcare benefits are non-negotiable for some families.
4. Work-From-Home Options
Telecommuting gained popularity in businesses even before COVID-19 forced companies into it. Now, many organizations are embracing the new trend, even offering permanent full-time and part-time work-from-home schedules.
Giving your employees an option to work from home will help them feel secure and valued, but it will also offer them major flexibility that can come in handy when managing all aspects of one’s life.
5. Flexible Scheduling
On top of where your employees want to work, it’s important to give them a competitive time-off allowance. They’ll need time for vacations, doctor’s appointments, school fairs, and everything else life throws their way. The more time they can allocate to their personal lives when the need arises, the more appreciative they’ll be of their company.
6. Mental Health Programs
Employers who offer health insurance obviously care about their employees’ well-being, but mental health programs are often overlooked. Millions of people suffer from depression and anxiety. While work can be good for mental health, constant stressors in any work environment can lead to worsening mental disorders.
Creating a mental health benefit program can be approached in two ways for HR specialists: minimizing work-related risk factors and creating easier access to mental health programs.
7. Student Loan Repayment Programs
Students look forward to a nice job after they graduate so they can start paying off the mountain of debt they accrued with student loans. That means their paychecks those first few years will largely vanish to take away debt. But some employers offer student loan repayment programs to help their new employees become debt-free faster.
8. Professional Development
Professional development offers a way for employees to learn and grow within their careers. These development programs can increase their industry knowledge, train them to be future leaders, and help them better succeed in their current roles. All of this is to keep your employees from feeling trapped or stagnant in their jobs, and allowing them to feel a sense of forward momentum in their careers.
9. Gym Memberships
10. Public Transportation Assistance
Some employees prefer public transportation. Maybe they don’t like driving or it’s more convenient for them to take the bus to work. In some cases, taking public transit may even be faster for employees. So in these cases, assisting with transportation costs can mean more efficient commutes and happier employees.
Let Eddy Help You Find the Right Benefit Package
Whether you’re creating benefits packages on a budget or are the largest company out there, Eddy can help. Visit our website to see how our HR management system lets you find the best company benefit policies for your employees.