(By Saad Imran)
Because offering employee benefits makes good financial sense for your business and positively impacts employee motivation, you should frequently update your employee benefits program according to their needs.
Traditional Employee Benefits
The following benefits were popular among employees even before the pandemic and would be considered valuable parts of your employee benefits program in 2021:
Paid Vacation & Sick Time
As working from home has increased stress and fatigue among workers, offering your employees paid time off, among other employee perks, can have a positive effect on their well-being.
Improved Healthcare Program
The pandemic has also changed the health needs of your employees. The inclusion of benefits like mental health coverage and telemedicine in your group health plan has become more critical.
Free Lunch and Snacks
Providing free lunch and snacks is not only an excellent way to show employees gratitude for their work, but it also has numerous other benefits. Consider offering healthy options for snacks such as almonds, nuts, and roasted chickpeas, etc.
The physical fitness of your employees has a direct impact on their productivity. You can encourage your employees to improve their fitness by giving them access to an on-site gym or providing them with a free local gym membership.
Taking a sabbatical can help your employees unwind from work-related stress and can help them to focus on personal goals. This will not only be beneficial for your employee, but also for your company.
Financial Advice & Management Resources
Having access to paid financial advisors and investment consultants can help your employees manage their budget effectively. This can go a long way to reducing their financial stress in the long-run.
Performance-Based Bonuses can be a useful tool to encourage your employee to work more effectively. Generally, these bonuses are given after completing a work goal over a specific period.
A well-designed retirement plan can effectively increase employee retention. One study found that 92% of employees consider workplace retirement plan a significant factor in deciding whether to stay with their employer or not.
Employee Development Programs
Training and certification programs related to your industry are a great addition to your employee benefits program. This gives your employees the opportunity to improve and expand their skill sets.
Student Loan Repayment Assistance
Assisting your employees in repaying their student loans has become easier with the CARES act. The act allows tax-free employer contributions towards employee student loan repayment.
Pet insurance is another possible employee perk. If your employee is assured that their pet will have access to quality care in case of an emergency, it will minimize their stress, and increase their focus.
Book reading is a productive activity and has a positive impact on mental and phsycial health. Giving your employees access to physical or online libraries can stimulate them mentally and give them something to do during their down time.
Companies that offer childcare support have noticed an increase in employee retention and recruitment. Up to 67% of working parents surveyed said that they would be more loyal to their job if their employer offered childcare support.
Mental Health Support
Since the pandemic has caused a mental health crisis in the US workforce, offering free counseling to your employees can help them manage their mental health problems.
Team Building Activities
To boost the morale of your employees, you can start a book club, organize a group webinar, or other COVID-friendly team-building activities. You can still set up safe team-building events using Zoom or other online platforms.
Virtual Office Events
Isolation is one of the most significant drawbacks of remote work. A good way to prevent employees from feeling too out of the picture is to hold engaging virtual office events and workshops.
A flexible schedule can affect how productive your employees are. According to a survey, 78% of employees said that flexible work hours increased their productivity.
Employee Wellness Program
A good employee wellness program can include smoking cessation seminars, yoga classes, and wellness challenges.
Extended Parental Leave
Usually, employers in the U.S. grant 12 weeks of unpaid parental leave. However, the Bill and Melinda Gates Foundation’s program, which increased parental leave to six months, proved to have numerous benefits for both parents and children.
Social Club Memberships
Providing access to social and sports clubs has a positive effect on the overall health and well-being of employees. Social clubs in the workplace can help bring together like minded employees.
Allowing your employees to continue their education at your expense can help them see their value as an employee, improve performance and increase employee retention.