Since the 1942 Stabilization Act, enacted by the 77th US Congress, which temporarily prohibited firms from boosting pay to battle inflation during World War II, medical benefits have been at the heart of encouraging potential workers to pick one business over another. Three-quarters of a century later, the list of potential employee benefits and perks includes anything from four-day work weeks and limitless paid leave to free massages and well-being stipends.
The advantages that existing workers and job seekers anticipate are known as core benefits. For the majority of businesses in the United States, these include:
- Healthcare, dentistry, and vision insurance
- Disability, both short and long term
- Insurance for life
- Matching contributions for retirement
- Paid vacation
After the core benefits are determined, you may choose your flexible benefits. These are not as common as core perks, but they can be more effective and significant in attracting and keeping top talent. Today’s popular flexible perks include:
- Tuition reimbursement or repayment schemes for students
- Accounts for personal expenses
- Mental health services are available.
There are additional perks that come at little or no expense to the firm, such as remote work, unrestricted PTO, or flexible scheduling. Offerings like this distinguish your firm while also conserving your money over the long term by enhancing job satisfaction, performance, loyalty, and turnover. According to an SHRM survey, flexible and remote working alternatives are crucial to employee retention, and 97% of employees choose some type of remote work. Furthermore, 63% of employers believe retention is a major issue, according to MetLife’s Annual U.S. Employee Benefit Trends 2022 Study. If you don’t currently provide these perks, they can be a minimal, high-impact method to boost employee loyalty and recruit top talent.
5 measures you can take right now to improve your employee benefits
- Determine your basic benefits as well as the flexible benefits you may provide at little or no expense.
- Survey your workers to find out what perks they want to see and which of their present benefits they value the most.
- Examine the data. Determine which perks are most often used by your employees and modify or enhance them.
- Speak with a rewards broker about your company’s alternatives for its benefits portfolio.
- Audit your present offers and your employees’ requirements on a regular basis to ensure that you are keeping relevant, competitive, and addressing the demands of all of your employees.
Finally, it is up to you to decide the perks to provide to your employees. However, keep in mind the domino impact these perks have on your staff and your business. Attractive, accessible, and meaningful benefits assist to engage your employees, creating a better workplace culture, and helping you recruit and retain top talent.