The most effective benefits packages, the ones that get employers the most bang for their buck are those that are customized to the values and priorities of your employees. But everyone needs a place to start. A recent article from Benefits Pro highlights some of the benefits that most employees value to give you a baseline to start considering the effectiveness of your benefits package.
Health insurance: Health insurance is still something that many employees seek out from employers. The Marketplace and ACA haven’t changed that. Next to health, employees also value dental and vision plans as well as savings options like HSAs and FSAs.
Paid holidays and leave: Paid time off is another benefit for employees. According to SHRM, 97 percent of employers offer some type of paid leave and 97 percent also offer some paid holidays.
Recognition: Employees want to feel like their work is appreciated. From a simple thank you, to a free lunch every now and again, to a gift card, small gestures can mean a lot. Check out our free Employee Recognition Toolkit for even more ideas.
Retirement plan: Financial security is a high priority for most employees. Offering a 401(k) or other retirement option gives employees the opportunity to save for their future. A 401(k) can also be a great retention tool. According to research by Towers Watson, almost 50% of employees see retirement benefits as an important reason to stay with a company.
Flexible schedule: Flexibility is becoming a very popular benefit sought by employees of all generations, from younger Millennials to the 55+ crowd. If you don’t currently offer any flexible work options, now may be a great time to consider what you could offer to employees. Flexible work does not have to be one size fits all. Think would creative ways you can allow employees to adjust their work schedules to better fit their lives. Even if none of your employees have requested flexible work arrangements, they may be thinking about it.
Additional perks that are valued by employees according to SHRM:
- Company-paid life insurance
- Casual dress
- Employee referral bonuses
- Dependent care flexible spending accounts
If you are looking for ways to offer unique benefits options to your employees that will help you attract and retain the best employee talent, contact us.