10 Benefits that Employees Actually Want
Attracting the best employees for your business can be hard in a competitive job market. Fortunately, there are several ways you can make your company more enticing to top candidates. One of the best ways to draw in the best talent is by providing a range of benefits in addition to their salaries. Keep in mind that while many benefits options are available, some rise above others in drawing the most qualified professionals to your business.
To help you pick the options that will bring the best candidates your way, let’s look at ten benefits that employees actually want.
#1 Health Insurance
After their salaries, health insurance benefits tend to be the most important thing potential employees look for when job hunting. Health insurance works to offset the costs of most doctor and hospital visits, prescriptions, medical devices, and other wellness expenses. Sometimes, vision and dental care options may be added as their services aren’t usually found on general health insurance policies.
#2 Employer-Matched 401(k)
Good retirement plans are vital to individuals hunting for professional opportunities. Of the options available, 401(k)s are the most common retirement option. It allows employees to make annual contributions up to a predetermined limit, and they can accrue more money in the account past that limit if their plan is employer matched. When the plan is matched by an employer, you can bet that your contribution is noticed by employees. In many ways, it shows that you care about their future and well-being.
#3 Paid Time Off
Paid time off (PTO) is another extremely popular employee benefit. PTO differs from just taking time off or vacation because neither of the latter permits an employee to continue collecting a paycheck while they’re not at work. Typically, employees use their accrued PTO days when they take parental leave, have jury duty, need sick leave, or have either holiday or disability leave that they need to temporarily cover.
On the topic of PTO, it’s wise to also include bereavement leave separately. In the event that an employee loses a close family member, like a mother or father, it can be quite disheartening when you ask them to use PTO for leave.
#4 Lifestyle Spending Account
A lifestyle spending account (LSA) is an account type that allows employers to contribute funds that offset costs associated with their employee’s everyday needs without having to manage additional reimbursements. The funds can be after-tax options that employees can treat as a rainy-day fund. LSAs are very flexible and may be used at the employee’s discretion as a catch-all for assorted expenses.
#5 Remote Work Options
Especially considering the COVID-19 pandemic, employees appreciate remote work options offered by their employers. Remote options allow employees to take better care of their mental health, operate on schedules that work for them, and allow them to be more present for their families while maintaining a healthy work/life balance.
#6 Matching Charitable Contributions
Employees love to see businesses getting involved with charities and supporting the causes that they believe in. One way you can help employees support their charities is by matching the charitable contributions they make. This helps encourage your employees to donate more and show how much you care about what matters to them. Additionally, it provides you with a good way to support local causes and engage with your community.
#7 Assistance with Student Loan or Tuition Repayment
Student loans and tuition costs are incredibly high, so it’s no surprise that employees may want assistance with debt repayment on that front. Some employers can offer small-scale options of $50 to $100 per month to help offset monthly repayment costs, or they may be inclined to offer more attractive debt repayment options through a tuition reimbursement program that permits up to $5,250 per year of tax-free money.
#8 New Parent Support
New parents need all the help they can get–especially when it comes to finances. Whether individuals need help offsetting costs associated with the pregnancy, an adoption, or expenses that come after the baby arrives, new parent support options can help. Some new parent support plans solely to provide financial help while others offer other benefits including additional time off, but whatever you decide, new parent employees are sure to be grateful.
#9 Life Insurance
Another big insurance policy option that attracts employees is life insurance. Life insurance works to financially support any dependents after the death of a covered individual. The funds may be used at the discretion of whoever is listed on the policy. Typically, they’re used for covering funeral expenses, mortgage payments, debt repayments, and anything else the family needs.
#10 Financial Planning and Coaching
One benefit that many companies overlook in their employee packages is financial planning and coaching options. These benefits can help employees navigate significant life events like purchasing a house, getting married, or having additional children with a financially savvy mind. This coaching can be offered in group lessons, through a specific program, or via financial planning assistance from professionals in the field.
Beckham Insurance Group Has You Covered
If you’re considering adding new benefits for your employees, it’s important to speak with a professional to determine the best policies for your company. If you need help navigating the complicated world of employee benefits, our team at Beckham Insurance group is here to help. Located in Charleston, SC, and St. Simons, GA, we are proud to offer full access to all group health and supplemental insurance markets and products. Creating a competitive benefits package that meets the needs of your business couldn’t be easier. To get started, contact us today for a free quote. We can’t wait to help you create a healthier and happier workplace!
