It used to be when you worked for a company, you took what they gave you with a smile on your face. Clearly, within the past 20 years, things have changed, as companies have realized that employees shop around for more than just the first job that comes along. Businesses are now competing with one another on the benefits that are offered outside of salary.
Employees have made it transparent that they want to feel valued, and like their wellbeing matters.
Here are 5 Benefits People Consider before Choosing to Work for a Company.
Health Insurance.
Nothing is scarier than wondering how you’re going to cover a major medical bill. Maybe it was an accident, or something planned, like having a child. Either way, the thought of thousands of pounds worth of debt from such an event is enough to worry anyone. Even if it hasn’t happened yet, and is something you’re holding your breath for, torturing yourself with anticipation is grueling. This is why one of the biggest perks a company can offer is health insurance.
People are willing to have less money in their pocket from their salary, if a great health insurance plan is on the table, especially if they can add their family. Parents want to know they’re taking care of their children, should they fall ill and need to go to the doctor. A single doctor’s visit for a runny nose could derail an entire month’s finances if it were to be paid out of pocket.
Most employees will also stay with a company through rough times if they feel taken care of, as well. This benefit is one of the first considered when someone signs the dotted line.
Paid Time Off.
They say time is more valuable than money. No one wants to look back as they’re approaching retirement and says, “Gee, I wish I would’ve worked more”.
Time off is just as important as health insurance. Employees on the verge of burnout are taking up space without much productivity.
Giving employees a few weeks a year to spend time with their families, or just rest and relax is important in both their health and output. Plus, they’re less likely to be stressed, which can improve their health, minimizing what would be spent on healthcare.
The “paid” part of this benefit is just as important as the “time off” part. If employees are stressed about money or keeping their jobs, they won’t use time off – in fact, that fear keeps many from using allotted days as it now stands.
Some companies are striving towards “unlimited time off” and are finding it’s not being abused often. It’s a great way to give people flexibility in doing what works for them. Speaking of flexibility…
Flexible Schedule.
More and more millennials are looking to see if this is on their list of benefits when considering a company. People no longer are ok with the status quo of working ten hours tied to a desk, with a dry sandwich at lunch and getting home after their kids are going down for bedtime. And, companies are reaping benefits of employees setting their own schedules.
This also includes allowing for remote work, even if it’s on a part-time schedule. They often feel this allows for more of a work-life balance, and is a great way for them to tap into the most productive times of their day, whether it’s early in the morning, or burning the midnight oil.
This is a benefit more companies should consider offering!
Retirement/401(k).
The lifespan of individuals has only gone up in the past decade, and nonagenarians are common to see in many different cultures. People need to know they’re going to be taken care of for 25 years or more after they stop working.
The good news is, people are starting to become more serious about trying to save for retirement, and are looking for benefits like a 401(k). Allowing individuals to sock away pre-tax money, especially on a schedule, is a great way to empower them to help prepare for those later years.
The cherry on top is if companies offer employee matching. Understandably, it’s only to a certain percentage, but it still helps.
Wellness Benefits.
More and more younger workers are looking to see how their company can help them improve their health and wellbeing. This is no longer about gym memberships anymore (which are a great start). Workers are looking for benefits that contribute to their mental health, as well, such as therapy or meditation and yoga sessions.
Also, having a masseuse come in one day a month or other forms of alternative therapy are great ways to show workers they’re supported and that their help is valued.
Healthy snacks are also a good option that employees get excited about, as well. There are many different offerings that fit into this category, but companies should consider what they can offer to show they support employee wellness.
Companies can start evaluating the effectiveness of what they’re offering by surveying current employees with how happy they are with benefits.
Listening and making gradual changes is just as important as a major overhaul. Let them know you’re working to keep them happy, and they’ll work even harder for you.
© Human Resources Global
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