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Awesome workplace benefits that attract and retain good employees
Key takeaways:
Workplace benefits are the perks and programs you provide to your employees beyond their salaries and wages. Some companies consider benefits to be privileges but really, they’re a core component of a successful business operation. If you want to attract and retain high-quality talent, you need a comprehensive workplace benefits package.
Employees are one of a business's most important assets – it can’t keep operations going without them. The current environment is a job-seekers market where employees have the upper hand. The demand to fill open positions is exceeding supply and employers need to offer better benefits and pay if they want to attract and retain good hourly workers. If you want to be competitive in today’s market, sweeten the pot with these essential benefits as part of your employee compensation package.
Nearly everyone is going to have to fund their own retirement and employer-sponsored retirement plans help workers prepare for the future. Matching employee contributions to retirement accounts is a significant perk because it allows your employees to double their investment immediately.
While a 401(k) is the traditional option, some plans are easier to set up and administer for small businesses such as Simplified Employee Pensions (SEPs) IRAs, Savings Incentive Match Plans (SIMPLE IRAs), or the SIMPLE 401(k).
The rising cost of healthcare can make it a stressful expense for families and individuals, but by offering a group plan and covering some of the premiums, employers can lift this burden from their employees. Businesses that want to be competitive should offer vision and dental coverage as well.
Both FSAs and HSAs let employees contribute pre-tax dollars that they can withdraw to pay for medical expenses throughout the year. HSAs can only be used if employees have a high deductible insurance plan. However, the funds saved in an HSA can be rolled over from year to year and your employees can take the account with them if they switch employers.
FSAs, in contrast, do not have to be paired with a high deductible insurance plan and they have lower contribution limits. However, the funds cannot be rolled over into the next year if they are not used.
Most workers are covered by workers’ compensation if they get injured while on the job, but if something happens outside of work, they are not covered. Disability insurance helps workers pay for their living expenses if they become disabled, and knowing this coverage is in place can provide real peace of mind to employees.
Many employers, like Amazon, offer tuition reimbursement programs. They might choose to reimburse their employees for training that can help them advance in the company, or they might sponsor all kinds of different college courses and educational opportunities.
Some employers are going a step further and offering student loan payment assistance. As of 2021, employers can pay up to $5,250 per year in student loan costs for their employees, and the funds are tax-free whether the employer pays them directly to the employee or the loan servicer.
An Emergency Savings Account (ESA) is a benefit that facilitates employee savings to help workers prepare for unexpected financial emergencies. This benefit is designed to directly help employees who are stressed because they don't have the resources to deal with emergencies such as car or home repairs.
ESAs allow employers to match employee contributions, and they help encourage employees to reach savings goals faster and more effectively than they would be likely to on their own.
Many businesses are changing their organizational models in ways that give employees more autonomy, and flexible schedules are a reflection of that change. This perk varies based on the business but it can include letting employees work remotely as desired or allowing them to choose their hours.
One of the main reasons people change employers is because they want more opportunities and professional development programs address this. These programs invest in employees by helping them master new skills and grow into other roles, and in turn, that protects the employers' retention rates. Development programs can include personalized training and mentorships as well as in-house seminars and workshops.
Wellness programs look at the employee as a holistic person. They realize that employees aren't just robots who can sit in a cubicle, stand in a manufacturing line, or deal with customers all day without breaks. Instead, they are vibrant people who need support in a variety of areas to be as happy and productive as possible.
To that end, wellness programs may include yoga or massage in the office, discounts at the gym, mental health support, stress reduction initiatives, team bonding activities, or even financial literacy seminars.
These benefits go by a variety of names, but regardless of what you call them, they help to support a comfortable work environment and are very appreciated by employees. You may want to offer free coffee, healthy snacks, or catered lunches, or go a step further with relaxation stations, a pet-friendly office, or team-building activities like ping pong tables.
Employees look at benefits packages when they're applying for jobs and they take benefits into account when deciding whether to stay with a company or move on to something better. Benefits make employees feel appreciated and recognized, and they boost worker motivation and productivity. To be competitive, you need a high-quality benefits package that meets the unique needs of your team.
Contact Secure to talk about ESAs today
At Secure, we offer an innovative ESA that can help to improve the competitiveness of your benefits package while also boosting employee satisfaction and reducing stress levels.
Our ESA called SecureSave helps employees to save and reduce the time they spend stressed about financial issues, and this low-cost, high-engagement benefit is easy to implement. To learn more about SecureSave, contact us today.