While not the sole reason for employee satisfaction, benefits can have a big impact on the quality of a person’s experience at a company. Benefits cover the indirect pay of the workforce, either through health insurance, stock options or any number of offerings. Two jobs could be very similar in pay and workload but might have a drastically different benefits system. When employees are evaluating what matters to them, benefits might just be the thing that tips them from one company to another.
Therefore, it’s important companies dig deep into the benefit offerings and provide fair, competitive and livable options. As an employer, it’s your responsibility to learn what is important to your employees to best decide on a well-mixed balance of benefits for your team.
Let’s discuss the types of benefits your company should be thinking about and why they matter.
What types of benefits should be considered?
There are four major types of benefits that are well-known across the workforce. These include medical insurance, life insurance, retirement plans and disability insurance. Often thought of as non-negotiable, these four essential benefits are crucial in creating a sense of securement for employees.
Currently, the list of benefits commonly provided continues to grow. These include benefits at work, health, financial security and overall lifestyle benefits. Work benefits include working hours and leave, skill development and social activity. Not often do employees simply clock in and out daily; they have come to expect a more personal experience in the workplace. Health and wellness benefits have also made a strong appearance, with some employers even going so far as to offer in-house gyms for employees to use. The possibilities are endless, from gym memberships to monthly psychotherapy sessions.
While social and physical wellness benefits are great, employees won’t beat around the bush when it comes to financial security. HR professionals are prioritizing financial security by building out pension plans, insurances and personal financial benefits, such as commissions and bonuses. Robust financial benefits are considered crucial by every generation currently in the workforce and are an important category to keep an eye on.
What will a well-balanced mix do for employees?
Building out a well-balanced mix of benefits shows that the company genuinely cares about employee’s well-being. Companies who scrape by doing the bare minimum set a bad precedent, with many employees feeling a lack of support and under-valued. By providing a mix of practical and unique benefits, HR professionals foster a sense of safety and security that will create a lasting impact within the organization.
Today’s candidates have come to expect benefits at work: for health, financial security and work-life balance. If your company wants to maintain a competitive edge when hiring and retaining quality employees, make sure you’re offering the best benefits options for your employees. Finding the right balance is an ongoing process, but ultimately one that can lead to satisfaction for both employees and the company alike.
If you’d like to learn more about the impact of benefits on employee satisfaction, check out our blog post on 3 Benefits of Encouraging Employees to Disconnect Outside the Workplace.
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