Employees value their benefits almost as much as their salaries. There are a host of employee benefits offered by businesses and they’re not all equally valued. Once businesses are able to gauge the kinds of benefits most valued by their employees, it would definitely help with them with designing a suitable benefits package.
The most important dilemma concerning many businesses is how to recruit and retain their workforce, since employee turnover is a real plague which has affected many businesses and navigating through it is a challenge.
There is a great political divide in the United States about health insurance, and the future looks uncertain at best. For this reason and more, health insurance remains the most sought after employee benefit. A disease strikes when the person least expects it, and sometimes our financial ability is unable to arrest the problem on its own, which is where health insurance comes in.
Going to the same place of work day in and day out, grinding yourself for 8 hours a day, 5 or 6 days a week can easily take its toll on even the most dedicated of employees. It provides both physical and psychological relief for staff to take paid leave off. It even helps if they were to take non paid time off – basically a few days every year which can allow temporary respite from the stuggles of life.
Telecommuting is one of the disruptions brought about by the internet and technology. Many workers are now beginning to show a preference towards working from home. Working from home could also serve as a loose form of ‘paid time off’ in some cases. It helps to save down on transportation costs, gives a person the feeling of more liberty at work and avails them many more benefits. Because of the steadily growing number of cloud companies which offer software as a service (SaaS), this has become a very plausible and affordable opportunity for most companies.
Life insurance remains one of the most desired employee benefits, right behind health insurance. The idea that your family and loved ones are taken care of after you’ve gone provides the peace of mind to many employees. This is a huge advantage for larger companies which want to recruit and retain as much of the top talent as possible. Most employee benefits packages also seem to include some form of life insurance.
Promotions and pay raise
There’s a saying which goes like this, “Insanity is doing the same thing over and over again and expecting a different result”. No one wants to be doing the same job at the same salary for the remainder of their life. Dead end jobs which offer no prospects of growth or increase in salary experience higher rates of employee turnover. Companies should find ways to rotate workers from one task to another to prevent boredom at the workplace.
At the same time a comprehensive program needs to be put in place which revises employee’s salaries so they’re not tempted by offers from other companies.