Employee benefits have evolved to offer more value to workers than rudimentary benefits such as unlimited vacation. Companies are trying to do things differently in order to win over employees and improve their retention rate. Let’s discuss some of the most popular employee benefits that companies offer, with examples.
1) On-site Gym
Most corporate wellness programs fall flat on their face because of poor execution by employers. But what is always guaranteed to work (at least for the vast majority of the time) are on-site gyms, like the one in Reebok. It will encourage the least concerned individuals to spend some time in the gym. If anything, merely walking to the gym and back might be enough to save them from a hefty healthcare bill later in their lives.
2) Free Housing
Free housing isn’t exactly affordable thanks to the sky high real estate market. But Facebook, the internet juggernaut, has enough clout and financial wealth to provide free housing to its interns. They’re not even full time employees yet! Facebook is probably one of the few companies that can actually pull off giving extravagant benefits such as free housing.
3) Paid Parental Leave
IKEA is internationally known for its range of modular and DIY products that cost a fraction of their competition. What they’re not known for are their paid parental leaves for both full time and part time workers. The employees must accrue at least a year’s worth of experience to qualify though. But once they’re past that phase, they will qualify whether they’re working in the corporate headquarters or a retail store.
4) Full Tuition Reimbursement
College tuitions are not very forgiving these days, particularly because of the tumultuous job market. Some employees just don’t make enough money right after graduation to be able to make timely payments and live a high quality of life. This is where company paid tuition reimbursement programs come in, offering struggling employees a helping hand. Everyone deserves a break every once in a while, and tuition fees are just it.
5) Playing Sports as a Team
Bain & Company is a global management consultant company with a plan. Since they’re a consultation firm, they rely more on team work than other businesses. So to foster that team spirit, they hold annual two day global soccer tournaments for all employees… sometimes in a different country, hence the term ‘global’. The idea is to promote teams from different departments to interact more with each other, learn new skills, and then apply these into projects.
6) Health Care Insurance for Pets
Having one’s self, spouse, and children covered under health insurance is compulsory, but having one’s pet also covered is the icing on the cake. Scripps Health is one of the very few companies that offer pet health insurance. Make sure you hop on board the bandwagon before the novelty factor of this underestimated employee benefit starts wearing off. Many people deeply care about their pets, and to know their health is provided for as an extra benefit, they might just be convinced to join your company and stay for the long haul.