The modern employee ranks benefits and perks very highly when they’re looking for jobs in various companies. In fact, studies suggest that employees prefer greater benefits over higher pay in a job. However, not all employee benefits are equally effective when it comes to keeping your workforce motivated and performing at their best. Below are some of the most effective employee benefits that firms are providing to their workers in 2019.
Health insurance
Health care coverage sponsored by the employer is one of the most common and most effective employee benefits offerings. A study pointed out that 55% of employees rated health insurance to be the most significant benefit when evaluating job satisfaction.
This can include medical, vision, dental coverage, and more. Health coverage is often extended to family members of the employee, including the spouse, children, and even the parents.
Health insurance premiums may differ from company to company, depending on the types of coverage plans, the number of employees, employee location and demographics, or whether the company contributes to or sponsors the Health Savings Account (HSA).
Retirement Savings Plans
Many businesses today give their employees the option of having a portion of their monthly salary set aside for their retirement savings account. The 401(k) or the employer-funded individual retirement account (IRA) are some examples of retirement savings plans.
The estimated costs of setting up and maintaining such retirement savings plans may vary from $1000 to $3000 per annum, but the benefits will far outweigh the costs as the employees will be much more content about their future security – one of the major reasons for high employee turnover.
Paid Time Off
This is one of the most effective employee benefits that most companies choose to provide today. Full-time employees get some form of paid time off (PTO) in almost every business. This time off is highly effective, as there is little to no cost attached to PTO. The only costs that are incurred are those of coverage for the employee who’s taking time off.
Student Loan Debt Repayment Programs
Student loan debt repayment programs are quite popular in 2019. We are well aware of the student loan debt crisis that the US is currently facing. The average millennial employee owes a huge amount of money in student loans, which can hamper their performance at work and force them to switch jobs frequently. Employers have, therefore, introduced programs that contribute to their student loan debt repayment.
A Stocked Kitchen
Stocking the office kitchen with free food, drinks, and other refreshments has been shown to be an extremely effective way of keeping your employees motivated at work. It is a low-cost benefit with a much higher pay off as it has a significant impact on the employee’s morale. It creates a “home-away-from-home” feeling in the office. Besides, a well-fed employee is a happier, more productive, and more focused employee. Furthermore, a stocked kitchen that provides healthy food and refreshments at all times can be a lucrative selling point to attract new talent.
If you want your employees to be motivated and to perform at their very best, a broad employee benefits package is something that you should consider in 2019. Schedule a meeting with any of the specialist consultants at JS Benefits Group to see what would best suit your needs.
