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Nothing means more to hourly employees than getting better benefits from their current professions. Every company has its policy about the benefits and perks they are willing to offer.
Therefore, the best employee benefits may differ for each company and organization depending on their preference. The question is, what are these employee benefits?
In this comprehensive article, we will discuss all the details about the best employee benefits in this article and help you better understand them.
What are Employee Benefits?
Employee benefits are extra perks, bonuses, or incentives the company offers in exchange for loyalty or performance. The employees usually feel more positive, motivated, and dedicated to work when they have access to these benefits.
With the benefits offered, the company streamlines its operations, retains its valuable assets better, and lessens churn and overall turnover. Companies like Home Depot have done this flawlessly with their benefits offerings.
The HR professional is responsible for offering the best employee benefits, but they can also vary from person to person. The annual salary isn't the only good thing about working full-time or hourly based. Instead, several benefits and perks make the job more exciting and rewarding.
Companies that truly value and appreciate their workers understand how essential it is to cater to their needs and provide the best employee benefits. The aim of these employee benefits is mainly two, these include:
- Retaining employees
- Attracting potential talent to the company for better output
However, employee benefits are so subjective that it can be tricky to understand the full spectrum of these benefits. The standards for good employee benefits vary, but we will still discuss most of them.
What are the Best Employee Benefits?
One of the best employee benefits are when employees have more control over their overall schedule. Companies with best benefits for their employees experience a lower employee turnover, and companies that resonate with their employee requirements don't have to push too hard to retain them.
The best companies are the ones that usually offer the best employee benefits. However, these benefits aren't just for monetary gain. Instead, reputable companies consider their workers' overall well-being and development.
For instance, they may try to reduce employee stress in any way possible or improve their health. The company could try to cater to offset living expenses.
The companies also cater to the employees regarding their emotional and financial stability. The most common employee benefit examples worldwide include the following:
- Workplace flexibility
- Tuition reimbursement
- Paid leave
- Mental health services
- Gym membership reimbursement
- Free weekday lunches
- Employee appreciation programs
- Digital Coaching
- Childcare assistance or costs reimbursement
- Affordable health insurance
The employee benefits landscape has transformed recently after the pandemic as companies are more inclined towards working flexibility. Many companies have accepted hybrid working models, allowing employees to find better work-life balance.
Best Employee Benefits Companies Should Offer
You already understand that there's a large spectrum of employee benefits to choose from.
1. Company Equity
Offering company equity is one of the most innovative ways to acquire, attract and retain valuable talent within the industry. Companies need dedicated employees who are willing to stick with them through thick and thin. Company equity is a significant benefit and provides long-term benefits to employers.
It creates ownership among employees, feeling they have a role in the company's future. These employees also get a financial incentive when the company grows or succeeds.
Thus, these employees will work their best to ensure your company achieves its goals. The company equity can grow with time and yield financial betterment and security for the equity owners for years to come.
2. Paid Off
Working in any corporate environment can be pretty tiring for the employees. Every employee needs mental peace. It can be overwhelming for employees to work consistently without having a safety net.
However, paid-offs are the most innovative way to give employees paid time off without endangering their long-term well-being and financial stability.
The paid-off policies may vary for each company but are a must for any company that genuinely cares for its employees. The paid leaves can also be in segments of sick leaves, casual leaves, holidays, or other vacations.
Companies usually provide their employees the paid off based on the number of days they work, their working skills, and their tenure in the company collectively.
3. Employee Bonuses and Rewards
Employee benefit examples can vary for companies but are the best way to value your employees. There's a variety of rewards and bonuses you can pick from. However, providing the employees with discounts on services or products the company offers is the go-to option.
You can even partner with other companies to provide special perks to the employees. The offerings are a more attractive option for the employees, motivating them to stay with the company for longer.
4. Matching 401k Contributions
With the 401k contributions, the employees can deposit a part of their pre-tax income into their retirement account. The retirement account serves as a financial safety net for employees when they get older and can no longer work.
You can also choose a traditional IRA or a Roth IRA if your company doesn't agree to the 401k contribution. With these contributions, the employees can quickly boost their accounts and stay on track with their financial goals for the latter part of their life.
5. Tuition Reimbursement
A loyal employee is the most vital asset of any company. If you are someone with an employee with a lot of potentials, you need to ensure their growth. One of the best employee benefits that ensure your employees continue their growth as a professional and an individual is offering tuition reimbursement.
This kind of reimbursement is the top-rated one and provides financial assistance for the employee's education in the future.
With this benefit, you can assist the employees with their education expenses and ensure they become trained and equipped with training and knowledge that can benefit your company too. Your employee and company can grow together and move the organization in a more fulfilling direction.
In some cases, the companies can also offer the education fund as an interest-free loan, ensuring their employees have the financial support needed.
6. Plans for Employee Growth
Employees who don't see a promising future with their current employer will never be a fulfilling resource in the organization. Remember, like the company, the employees also want to grow financially, economically, and as a professional.
A company that doesn't offer any plans for employee growth can hardly retain them. The employees generally become unhappy and unsatisfied and end up feeling worthless. Many of these employees may even switch jobs for the best employee benefits available in the market.
Losing a good employee resource for this can harm your company's reputation and productivity. Therefore, it's best to plan for their growth and development in advance.
It would help if you had clear options for employee growth. You can motivate them, help them find direction, and boost their morale for these goals.
7. Career Development Training
With tools for development as a professional, it might amaze you how many employees can do better. It gives your employees a chance for better engagement, more achievements, and potential improvement in general. For instance, career development training programs are a smart way to ensure your employees can stay on track with their career graph.
You don't have to provide these training sessions for free. You can charge some fee for them as well. This way, only serious employees will take this training, and you will know which people wish to grow.
8. Health Insurance
Healthcare costs are one of the biggest concerns, considering the spending on healthcare increased by 2.7% in 2021 alone. Healthy employees are happy employees, so any company that wishes to ensure their employees stay with them should provide health insurance options.
The offerings can vary based on your business size, insurance cost, and insurance benefits. However, with the health insurance policy, the employees have lesser absents, higher productivity, and do better overall.
If you are unsure of the health insurance benefits a good company should offer, here are the best employee benefits for health.
- Vision insurance
- Reduced prescription drug costs
- Life insurance
- Health savings accounts (HSA)
- Health insurance
- Flexible spending accounts (FSA)
- Disability insurance
- Dental Insurance
Offering these benefits will show that you genuinely care for the employee's health and are willing to take measures for their long-term safety.
9. Provide Daily Wellness
The benefits offered to the employees monthly may not always be enough. You never know how an employee might feel internally. It can be difficult for companies to assess these employee behaviors 24x7.
Fortunately, small gestures of kindness can go a long way for these employees. Offering employees coffee, water or snacks can make them feel valued and boost their morale.
With these small day-to-day activities of kindness, you will have higher employee satisfaction and company growth. You can even add lunch to this list as the employees lose focus as their lunch hours approach.
By handling their lunch needs, you can better meet their expectations, increase their focus, and perform better in the office. It will also save the employees from long queues, waiting for food, and more. Thus, any company that can afford employee lunch should provide it for free.
10. Mental Health Wellness Programs
Mental health has never been a serious concern in the corporate world, but the trends are now changing. Companies are now spending more time and effort to ensure the long-term well-being of their employees.
The companies understand that an employee with a troubled mind can never perform as required. Therefore, the companies branch out and assist the employees whenever needed. These include mental health sessions, allowance for mental health, support groups, relaxation activities, and more.
Researches indicate that employee who attain these mental health sessions and perks generally have better performance, better results, and are happier. Remember that these perks don't have to be too extensive.
Even providing the employees with a space for relaxation can do wonders for their mental health. The employees can take breaks, refresh their minds, and boost their energy levels.
Bottom Line
Employee benefits for hourly workers are a significant consideration for any employee wishing to join an organization. The management's responsibility is to have the best employee benefits and options ready for their resources. The benefits include monetary growth and the overall wellness and betterment of employees.
With some planning, any company can improve employee well-being and ensure better performance. These benefits make the employees feel more valued, assist them in staying with your company for longer, and improve their growth on personal and professional grounds.
