Mar 08, 2023
Employee Benefits Package: 10 Benefits to Maximize Employee Satisfaction
If you’ve tried to hire recently, you’ll have noticed that it’s very much a candidate’s market. With talent shortages affecting many different sectors, it’s job hunters that are calling the shots. And they want more than just a competitive salary.
Today’s candidates are looking for an employment benefits package that supports their wellbeing and helps them achieve a good work/life balance. So as an employer, you need to offer what your targeted candidates are looking for, as a great employment benefits package can be the deciding factor for your number 1 candidate in accepting your job offer.
Here we summarize the most common types of employee benefits offered to professional candidates:
1. Employer-sponsored health insurance
One of the most attractive benefits an employer can offer is employer-sponsored health insurance. The level of cover can vary considerably between organizations, with the most generous packages acting as a major incentive for talent attraction.
At a standard level, healthcare insurance tends to include cover for costs related to preventative care, hospitalization, emergency room visits, and prescription drugs.
2. Dental insurance
Another sought-after perk is dental coverage. It’s sometimes bundled in with health insurance, or offered as a separate benefit. Cover usually includes things like routine dental exams and cleaning, X-rays and procedures such as surgery or root canal work.
3. Life insurance policies
Life insurance is another of the most common benefits that we are seeing employers include in their employment benefits package. It’s usually organized as a group package, which extends cover to all staff members for a certain period – for as long as they work at that company.
4. Retirement planning
Retirement planning offers vary between employers, but could include:
● 401(k) and IRA plans
● Simplified employee pension (SEP) plans
● 403(b) retirement plans (for employees at non-profit organizations).
5. Paid leave
Paid Time Off (PTO) is a common benefit, but how generous and flexible it is depends on the employer. Some companies offer paid vacation time, paid sick leave and other options for extended or family leave.
6. Remote working flexibility
An employment benefits package that offers remote and hybrid working is becoming a major priority for candidates, ever since the Covid-19 pandemic turned the world of work on its head. Some companies offer the option to work at home for a set number of days a week or month.
7. Wellness benefits
Mental health support, gym memberships, access to coaching or meditation sessions – these are all among the wellness benefits that employees are increasingly looking for.
8. Educational incentives
Access to professional development and learning opportunities can be a real motivator for employees. This is why many businesses offer educational incentives. Examples include college grants, scholarships, paid training and development, and even offering contributions towards student loan payments and educational leave.
9. Company car
This benefit is only applicable to certain roles involving lots of travel to different locations. The option to use a company vehicle or take advantage of a subsidized transport scheme can be a really attractive benefit for job hunters.
10. Investment opportunities
Lastly, some companies offer employees the chance to invest in company stocks and shares. This is another method of financial compensation, which could also help boost loyalty – as employees directly benefit from the company’s success and growth.
Want to make sure your employee benefits package and salaries are competitive in today's job market? We’re here to help!
Our team of experts provide guidance on the latest in-demand employee benefits and conduct salary benchmarking to ensure compensation packages attract the talent you need.