To attract the best talents, today’s companies have to propose the most appealing employer brand. Candidates no longer choose on the basis of simple criteria such as salary and travel time, but also on a range of services offered by the company. What kind of benefits do employees expect from their company? Let’s have a look at what is being offered today.
Insurance, education, health: you will find at the end of the article a large selection of benefits you can set up for your employees.
employee benefits are all kinds of “non-wage compensation” a company provides to employees
For the last decades, the sense of belonging to a company has changed significantly for all employees.
And it’s not going to improve, as the millennial generation is likely to reduce the average years spent in a company. 2 years according to a study from Deloitte.
As a consequence, employee benefits have become extremely important.
What are employee benefits or perks?
The question – what are employee benefits? What does it include? According to Wikipedia, employee benefits are all kinds of “non-wage compensation” a company provides to employees which are not included in the wage but come as an addition to the salary. You can also find these benefits under the name of fringe benefits, perquisites or perks.
Why employee benefits are crucial while managing people in a company?
Work-life balance is not a trend but has become a reality the past couple of years. Proposing benefits to employees has become an important stone for attractiveness. In addition to investing in workers’ wellbeing, the companies are showing how they take care of their employee’s futures.
the most wanted benefit is about better health and flexible hours, vacations & work from home
In today’s Human Resources market, an inspiring benefit package is mandatory to attract and retain talents. The competition between companies is increasing and salary inflation is not enough to convince people to join your teams.
While providing benefits and a more comfortable way of life, companies encourage their employees to be healthier people. And healthier people mean reduced healthcare costs for the enterprise. In addition, when people are less sick, less preoccupied with their health, they can spend more time working for your organization, and be a better team player during their working day.
What kind of benefits employees and job seekers look for?
As per a study conducted by Fractl on 2000+ workers in the US, the most wanted benefit is about better health and flexible hours, vacations & work from home which are supposed to improve comfort at work. Flexible work conditions can be preferred to high paying jobs with few benefits!
Then come, in the hierarchy of workers’ responses, perks about children’s education, especially student loan and tuition.
Paid maternity/paternity leave and other advantages for the arrival of a new family member is also a significant benefit that companies can leverage with new employees.
medical, life, dental and vision protection plans are regularly offered by companies to the people.
Last but not least, benefits linked to sports activities, offsite events or food at the office are seen as engaging for future team members.
What type of companies offer benefits to their employees?
The bigger the company, the more benefits they offer. According to a study from clutch.co 32% of companies under 10 employees offer perks and advantages. The numbers are increasing to 68% for companies from 11 to 50 people. Over 50 employees, 76% of enterprises share benefits with members. Larger companies can spend more money on their benefits.
More than half of small businesses (56%) are planning to offer new benefits in 2019. Companies declare they usually create new benefits to answer employee’s requests.
Better health insurance, a major benefit for employees
It’s obvious: employee benefits can be different depending on the country and legal context. But it has been proven that the benefits companies offer the most are related to health. Each country or even state within a nation have their own rules about health insurance and protection.
Wellness also finds meaning in family and work-life balance and the children’s growth.
But medical, life, dental and vision protection plans are regularly offered by companies to the people.
Healthcare costs supported by organizations can be different depending on the type of organization, job description or responsibilities.
Homestay programs for children, thought as a perk
As workers are claiming more benefits from their companies, children’s education becomes a serious subject. Wellness also finds meaning in family and work-life balance and the children’s growth.
As a consequence, children’s care has never been as important as it is today for enterprises when talking about perks. And several startups have understood they can offer such services to HR people and then employees.
Childcare gratuity, support to sick kids, high school access or even linguistic travels are subjects companies now include in their package for employees. At World is a Village, we think travel makes the difference while talking about child education.
Thus, we are opening our worldwide community to employees of companies, to help them find a hosting family for sending their child abroad during holidays.
Read the 9 top reasons to send your child on a homestay program
Tuition, when the funding of children’s education is presented as a benefit
Education fees or student loan contribution is usually well ranked in the perks companies offer.
childcare, meaning care of a or multiple children, is probably one of the most common perks provided by enterprises.
As they are growing, the child education is becoming a major part of the family budget. And companies clearly get the opportunity to provide this kind of benefit to their staff members in addition to salary.
Help with childcare can help employees join an entreprise
If you have children, you have certainly already experienced the day when you were forced to stay home to babysit while a meeting of the highest importance awaited you at the office.
And companies know that. And they want their collaborators to work at the office. That’s why childcare, meaning care of a or multiple children, is probably one of the most common perks provided by enterprises.
meaning the maternity period, egg freezing or procreation assistance are now presented as options to women in companies.
Financing of the private nursery in your street or baby school at the bottom of the office, all options are possible. And, more recently, newly-mothers may even benefit from planning arrangements for the management of their baby or breastfeeding.
Parental leave or egg freezing and fertility assistance offered as employee benefit
Parental leave for mums has existed for decades now. Companies are mainly aware of the obligations to offer parental leave.
Parental leaves tend to include more and more months. And as well as longer leaves for the 2nd and 3rd child. Parental leave has also become a topic for gender equality as historically, women were the only ones activating that option and therefore these benefits were not equal according to gender. However, more and more companies now offer parental leave for fathers as well as mothers.
In addition, some benefits recently popped-out in modern companies or startups. Usually proposed by structures where the average age meets the 30s-year-old, meaning the maternity period, egg freezing or procreation assistance are now presented as options to women in companies.
Retirement or pension now offered by companies as a perk
According to an article of the Balancer careers, 67% of companies offer retirement programs or pensions to their team members.
Companies are today more likely to offer “benefits in kind“.
6 types of retirement programs can be proposed, as described by the Balance. The program can be financed by both the company and the employee. These programs require a deep look before choosing as they include different conditions on saving payment contributions, withdrawing money, taxes due.
Personal help such as housing, a benefit to employees
Companies are today more likely to offer “benefits in kind“. And house management is becoming a booming trend. Housing can be in your package.
More than helping people to manage their daily or weekly private tasks, companies want to help their people lighten their employees’ mental workload to be able to get the best employees with the best mental health at the office. Nonvaluable actions like housing can be easily handled by a trusted third-party.
All companies are today offering vacation or paid holiday break to their employees
As no one likes to do housing (no?), this can be a major advantage to provide to colleagues!
Sick leave, a key element of employee wellness
They allow employees to stay home, take time off when they are sick. Sick leave advantage is usually paid. Conditions and the number of paid days for a year vary according to company or country laws.
Vacation, the most requested benefits
When you ask employees, the most expressed perk is a vacation. What’s better than having a holiday break? Aren’t sunny holidays the best idea to have fresh and committed employees?
Employees then take advantage of these training sessions to work on their progress in the company’s hierarchy
All companies are today offering vacation or paid holiday break to their employees, but the number of days off possible in the year is very different according to many conditions (country, legal context, employee seniority, etc.).
Coaching and Career development
The companies are now used to working on the career development of their employees. They generally provide their employees with a range of continuous learning opportunities and personal development programs.
Team members can access group training programs or individualized programs with a coach or mentor.
Employees then take advantage of these training sessions to work on their progress in the company’s hierarchy or change jobs within new teams. The company benefits from this, retaining and developing its best talents. Developing leadership programs can also benefit the company’s productivity and revenues.
Profit-sharing, a long term benefit
Very common in small structures and start-ups, the opening of capital or dividends allows for greater inclusion of employees in the company’s project.
From a company perspective, there are many benefits, including increased employee loyalty or increased productivity
This can take the form of sharing capital shares, options or just a bonus.
From a company perspective, there are many benefits, including increased employee loyalty or increased productivity. In addition, it can attract talent whose salary could not be sustained without an equity stake.
Transportation from home to work as a perk
In some countries, enterprises are invited or obliged to help their employees in financing their transportation. This can take the form of reimbursement of transport passes (train, bus, metro, tramway) or reimbursement of private vehicle costs.
Activities like Sport/activities: yoga, Mindfulness Zones, meditation etc. company-sponsored gym memberships
The aim is to facilitate the return journey between the family home and the workplace. But also to encourage the use of public transport.
Leisure activities, physical wellness, a benefit gaining in popularity
Nowadays, this is a hit! Most companies today offer gym services, fitness, or family activities on weekends.
All the options are now available: yoga class, reimbursement of your favorite sports club, free fitness lessons in the offices, in the morning before starting the day or on lunch break, gym memberships, CrossFit courses as a team-building exercise or common training for a specific objective (what if you ran the Marathon next year?).
See the best companies with proposing the best fitness offers.
Great sport or cultural activities as benefits to increase wellness at work
Activities like Sport/activities: yoga, Mindfulness Zones (salesforce), meditation etc. company-sponsored gym memberships (Motus)
With all-new online video conference tools and transportation timing, people are increasingly including this advantage in their priority criteria
It can be provided at every time of the day. In the morning, before the day starts. At midday, because its the best time to have a real break. After the day, because it’s when some employees feel like they complete their day and can then benefit from the evening to enjoy the activity.
Flexible work schedules
As the frontier between private life and work is blurring, companies proposed more and more flexible office hours. And all types of enterprise now offers that kind of advantage.
There used to be different according to company size, this is less the case. A recent study shows small companies (less than 100 people) can also offer a more open work schedule, break during the day, 4-day week or working from home.
With all-new online video conference tools and transportation timing, people are increasingly including this advantage in their priority criteria while looking for a company to join.
As a consequence of the evolution of the hiring market and companies try to be innovative in the perks they offer.
For a couple of years now, some of them are starting to offer their employees a sabbatical leave. This is regularly reserved for people who have served for years in the company.
To conclude, it can be said that today, employee benefits are not just an option for companies. In addition to salary offers and working conditions, benefits in kind, financial and well-being are criteria that have become decisive for employees’ career choices.
It’s up to you to be inspired and original in the package you offer your employees!
Add a comment: share with us how you are implementing employee benefits in your company!