Employee Benefits: 15 Types That Your Company Needs
What are Employee Benefits?
Employee benefits are forms of non-wage compensation that employers offer to their workforce in addition to their regular wages. Most employers provide some benefits package to their workers, although the types of benefits that companies choose to offer vary depending on the company size, industry, and culture. Here, we will explore the different types of benefits that organizations provide and look at some specific suggestions within each category that you may consider implementing for your staff.
Different Types of Employee Benefits
Employee benefits generally fall into four different categories: work, health, financial security, and lifestyle.
Benefits at work make time in the workplace more enjoyable, including office snacks, flextime, team activities, or gifts.
Benefits for health are those more traditional benefits that employers typically offer. The most popular benefits in this category include healthcare, dental and vision insurance, and wellness programs.
Benefits for financial security are also some of the more standard benefits that one might see in a benefits package. Examples include pension plans, retirement plans, 401k matching, and stock options.
Lifestyle benefits focus on creating a positive, work-life balance for your team. PTO and remote working options are both examples of lifestyle benefits.
15 Examples of Employee Benefits
If you’re still looking for some ideas for new benefits to implement for your staff, we’ve broken down each category with a few examples to consider:
Benefits at Work
1. Flexible Work Hours
Life can be unpredictable, and many people appreciate having the flexibility to complete their work outside of a rigid 9-5 work schedule.
2. Pet-Friendly Workplace
Some studies show that having pets, such as dogs, in the workplace can boost morale and improve overall mental health.
3. Snacks and Beverages
Having snacks, especially healthy ones, available at the office can help keep energy high and boost productivity.
4. Skills Development
Providing your team with opportunities to improve their skills can make them feel valued and add to the talent of your workforce.
5. Company-Wide Retreats
Retreats with your entire team can help build a sense of camaraderie and morale in the workplace.
Employee Benefits for Health
6. Health, Dental, and Vision Coverage
Investing in the health of your staff is one of the best ways to show that they are valued. In addition to improving their quality of life, it can also help your small business save on taxes.
7. Wellness Programs
By contributing to wellness, you also ensure a more productive and positive workforce.
8. Free Gym Memberships
Providing a gym membership may be an offering that workers may not otherwise get on their own, contributing to their overall health and wellbeing.
Employee Benefits for Financial Security
9. Pension Plans
Employees are more likely to remain loyal to their employer, knowing that the employer has a vested interest in their future by contributing funds for when they retire.
10. Retirement Plans
Like pension plans, retirement planning options give workers more incentive to be loyal to their employer if there is a reward after years of dedicated service.
11. Matching 401k Contributions
By matching contributions that an employee makes to their 401k, employers can show that they are actively interested in their future.
12. Company Stock Options
Employers can help workers feel more connected to the business itself by allowing personnel to take literal ownership of the company they work for.
13. Remote Working Options
Allowing staff to work from home, even part-time, gives them a sense of freedom and takes away the rigid structure of a traditional office.
14. Tuition Reimbursement
Tuition reimbursement is an investment in your people. Not only do they receive more skills and education, but this perk can also help reduce turnover and increase retention.
15. Unlimited PTO
Unlimited PTO may seem outlandish, but implementing this policy can establish a culture of trust. Additionally, it can also be an effective recruitment and retention tool.
With all of the available options for employee benefits, there are nearly unlimited ways for your company to create a package that shows that you care. No matter what you offer, it shows that you value your people and are invested in their success and not just their contributions to your company.
For next steps, take a look at how to design an employee benefits package.