There is nothing more important to a top-performing company than the satisfaction and retention of its employees. Companies that do not take care of their employees will inevitably suffer in the long run because they are unable to retain talent or attract new, high-quality workers. A happy employee will be more productive, have better customer service skills and form stronger relationships with customers. The result is that your business becomes more profitable over time.
To ensure you are able to provide your employees with benefits they love, we’ve compiled a list of employee benefits you can offer them.
1. Give employees a raise.
The best benefits you can offer your employees are the ones that will improve their salary. Increasing salaries have long been shown to increase job satisfaction and performance, which in turn leads to higher employee retention rates. Providing raises on a regular basis is one of the best ways to ensure your employees stay around.
2. Offer to match any charitable donations they make.
A great way to give back is to provide employees with the chance to donate their time or money to a charity that is close to their hearts. If your employees are happy at their job, there’s a good chance they have strong feelings about certain causes and would be eager to support them. By giving them the opportunity to donate to their favorite charity, you are not only showing that you care about your employees but also providing them with an opportunity to do good for the world.
3. Let employees work from home occasionally.
The popularity of working from home has been on the rise over the past decade, and many employees have begun to expect this as a benefit. Because of the rise in telecommuting, companies have begun to allow employees to work from home as their schedules permit. You can provide this benefit by allowing them to work from home either one or two days a week. Depending on your business, you may need to set up a few ground rules first and let them know the company is available to answer any questions they might have while working remotely.
4. Allow employees to take time off for personal reasons.
Some employees will need to take time off from work to tend to emergencies at home, spend time with a loved one in hospice care, or other personal reasons. By allowing your employees to take time off when they need it, you’re sending the message that you care about their well-being both at and outside of work. You can also increase employee happiness by offering paid days off or generous personal leave policies if your business is large enough to allow for them.
5. Add lunch and transportation stipends as benefits.
If some of your employees live far away from the office, provide them with a benefit that will ease the financial burden. By offering a lunch stipend, you are allowing your employees to eat without having to take out their wallets. In addition, you could provide transportation reimbursement for those who need it.
6. Provide a retirement plan.
If you want to attract and retain high-quality employees, then one of the best ways is by providing a retirement plan. Offering a 401k or SEP IRA to your employees can give them peace of mind that they are building for their future and will not run into unforeseen financial problems when they get older.
7. Offer tuition reimbursement programs.
Many students pursuing higher education struggle financially because of the costs involved in getting a degree. That is why it’s essential for employers to compensate employees when they go back to school. Your business can offer tuition reimbursement in the form of money, tuition discounts, or even credit hours towards an online degree program. A simple Google search will help you find affordable online degree programs that are available through your state’s community college system.
8. Provide health insurance and other benefits.
With the rising costs of healthcare, many employers are finding that providing health insurance benefits to their employees is necessary. This may be why nearly half of US workers receive health insurance through their employer. By offering this benefit, you can allow your employees to focus all of their energy on work instead of worrying about whether they will have enough money to cover any medical expenses.
9. Promote from within whenever possible.
Even if you find a superstar employee and want to hire them, it’s best to promote from within whenever possible instead. By doing this, you are creating a culture of success and showing employees that hard work will be rewarded with opportunities for growth and advancement.
Employee benefits are a great way to show your employees that you care about them. Not only do they provide financial security, but they can also make employees happier and more productive. By offering a variety of different benefits, you can attract and retain high-quality employees who will be an asset to your business.