While you might assume that most professionals would be lured purely by a salary offer, top talent know that employee benefits are just as valuable as a salary, if not more.
Indirect, non-cash compensation is what most professionals are offered in an employment contract. These kinds of benefits show employees that they are valued and appreciated. Moreover, job satisfaction rates are directly linked to contractual benefits offered by employers. And because employees are any company’s most valued asset, it’s essential to provide perks that will lure and retain top talent.
With this, here are some of the most valuable benefits that employees look for when applying for vacancies.
Health Insurance
It’s no secret that healthcare costs can cripple even the most financially stable households. It often takes just one chronic illness or significant medical treatment to bankrupt a family. Unfortunately, there’s no way of altogether avoiding the possibility that you might fall ill, which is why health insurance is an essential policy for everyone.
However, health insurance premiums are also quite pricey, and many professionals can’t stretch their salary far enough to afford these costs. As a result, professionals often specifically look for benefits like health insurance.
Corporate health insurance is the best way to afford the costs of healthcare for all of your employees. This kind of group insurance policy provides affordable cover options for employers.
Disability Insurance
Health insurance covers the costs of various medical treatments, but it does not protect employees from all of the other expenses that can stem from short and long-term disability. These costs typically include income loss, live-in care, and various assistance services.
Instead of leaving your employees to fend for themselves should they become disabled, it’s wise to show compassion by offering a disability policy as part of contractual benefits. Once again, you can find group disability insurance policies that are more affordable than individual policies.
Corporate Discounts
A quick way to upset your employees is by charging them the same price for goods and services as customers. Your employees will know the original costs of products and services offered by your company, and they won’t want to funnel their income back into the company out of principal.
Instead, offer your employees corporate discounts and consider creating a product or service testing strategy that involves your employees. Internally testing products and services before launching is a great way to boost employee engagement as well.
Even though you won’t be able to profit from services and goods sold to employees at original prices, this small perk can improve employee retention and job satisfaction rates.
Paid Vacation
If you aren’t paying your employees for their vacation time, there’s a good chance your employees are using company time to search for alternative employment. Moreover, your employees are less likely to take leave routinely, which increases risks of burnout, poor performance, and decreased job satisfaction.
Instead of losing your employees to companies that understand the importance of paid vacation time, tailor company benefits to encourage work-life balance. Paid sick leave is another essential benefit that employees look for.
Retirement Funding
While most professionals eagerly anticipate retirement to enjoy life without the confines of employment finally, it’s a well-known fact that affording retirement is not always possible.
Employees need to start saving for retirement right from the get-go. Beyond keeping up with inflation and the ever-increasing cost of living, a comfortable retirement often seems out of reach. But when employers tailor a retirement fund that supports a comfortable retirement, employees have a lot less stress about the future.
Performance Bonus
One of the most effective ways to boost productivity among employees is to offer a performance bonus program that compensates employees for their efforts. This kind of benefit will also boost employee loyalty as top talent will pursue performance goals to increase their incomes.
Childcare Facilities
While smaller businesses might not be able to afford the costs of an on-site childcare facility for employees with children, it’s still possible to offer these benefits in the form of compensation.
Parents need to make so many sacrifices to give their kids the best possible life, and the only reason they need to afford childcare is to attend work. So it makes sense that employers should consider affording at least a portion of these costs.
Employee Training
Internal hires cost companies a lot less than external hires. Therefore, promoting employees is more affordable than finding new ones. The only way to make this possible is to offer employees ongoing training opportunities for career growth. Employees are also more loyal to companies that support growth and encourage continuous learning.
Tailoring employee benefits and perks that top talent look for is the best way to improve employee loyalty, engagement, retention, productivity, and overall job satisfaction.
