While working for someone else has its fair share of downsides, such as the minted freedom and time control, it also comes with various upsides. Most of all, being employed, especially in a well-established company presents several benefits to you. Of course, the benefits you’re entitled to will depend on the company or organization you’re working for, your position, and the terms of your employment agreement. These days, as much as the wages are a major determinant factor for how competitive a certain position is, many potential employees are more focused on the benefits included in the package overall. For this reason, employers have become more focused on the employee benefits they include in the package to attract some of the best candidates in the industry.
On this note, here are 8 of the most sought-after employee benefits potential employers need to know about.
1. Health Insurance
For employees and pretty much anyone, nothing is more important than being in good health. However, situations do arise where one falls sick and considering the increasing costs of treatment and medication for most ailments, health insurance is among the things many employees look at before deciding to sign on the dotted line. It turns out that employees with better healthcare benefits are happier and more productive since they’re confident that they’re covered in case they fall ill and have to miss work.
When it comes to healthcare insurance, employers often have two main options to offer. These include premium reimbursement and group health insurance. While the former is designed to cover employees’ health care needs as individuals, the latter provides health cover for employees as a group. The best thing about group healthcare spending accounts is that these plans are more cost-effective to employers and more convenient for employees. While they enable employees to foot bills not usually covered by traditional health plans, employers can also claim the money as tax-deductible expenses.
2. Retirement Benefits
No one wants to lead a troublesome life when they retire. Everyone wants to live comfortably and enjoy their prime years as much as they can without financial strain. For this reason, many employees seek to work for companies that provide decent retirement benefits and pensions. Many are looking for employees that offer retirement programs that encourage one to start saving early for retirement. As a matter of fact, some employers will contribute more towards your retirement fund depending on how much you contribute each month.
3. Wellness Programs
Some of the most successful companies greatly value their employees. They consider them an asset and for this reason, they invest in the workforce. One of the ways they do so is by ensuring that their employees are healthy and productive through adopting employee health and wellness programs. This may involve establishing gyms within the institution, saunas, sports facilities, and stress management programs, among others.
4. Company Outings
Outings and get-togethers are critical in creating a happy and coordinated workforce in the company. It improves socialization, morale, and team spirit as employees get to bond outside the office environment, have fun, and become free with each other. Apart from dinners in hotels and restaurants, these could be done in sporting events, team-building experiences, and even plays. They work best when done at least once or twice a year and employees love them.
6. Training and Tuition Reimbursement
Since time immemorial, employers have always preferred retaining staff that develop themselves academically. Even today, simply advancing your studies, getting a second degree or taking an extra course can earn you a promotion or salary increase. However, education is never cheap and for this reason, many employees are seeking positions at organizations that offer training or can support them when they need to further their education.
7. Workplace Flexibility
With the economy getting steeper, many people find the need to work more than one job to make ends meet. This means that the 9-5 work routine may not work for some people. More people are looking for jobs with flexible working hours. Additionally, most people are also looking for jobs where they have the option to work from home, which has been a huge savior in 2020 amid the COVID-19 pandemic crisis. For this reason, many employers are creating positions in which some of their employees can work remotely if they choose to.
8. Student Loan Assistance
Last but not least, student loans are a giant burden for many people, especially in the US. They often stand in the way when someone wants to seek credit, say a personal loan, car loan, mortgage, or home loan. It’s a huge plus for employers who offer student loan assistance as they get to recruit more competitive candidates into various positions.
Today’s employees have become quite savvy. In addition to things such as a decent salary, a good company reputation, job security, many people want a job with an attractive employee benefits package. It’s one of the things that define job satisfaction!
