In today’s market, employees seek more than just the highest compensation. They’re looking for a company with generous benefits and perks packages that can fit into their lifestyle. Benefits and perks are the keys to satisfying and retaining employees, especially in a challenging hiring market.
Making smart decisions with your benefits package can be a powerful way to add value to your company for every current and prospective employee. But how do you choose the best benefits and perks? Understanding the options available is essential to make informed decisions about what works best for your company. These benefits and perks are what candidates and employees genuinely look for in an employer.
Quality Health Insurance
Health Insurance is standard with any company, but it’s essential to know that there are many different insurance packages, some more helpful than others. While you don’t have to offer top-tier coverage, you want to select an excellent middle ground that can reduce your employee’s financial burdens. A quality health plan covers your employees, lowers the company’s costs, and is deductible from federal taxes.
Robust 401(k) Plan
Now more than ever, employees are thinking about their future and retirement. Online resources are increasingly stressing the importance of a solid plan. Thus, candidates want to work for a company that offers a retirement savings plan designed to support them in the future.
An attractive retirement plan can include one sponsored by the company and a selection of investment options, including stocks, bonds, and mutual funds. Companies have also offered competitive matching benefits that can significantly increase the appeal.
Generous Parental Leave
There are a lot of parents and prospective parents in the workplace, and offering generous parental leave can provide a workplace that fits better with their lifestyle. It can make a difference when interviewing candidates and retaining top talent.
Parental leave from companies can include paid time off to care for sick families and to support new and returning parents. When companies allow more parental leave, employees are more likely to stay with the company and perform better.
Workplace Wellness Program
Wellness programs are relatively newer in perks added to appeal to prospective employees and improve employee retention. A workplace wellness program improves employees’ overall physical and mental health. It can reduce the cost of healthcare and increase productivity by providing an outlet for coping with stress and anxiety caused by the workplace. Those participating in a wellness program are more likely to stay with a company and are more motivated to perform well.
Severance Packages
While severance packages include a payout to an employee in the event of a layoff and have advantages and retirement funds, layoffs happen, even when companies do everything they can to avoid them. Companies that include severance packages in their benefits use them to improve company culture and protect the brand’s reputation.
Other Perks
Many companies offer various incentives and perks to boost employee retention. These perks can include membership discounts at gyms, gift cards and points packages, free counseling, and more.
Creating an attractive benefits and perks package can set you apart from the competition. It can help keep your current employees happy and retain top talent, improving the success of your business.
Ensuring you deliver a quality benefits plan that saves money, makes employees happy, and keeps you in compliance with State and Federal regulations. Outsourcing benefits administration with Kona HR can deliver peace of mind and a better benefits experience for employers and employees. Learn more about our Benefits programs here: https://www.konahr.com/benefits/
