As a small business owner, it’s important to offer benefits that will attract and retain top talent. But it’s not enough to just offer any old benefits; you need to offer the right benefits. The benefits your employees want are those that will improve their quality of life both in and out of work. Here are five of the most popular employee benefits, and how they benefit you as an employer
1. Health-related Benefits
One of the most important benefits your employees want is health insurance. In fact, a recent study found that nearly 63% of employees stay in their job because of their benefits and place health insurance in their top priorities. Offering health insurance is not only a great way to attract and retain top talent, but it’s also good for your bottom line. Healthy employees take fewer sick days and are more productive when they are at work.
Health insurance has positive effects on your bottom line, too. For starters, healthy employees take fewer sick days. They are also less likely to need time off for doctor’s appointments or to care for a sick family member.
With dental benefits, you further reduce the chance of sicknesses that reduce productivity, such as toothaches. There is also no reason for front-end, customer-facing staff to look sickly if you offer comprehensive health benefits — this is particularly important in sales, where a deal can be broken or sealed depending on whether you have a mouthful of broken teeth or have had your teeth replaced.
Overall, providing health insurance is a win-win situation for both you and your employees. It helps keep your employees healthy and productive while attracting and retaining the best talent.
2. Retirement Savings Plans
Another benefit your employees want is a retirement savings plan. A 401(k) or other retirement savings plan allows your employees to save for their future while getting a tax break on their contributions. As an employer, you can choose to match your employees’ contributions, which is a great way to show your employees that you care about their future. Not only that, but offering a retirement savings plan can help you attract and retain top talent. After all, if you can secure a good retirement, wouldn’t you work hard and stay on board a company for a long time, too?
3. Flexible Work Arrangements
Flexible work arrangements are becoming increasingly popular, especially after the pandemic. It used to be more popular among millennials, but now, it is more mainstream. Offering flexible work arrangements shows your employees that you trust them to get their work done, regardless of where or when they do it. And happy employees are productive employees. Plus, flexible work arrangements can help you recruit top talent from outside your area by making your company more attractive to remote workers.
There are ways to ensure that your employees remain productive, such as by using monitoring apps like Hubstaff and ActivTrak. When using these, you have to inform employees because not telling them otherwise may be considered an invasion of privacy (especially if they discover it). Either way, using these apps deliver a strong message of distrust, so determine whether the responsibilities of a role require this level of micromanagement before using these apps. Distrust creates a large divide between managers and employees, which is ultimately bad for business. The best way is still the simplest one: set clear targets for your employees, and remedy productivity issues through coaching and proper conversations.
4. Paid Time Off and Work-Life Balance
Paid time off and work-life balance are benefits most employees want. Employees value having time off from work to recharge their batteries and spend time with family and friends. And when employees have the opportunity to disconnect after their shift or take paid time off, they’re less likely to experience burnout or job dissatisfaction. Everyone needs hobbies—even if you love your business and consider it your biggest pastime, that may not be true about your employees. Let them have time for themselves, too! That’s good for you as an employer because it means your employees will be more productive and less likely to leave their job.
5. Employee Assistance Programs
Employee assistance programs (EAPs) provide counseling and other services to help employees deal with personal or work-related problems. EAPs can help improve employee productivity by helping them deal with personal issues that may be affecting their work performance. And happy, productive employees are good for business!
Overall, there are a variety of benefits you can offer your employees to improve their health and well-being. Providing comprehensive health insurance, retirement savings plans, flexible work arrangements, paid time off, and employee assistance programs are some of the most popular benefits employees want. When you offer these benefits, you show your employees that you care about them and their well-being. And happy employees are productive employees!