Employee benefits are often underrated and overshadowed by salary. However, employee benefits are essential for retention. According to the Society for Human Resource Management, The cost of replacing an employee can range from 25 percent of the worker’s annual salary for a low-skill position to 150 percent or more of annual pay for a high-skill post.
Employee benefits are significant because they can help reduce the cost of replacing an employee. They can also improve the quality of life for employees and their families. According to the National Institute of Health, workers with employer-sponsored health insurance are more likely to receive preventive care, including screenings for cancer and cholesterol, than those without coverage.
Employee benefits are an essential part of the recruitment and retention process. Employers should prioritize employee benefits to retain valuable employees. The standard benefits package will be critical, but there are a few underrated items you can add to appeal to your employees.
Sometimes, surprises will delight your employees. A performance-based bonus is an excellent way to show employees that their efforts are recognized and appreciated. You can set up a system where employees receive rewards based on individual or team goals. This benefit will give employees something to work towards and provide motivation.
You can also offer non-monetary rewards, such as extra vacation days or flexible work hours. These types of benefits are often more valuable to employees than cash bonuses. They are also constant and are available at a moment’s notice. If employees need to take a leave for an emergency or no one is supervising their child, they can use these benefits without having to worry about accruing debt.
Employee Assistance Programs
An employee assistance program (EAP) is a benefit that provides counseling and support to employees who are struggling with personal issues. EAPs can help employees deal with stress, anxiety, depression, substance abuse, and other challenges.
EAPs benefit employers because they can help improve employee productivity and morale. They can also reduce absenteeism and presenteeism. EAPs are often underutilized but can be a valuable resource for employees.
You can secure EAPs through insurance providers or third-party providers. Some employers choose to provide EAPs as part of their health insurance benefits. This ensures that all employees have access to the resources they need.
Commuter benefits are another underrated employee benefit. Commuter benefits allow employees to set aside pre-tax income to pay for qualifying transportation expenses. This includes public transportation, vanpooling, and parking fees.
Commuter benefits benefit employers because they can help reduce traffic congestion and pollution. They can also save employees money on their commute. Commuter benefits are available in many states and cities, so check to see if your employees would be eligible.
Healthcare insurance will be valuable for employees, but you can take it further. Dental insurance is an excellent way to show employees that you care about their health and well-being. Dental insurance can cover many services, including cleanings, x-rays, and fillings.
Dental insurance is often overlooked, but it can be a valuable employee benefit. It’s important to remember that dental health is integral to overall health. Employees with dental coverage are more likely to visit the dentist for preventive care. This step can help avoid costly dental procedures down the road.
If dental insurance is too expensive, you can also partner with a dentist for discounts on specific procedures. Tooth implants can be costly for employees, but they might be necessary. Fortunately, your partnership with the nearest dental clinic can help them ensure tooth replacement services as soon as possible.
Child Care Assistance
If there is something that people prioritize more than their career, it will be their children. Many parents struggle to find affordable and high-quality child care. This can lead to absenteeism and presenteeism.
You can help employees with this burden by offering child care assistance. This benefit can take many forms, such as on-site child care, subsidies for childcare expenses, or referral services.
Employees will appreciate your effort to help them balance their work and personal lives. Child care assistance is a benefit that can attract and retain employees.
Fitness programs are another excellent way to show employees that you care about their health. Fitness programs can take many forms, such as on-site gyms, fitness classes, or subsidies for gym memberships.
Fitness programs benefit employers because they can improve employee productivity and morale. They can also reduce healthcare costs. Physically active employees are less likely to suffer from chronic diseases.
You can offer fitness programs as part of your health insurance benefits or as a separate benefit. Many employers choose to offer both options to give employees the most flexibility.
There are many underrated employee benefits that you can consider adding to your benefits package. These benefits can help you appeal to employees and improve your retention rates. By offering these benefits, you can show employees that you value their health and well-being.