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An extensive list of the top ten employee benefits to help employers successfully attract and retain the best talents.
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In today's business world, your company's valuable assets are no longer limited to its physical resources like buildings, stock, and equipment.
Employees are often the most essential resource to a company, and for good reasons - "With great employees comes great productivity and even greater customer satisfaction."
People want to work for employers who provide benefits that demonstrate their value by offering compensation packages that meet their needs. They also want to work for employers who realize how much company culture can affect employee motivation, loyalty, and retention rates.
So, how do you attract and retain employees with benefits other than company perks? Look no further!
In this article, we've put together a list of benefits your employees will love — and we're betting you'll love them too.
Employee benefits should be at the top of the list as one of the essential employee engagement KPIs.
Benefits, perks, and compensation may seem like the last things on a job seeker's mind when looking for their next job, but that’s not the case.
To adequately explain the importance of benefits on employee retention, check out this study by Metlife. It showed that 74% of holistically healthy employees are more likely to be satisfied with their job.
When companies tie the benefits for employee retention with the overall employee engagement strategy and map out a cost-benefit analysis of employee retention, it becomes easier to incorporate the benefits seamlessly.
And companies that want to stay competitive and be more than just a job to their employees must put their best foot forward with relevant employee retention benefits.
There are various benefits of employee retention and ways that employee benefits can impact retention. Some of them are:
One of the most significant mistakes companies make is deciding what kind of benefit or benefit plan works best without considering the needs and preferences of their staff.
Various companies are beginning to go beyond the norm to tailor their employee’s needs and build relevant benefits. E.g., Using gamification to increase employee engagement wasn’t a common trend years ago.
While employee retention is often a challenge, and there's no one-size-fits-all template for employees to offer their workers, there are areas that employers can focus their efforts.
According to a report by Metlife, there are five key areas that employers can address to build a more satisfying experience for their employees.
The five key areas, in order of importance, are:
While the above serves as a guide, it's not a call to compulsorily change your existing perks and benefits. Instead, companies need to customize the benefits to fit their employee's needs, the industry, and sustainability.
Often, the benefits you offer employees can be the difference between a good employee and a great employee. That's why it's essential to understand the benefits your employees want and what they value most.
When looking to create a benefits package to enable your brand to attract and retain top talent, it's essential to do some research. Here's a step-by-step way to begin:
Conduct your research -> Design a policy -> Implement & Promote
Firstly, start by including the question in your interviewing process. Ask candidates what perks and benefits they look forward to having.
Secondly, you can also conduct periodic in-house polls or surveys for employees to know what matters most to them - you may never know if you never ask!
Thirdly, it will be helpful to understand the benefits offered by other companies in your industry.
After researching and deciding what benefits your company will offer, it's important to document it.
A benefits policy is a document that outlines the terms, conditions and eligibility requirements for all of your employee benefits. It can be a simple one-pager. It provides clarity and accountability while ensuring that your employees understand the details of their benefits and how to use them.
Lastly, after designing the policy and ensuring that your company is capable of handling it, the implementation phase begins.
Here, the company educates the employees on the different benefits they offer and how they can make the best of it.
Read: How To Take Advantage of the Employee Retention Credit
As employers expect candidates to put their best foot forward, the modern workforce has expectations as well.
So, providing amazing employee benefits is a great way to set your company apart, especially when the playing field is unequal financially.
Ready to dive in?
Here are the top 10 benefits that can make a difference to your prospective and existing workforce.
Health insurance attracts and retains top talent because it shows that your company cares about its employees’ well-being. Employees who feel valued are often feel more loyal to their companies, which can lead to greater productivity, improved employee retention and better customer service.
Health insurance can be offered as a separate plan or as part of a group plan with other benefits such as life insurance, disability insurance and retirement plans.
A retirement plan is a program that allows employees to save money for their retirement. This can be done through either a defined contribution (DC) plan or a defined benefit (DB) plan.
Retirement plans are an important compensation package for employees because of their benefits for employee retention. They attract and retain employees by providing them with financial security in retirement. They allow employees to save for their future while they’re working, which means they don’t have to worry about saving money later in life when raising a family or paying off student loans.
Workers need time away from work to relax and recharge. Even staff who work remotely get burned out and shouldn’t be left out - hybrid team managers understand this struggle.
According to a study by Zippia, 63% of employees said they’d turn down a job offer if it didn’t include PTO.
This is a vital benefit because employees who are sick or in crisis shouldn't have to choose between taking care of themselves or losing pay. They should be able to spend time with family and friends or pursue passions outside of work.
With many companies offering remote work options, this is one of the most popular benefits. Though it can be challenging to manage, remote work can offer many benefits for employees and employers alike.
It gives employees flexibility and allows employees to spend more time with their families and other loved ones.
The benefits of a wellness program go beyond the physical health of employees. If your employees are happy and healthy, they will be more productive and satisfied with their work, increasing morale and the bottom line.
Wellness programs improve employee engagement, reduce absenteeism and reduce health costs through early detection of illness. They are one of the holy grail benefits of high employee retention.
Assisting your employees in their career or educational growth are great ways to encourage your employees and show how much you care. It's also a great investment for the future.
Companies can provide tuition reimbursement or reimbursement for certification programs. Some companies also offer mentoring programs to help employees improve their skills.
Employee stock ownership plans (ESOPs) are a popular way to incentivize employees while reaping the benefits of staff retention. They are also an effective way to increase loyalty, morale and productivity.
Employee Stock Ownership plans allow employees to buy shares of their employer's stock. And employees are more invested in your company when they have a stake in its success.
Flexible benefit systems are a key component of a strong employee value proposition.
Employees can tailor their benefits with flexible benefits plans to meet their specific needs and circumstances. Employers offer options to workers and they can choose their benefits based on their lifestyle.
Employee longevity is a key indicator of employee engagement. And in this era of job hopping, rewarding long-standing staff is like a two-pronged sword. You're appreciating them for their efforts as well as their loyalty.
You can do this by offering certain benefits or incentives when an employee reaches a certain milestone in their career with the company.
Promoting from within helps companies retain talent and build employee loyalty. It seamlessly shows how benefits affect employee retention.
Promoting from within the company helps creates a culture where employees are inspired to work hard and do their best because they know that their efforts will pay off.
When you promote someone from within, it benefits the company as well. The employees already understand the company's values and they can hit the ground running.
The salary is an essential consideration when hiring staff but employee benefits are more than just a paycheck. They are the kind of attention to employee needs that stand out in a talent acquisition environment.
Employee benefits often serve as the benefits of employee retention programs, increasing employee retention while helping employees thrive.
So, companies looking to stand out will need to go beyond the salary offer in order to attract and retain not just good, but great talent.
Get the foundational knowledge on creating an employee recognition program that boosts employee engagement and helps them feel valued.
Explore Guide
Yes, at Assembly, security is a top priority. Each quarter, we have ongoing security work that is everyone’s responsibility. While we maintain a strong security posture, it was important for us to prove to our customers that we do everything we claim to do. This led us to pursue a SOC 2 Type II report that would provide evidence of our compliance with industry gold-standard security practice.
There is study after study showing that employee recognition leads to increased engagement. This in return creates an environment where employees are happier and more motivated which increase productivity and reduces voluntary turnover significantly. In order to filled critical roles, companies tend to spend nearly twice the value of an annual salary. Assembly is an investment in your employees that supports your bottom line.
Yes, we will offer contracts for companies with longer-term agreements to help larger customers have more certainty around future costs.
The minimum agreement term is a 12-month subscription.
We do and for FREE! Any new customer needing further support to get started with Assembly to ensure you're set up for success can request custom onboarding support. Improving your employee experience is about much more than just using our amazing software; it’s about transforming your business to create a workplace that people love. That’s much easier to do with the personal support and advice from our passionate people experts.
At the time of redemption (when your employees exchange their points for a paid reward) you'll pay face value. If a reward is a $10 Amazon gift card, your cost will be $10. All paid rewards are billed for on a monthly basis.
The good news is that you don't have to pay for rewards upfront because we only charge you when points are redeemed, not when they're earned.
We offer discounts or educational or charitable organizations. In order to secure a discount, you'll first need to book a demo with a customer support specialist.
For all other organizations, we are willing to consider longer-term agreements in exchange for discounts. To set up annual plans or longer, you will need to book a demo with a customer support specialist.
If you're on a month to month plan, you can go here and cancel anytime. If you're having concerns or need help setting up your account for success, you can always book a demo with a customer support specialist.
If you're on a longer-term custom plan, you'll need to reach out to your customer support specialist to cancel your account or email us at support@joinassembly.com.
Great question! You can customize your core values to match your organization's to boost and track alignment. You can change your currency from the 🏆 emoji (our default) to any emoji of your choice. You can swap our logo for your own. You can also set up company culture rewards such as, "Lunch with the CEO," "Buy a book on us," and so much more!
While we recommend a peer to peer set up where anyone in your organization can give or receive recognition, you can set up Assembly however you want. If you need to limit the people who can give or receive recognition, that's perfectly fine and can be done from your Admin, here.
Assembly connects to the tools your employees use every day to offer an easy, seamless experience with minimal change management.
Assembly has integrations with HCM/HRIS systems like ADP, Google, Office 365, and Slack. We also integrate with communication tools like Slack and Teams so you and your employees can access Assembly wherever they work now.
That depends on the company's permissions set up. That said, over 90% of the employees on Assembly's platform are recognized on a monthly basis. That means nearly every employee across all of our customers are receiving regular recognition from their peers, managers, or leadership. We're extremely proud of this.
They are not required. You can use Assembly without having rewards set up. However, we don't recommend it if you intend to have a high adoption and usage rate. You can always keep the costs down by offering internal culture rewards that are fulfilled by you internally.
No, you can remove allowances from anyone or everyone. It's up to you but we do recommend using points whether they're worth a real dollar value or not. Companies that use points have a much higher engagement rate even if those points don't exchange for real dollars.
Please schedule time with an expert and we will help you to get all your questions answered
