When it comes to curating a valuable employee benefits package, as an employer, there are a variety of employee benefits and perks that you can consider implementing within the package. However, many make the mistake of simply adding common benefits, not thinking about its impact on their employees.
An excellent employee benefits programme both attracts new talent and retains current employees. So, if you’re wondering how to achieve this, here are 7 overlooked benefits to consider for your employee benefits package:
1. Wellness and wellbeing programmes
Employee wellness has become extremely popular since the COVID-19 pandemic, so it is not surprising that this type of employee benefit is recommended. This could be in the form of a number of different perks including:
- Gym memberships
- Fitness or meditation classes
- Wellness schemes – cycle to work, 6000 steps a day challenges, etc.
- Monthly wellbeing seminars
- Healthy office snacks
All of the above contribute to ensuring your employees live healthier and happier.
2. Flexibility
Although this may seem obvious in a post-pandemic business world, you’d be surprised at how many (or lack of) companies offering flexible working hours. Remote working has become a norm, so offering employees the opportunity to work from home is a benefit that they’ll surely want to take advantage of.
3. Student loan repayment assistance
One employee benefit that is certainly overlooked is student loan repayment assistance – student loans can be the bane of some of your employees’ lives, adding onto their stress and problems. Paying towards your employees’ student loans debt can help boost their morale, as well as improve employee retention rates.
4. Insurance
Although private healthcare insurance is already a popular employee benefit that many employers offer, there are also other types of insurance policies that are sometimes ignored. For instance, group dental insurance, life insurance, and/or even pet insurance are types of insurance policies that can also be valuable in an employee benefits scheme.
5. Paid time off for mental health
Prioritising mental health in the workplace is a challenge that employers still face today – however, one way that employers can support their employees with their mental health is by offering paid time off. This could potentially help with reducing the likelihood of burnout, alleviating stress, and improving employees’ general mental wellbeing. You could even consider having a Friday off every month (either fixed or of employees’ own choice) as part of this.
6. 4 day working week
The concept of a 4 day working week is becoming prominent in the UK – the trial itself saw 56 of the 61 companies extending the 4 day working week, with 18 making it permanent. As a result, there seems to be value in investing in a 4 day working week, so it is something to definitely consider as an employee benefit.
7. Pension and retirement plans
According to a Forbes Advisor survey, 34% of employees cited pension and retirement plans as an important and desired employee benefit. Planning for the future is crucial for employees, so it’s vital that employers are able to support their employees with this – in turn, you can expect increased motivation and morale, as well as reduced employee turnover numbers.
