A workforce is the backbone of any business – big or small. The people that work for a company are the ultimate system underpinning the organization’s ability to perform, grow, and thrive. It is easy to understand why offering employee benefits are a great idea to achieve a company’s objectives and goals.
Why Are Employee Benefits Crucial?
Offering more than just salaries to your employees is a way to show them that you are keen on investing in their future. Establishing a solid employee benefits plan is a great idea to attract and retain the best talent. Also, having a great ‘benefits plan’ in place sets you apart from competitors and makes you the ideal choice for talented candidates.
In fact, employee benefits could be a major factor why most talented candidates would choose you over other companies, even if they have better compensation packages. Benefits work like the cherry on top and if it covers the major considerations of an average employee, it is definitely worth it.
Some common benefits that most businesses offer include:
- Health plans
- Life insurance plans
- Retirement plans
- Paid vacations
- Sick leaves
- Paid holidays
These are factors that some employees would be more attracted to instead of a bigger salary number.
How Are Smart Benefits Different from Regular Benefits
Time has evolved everything around us. From smartphones to smartwatches, smart devices, smart homes, and now even smart benefits. There’s a switch towards this trend to make sure the employees are thoroughly satisfied with their company.
In addition to the regular benefits, organizations are now also offering smart benefits to their employees to help them evolve and grow and to enable them to work even from remote areas. This year, most organizations are about smart benefits such as efficient compensation management to ensure the employees are still able to work and be as productive as possible by offering them benefits that set them apart.
These benefits are different from regular employee benefits because of the immediate outcome.
Top Smart Benefits Organizations Are Offering This Year
Here are the top smart benefits that some organizations are now offering their employees:
This is a highly important benefit this year. Having flexible hours has become more of a basic modern-day requirement of the workforce these days. The best part is that offering this employee benefit does not cost anything to the employers. It was discovered in a survey based on employee benefit policies that:
- 68% of team leaders believe that offering flexible working hours to the employees bring a positive impact on the teamwork
- More than 40% of employees would opt for a job with a lower salary if it offers better employee experience and a greater degree of work hour flexibility
- 6% of employers believe that they’re able to hire better candidates by offering flexible working hours.
Being able to draw work-life balance has become highly important these days. And organizations offering flexible working hours promote this theory. These initiatives have become the most cost-effective and impactful employee benefits that help maintain both employee happiness and better retention rates.
Remote Work Permit
Another smart employee benefit this year is allowing employees to work remotely. This benefit alone has a great impact on both employer and the employees.
Offering partial or fully remote positions can provide the leeway most employees require to stay loyal with the company and offer great productivity. When companies offer such smart benefits, employee productivity and retention goes up through the roof.
In addition to maintaining work-life balance – as mentioned earlier – working remotely also promotes positivity towards work itself. It is a great way for employees to generate creativity and give their 100% to an organization that offers such flexibility.
According to a survey, employers are more inclined towards providing company-owned tech equipment such as smartphones and laptops to top hires for personal use. Smaller businesses often opt for subsidies for bills for employee-owned devices. Tech benefits are a great way to ensure the employees have the right equipment to get the work done with full efficiency. This also helps if the employees are working remotely or traveling.
In addition to the standard benefits, offering smart benefits to employees help employers create an environment where the workforce thrives and boosts your business performance. When the workforce is happy and loaded with all their essential requirements, businesses prosper!