In a recent Glassdoor survey, nearly half of all job seekers in the U.S. said they would choose a job with excellent benefits over a higher salary. Savvy employers recognize that employees are looking for quality of life over financial compensation and offer benefits that attract and encourage loyalty. So here are some tips from B2B Times to attract the best employees.
Why Happy Employees are Better Employees
Much is written about happiness at work, but do happy employees equal happy employers? You might be surprised that we spend about a third of our lives at work — up to 90,000 hours for the average employee. Understandably, we want to spend our time in a satisfying and meaningful way.
A recent Forbes article states that employees who are happy at work are 12% more productive. In addition, they found that happy workers grow company value. Research into companies’ stock prices in the high-morale group increased 19.4%, compared with only 10% for the low/medium morale group.
It is in an employer’s best interest to make their workers happy. U.S. companies have realized that providing employees with attractive benefits will boost morale, increase job satisfaction, and decrease stress. So what are the highest value benefits out there?
Best Money Moves looked at the highest-rated employee benefits in the U.S. The top 10 employee benefits were:
1. Financial wellness programs, including access to financial resources and advice
2. Flexible work arrangements (like flexible working hours or remote working)
3. Health Insurance
4. Paid time off
5. Mental Health benefits (like therapy, counselling, and time off)
6. Family-friendly employee benefits (like childcare assistance and parental leave)
7. Professional development, including development and further education
8. Student loan assistance
9. Pet-friendly benefits (like free pet insurance and pets being welcome in the office)
10. Social responsibility (like community outreach programs)
While some of these benefits only help the employee, others also greatly value employers.
According to The Hartford, a health insurance policy “reduces absenteeism” is another saying that healthy employees are present and productive more often. Investing in your employee’s health means fewer sick days, less stress and anxiety-related illnesses, uninterrupted workflows, and higher sales and cash flow.
Wellness programs can include access to nutritionists, discounted gym memberships, or yoga sessions. The benefits of yoga include improved Concentration on work and decision-making, so employees are better equipped to handle larger workloads. Employees are then more fulfilled by their work and have a more positive outlook and attitude towards work. The company saves $5.82 in employee absenteeism costs for every dollar spent on wellness programs.
Savvy companies prioritize employees’ mental health and offer benefits designed to relieve stress. These benefits include access to therapists and counselling sessions and offering flexible working hours, remote working, and quiet rooms.
Education and Training
Education is another benefit that has a joint return. Employers realize that they have a higher-skilled workforce by contributing to their staff’s higher education. The skills that employees learn will help boost business and create a wider talent pool.
Contributing to employees’ higher education also shows a shared interest in their professional development, boosting morale and driving company loyalty. Education programs can be part of succession planning and personal development plans.
Education can include days off to attend classes, coaching programs, paid tuition, or access to online courses. Many online degree programs provide coursework that allows employees to earn their credentials at their own pace, whether a Master’s in Business or a Bachelor’s in IT.
Companies that offer benefits to employees have a happier and more productive workforce. Intelligent employers should offer incentives, such as wellness programs or access to higher education, that mutually benefit the company. Taking care of your crew this way means higher productivity and employee retention and, by extension, a boost to your bottom line.
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