Research has proven that employees are more satisfied with their employer relationship if they receive an annual total compensation statement. And every employer wants to stand out with their employee benefits. Unfortunately, your brand can’t stand out if your benefits are only the ones every employer offers. Nearly all US companies guarantee access to 401(k) and health insurance. Consequently, employers have to go above and beyond to offer unique benefits that current staff feel are worth staying for, and future employees find enticing.
Prospective employees will assess your company’s benefits while deciding between job offers. With unique and carefully thought-out benefits, employers can secure the services of the brightest minds and hardest workers in any given industry.
Some employers don’t take credit for certain benefits they offer their employees, which leads to an unappreciation of the benefits. Adding the following benefits, and then adding them to your employee benefit statements, can help your personnel appreciate the benefits they get.
Note that you can probably attach a dollar value to most of the benefits given below. But even if you are uncomfortable doing that with some benefits, tools like COMPackage still allow you to list the benefit without showing a dollar amount.
Include free parking in your employee benefit scheme if your company made the decision to reside in the suburbs where there is no cost for parking. Besides being an incentive for driving among employees who opt to drive to work, free parking makes commute a hassle-free experience since employees don’t have to worry about parking fees or parking spots.
It will help to add Paid Time Off (PTO) including holidays, sick days, and vacation time in your total comp statements if your staff will access a designated period of paid days off. Many administrators often think that this time off is a part of an employee’s pay, but is it really any different than health insurance? You pay for it; why not ensure employees know it’s a benefit?
Access to Company Vehicles
A company car/truck gives employees a professional image. Moreover, the vehicle enhances the employee’s productivity, thanks to the availability of a reliable means of transport. Your employee benefit statements should have use of company car/truck since the vehicle will eliminate the employee’s need to purchase and maintain their own car, typically replacing or at least reducing the cost to maintain a second car in their household.
Company-paid Cell Phone
Your employee benefit statements should have company-paid cell phones, especially if your employees need one for their job, and the company pays for the phone’s associated costs like internet, voice, and text plans.
Employees can enhance their skills and competencies within the workplace, thanks to the company’s in-house trainers. Include in-house training in your employee benefit statements if your company has programs that help employees attain professional growth. Offering your employees free, in-house training will give them an opportunity to learn about important aspects of their work. Classes may also give them a chance to apply for other jobs within the workplace. Management training, for example, will prepare them to become a team leader or supervisor. And placing an equitable value on it is fair for a total compensation statement.
School Tuition Reimbursement
Many employees choose to further their education by returning to college and earning their degrees. If they are working toward a degree that will help them advance within their current job or move up toward a management position, school tuition reimbursement will allow them to earn their degree without placing a financial burden on their family. This can be a huge incentive for staff that want to grow; it’s especially of interest to millennials!
Exposure to industry best practices, motivation and engagement, professional development, and networking opportunities are some of the benefits employees gain from out-of-town conferences. Consequently, it will help to list out-of-town conferences in your employee benefit statements when your company will be paying for your employees’ expenses during the out-of-town conferences. Employees love to be on the receiving end of these valuable life opportunities.
Health and Wellness Benefits
Gym memberships, yoga classes, massage therapy, and corporate challenge athletic events will encourage your employee to live a healthier lifestyle. When employees make the choice to get healthy, their mental outlook and productivity levels improve. They are more excited to come to work and look forward to facing new challenges. Paying for these programs will make a lot of employees happier and benefit the company in the short and long run.
Health Savings Accounts
Health savings accounts (HSAs) are tax-deferred and provide extra benefits that support your health insurance. The money in the HSA can be used for healthcare purchases like bandages, wraps, vitamins, supplements, and over-the-counter medications that your family would normally pay for out of pocket. Both the employer and employee put money into the account which can be used at any time for these types of purchases.
If your company is inclined to provide stock options to your most valued employees , then show it on your total comp statement. An employee is more likely to be vested in a company if they feel as if they have a stake in what is going on. The shares they own will also provide dividends they can rely on for their future. Over time, it can grow into quite an investment.
Access to Employee-Paid Benefit Programs
Employers who offer access to employee-paid benefits that take advantage of discounted group rates (e.g., Aflac supplemental insurance) should highlight these. This would include things like offerings that allow company staff to enjoy discounts on gym memberships, dental care plans, and so on.
Employee compensation and benefits – and your ability to communicate these – will determine the workforce available to your company. Note that companies are in a never-ending competition for top talent, and this is why you need to keep up with the benefits your prospective hires deem meaningful. Offering sought-after (in-demand) and competitive benefits can help your brand land the talent it desires.
Lastly, you won’t have to worry about losing your favorite staff members to competitors if your employees enjoy great benefits and compensation. And always remember to include all the benefits your employees will enjoy in their annual total compensation statement.