Five Cost-Effective Employee Benefits to Consider

Employee Benefits

According to Gallagher’s 2018 Benefits Strategy & Benchmarking Survey, 60% of employers ranked the attraction and retention of top talent as their number priority. Not far behind is the importance of keeping employees happy, healthy, and engaged. By incorporating an effective wellness program, offering affordable and quality healthcare, and including relevant benefits, you can improve all these top priorities!

What most employers consider the be the biggest challenge is deciding what benefits to include. Very few organizations can afford the over-the-top perks and benefits that Google and Twitter offer, such as professional chefs and onsite acupuncture. However, you might be surprised to learn that those benefits are not what employees are looking for! In a study conducted by Fractl, it was found that after health insurance, the benefits employees want most are actually cost-effective for employers.

Five Cost-Effective Benefits

As cited by The Benefits Guide, here are five cost-effective employee benefits that you can start incorporating! Not only will these support your wellness program, but they will also help improve employee engagement and satisfaction!

1. Healthy Food Choices: Free food can boost anyone’s mood, and it’s an added bonus when it’s healthy food. You don’t have to cater meals everyday or hire a professional chef, but consider hosting Monday lunches or keeping the break room stocked with free, healthy snacks. Having healthy food at the office can jump start your employees’ week and it can help encourage healthy eating habits. Be sure to survey employees before starting so you can get an idea of their preferences.
2. Flexible Schedules: According to the 2018 Global Talent Trends study by Mercer, 51% of employees wish their company offered more flexible work options. This trend has only been growing over the years, so it is time to evaluate whether or not your business can still run effectively if employees set their own schedules or work from home occasionally. This could tremendously help employees with young children and it also helps improve employee health by giving them more flexibility when scheduling doctor’s appointments. It can even improve productivity and prevent burnout.
3. Community Discounts: This is a creative way to not only support your employees but also your community! Check with local, small businesses nearby and see if they may be willing to offer discounts to your employees to encourage them to shop local. Start with business that offer services beneficial to your employees’ health, stress levels and productivity, such as gyms, local health food stores, massage therapists, office supply stores, etc.
4. Vacation Time: While this one may cost a little more up front, it will pay off in the long run. More vacation time is not only a highly desired benefit, but it is also extremely beneficial to employees’ health and productivity.In addition, in a study conducted by the SHRM for Project: Time Off, it was found that 78% of Human Resource managers believe that using vacation time leads to increased job satisfaction and 75% believe it leads to higher job performance.
5. Part-Time Options: There are many part-time jobs in retail, but very few in the office. While this may not seem like a benefit, many employees stay home when they have small children or struggle to find time to finish their degree. Part-time options, with the ability to transition full-time later down the road, can help many employees keep their professional skill set while also managing responsibilities they may have at home or school. This not only prevents gap years in experience for employees, but it prevents you as the employer from having to hire and train new employees.

For more information, visit The Benefits Guide!

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