TOP 5 Popular Benefits for Employees

Who doesn’t love prizes? In the employment world, organizations left and right encourage engagement in their employees by giving them ‘prizes’ in the form of benefits. The right benefits inspire employees to participate and bring their best selves to work. If you’re wondering what are the best benefits for employees to provide, studies show that these are the five most desirable in today’s workforce.

Popular Benefits for Employees

1. Flexible work hours/location

With the COVID-19 pandemic, many employees got to experience the work from home or some other flexible work arrangement such as compressed work week or flexitime. In a survey, more than 60 percent of work-from-home employees preferred to continue with the setup even after the easing of pandemic restrictions. For this reason, flexible/remote work is easily one of the most coveted benefits for employees that companies can give their workforce.

The benefits for employees of flexible work hours is pretty obvious, but employers also stand to gain a lot of advantages, such as reduced absenteeism, lower overhead costs, etc. Likewise, as the world bounces back from the pandemic, offering flexible/remote work could mean the difference between employers keeping or losing their top talents. This gives applicants more leverage in seeking out jobs that offer better flexibility in terms of schedule and/or location.

2. Employee discount schemes

It’s very easy for employees to take advantage of employee discount schemes, as they are fairly simple to set up. By partnering with dining and retail establishments, many companies are able to deliver this particular perk to the workforce, with everything done electronically. Thanks to digital technology, there are now online platforms that can help businesses provide employees with discount schemes via apps for desktop and mobile gadgets.

Once up and running, employees can simply browse the discounts available to them and use or claim them at their convenience. Large companies can even do big-ticket discounts on cars, real estate, and premium items. That said, even a 5 to 10 percent discount at a nearby coffee shop can turn into an enticing perk for employees so inclined.

3. Healthcare

Healthcare will always be one of the most important benefits for employees. As healthcare coverage usually varies by age and requirements, organizations are increasingly making their health care benefits for employees more personalized to the individual. For instance, those with families are provided additional coverage that extend to their spouse and children. Some companies even introduce wellness programs that provide health and fitness regimes to their workers that focus on diet, exercise, and even mental health. That said, the top five essential health benefits for employees include:

• Prescription drugs

• Pediatric services

• Emergency services

• Hospitalization

• Mental health and addiction services

Different companies have different healthcare plans, and not all policies guarantee that your healthcare issues will be covered. If healthcare is a priority, it’s important to discuss any plan you are offered with a policy expert so you can compare and find the one that’s right for your needs.

4. Paid leave

In many surveys, paid time off (PTO) ranks among the most valued benefits for employees, frequently placing in the top three of most participants. The standard for PTO is usually two weeks, but an additional seven to fourteen days has been the difference maker for many companies. PTO—whether for vacation, medical reasons, or family—has proven critical for boosting morale, increasing productivity, and retaining top talent. For organizations, a low turnover rate means less spending on recruitment, hiring and training, and so paying more for employee days without work is still the more cost-effective option overall.

5. Retirement

Helping workers establish financial security in their old age is another way for companies to gain a competitive edge in keeping employees engaged and satisfied with their job. Likewise, retirement insurance benefits for employees lets workers know that the organization is proactive in preparing them for the future. Most employees get to choose between a state-sponsored retirement plan and a company-sponsored one. Some companies will even match employees’ contributions to state-sponsored plans to ensure they attract top talent.

Negotiating for better employees benefits program

Though it may seem like employers have all the cards in any benefit-related negotiation, know that you also have leverage, especially if the benefits result in more productivity and loyalty for the company. As long as what you’re asking for is within reason, you should never hesitate to ask for the additional benefits that you want from your job. Here’s how you can negotiate better.

1. Research

Learn the extent of the employees benefits program that other companies are offering for a position like yours. If other employers are offering the benefit packages for employees that you intend to ask for, use that information as leverage in your negotiation. Your employer may not be aware of other company’s benefits, and may be persuaded to match them to remain in a competitive position for current employees and future job seekers.

2. State your reasons

Provide your reasoning on why it is necessary for you to have additional or improved benefit for employees, and the positive impact it can have on your work performance. For example, you can explain why a compact work week can help you avoid burnout and thrive at your position because of less stress. Or you can cite examples of how companies benefit when employees work remotely, and so on.

3. Remind them of your value

While negotiating, you need to show your employer the value you bring to the table, such as your ability to meet and exceed company goals, keep overhead costs down, streamline processes, or spur growth. When employers understand your value and the advantages of improving your benefit for employees, it may make them more inclined to adjust to your needs.

4. Get it in writing

Once you have arrived at a deal, make sure to have the offer in writing, and review the document to ensure it clearly states everything you have agreed upon. A signed document helps prevent future misunderstandings and guarantees that your get all the additional benefits you asked for.

What if negotiations fail?

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