Key Points:
- There are four major categories of employee benefits that are commonly offered through most organizations: medical insurance, life insurance, disability insurance, and retirement plans.
- Hybrid or fully remote work, auto insurance, mental health resources, and tuition reimbursement are only some of the more unique benefits that you can offer to employees in order to attract top talent.
- According to a recent MetLife trend study, 86% of employees see medical insurance as a required benefit offered by employers.
Hiring and maintaining top talent employees are difficult tasks, and HR professionals are pulling out all the stops. Compensation and benefits packages are considered to be among the most critical factors for attracting top talent and reducing employee turnover. In this blog post we go over some of the most important and unique employee benefits that organizations offer their employees.
What Benefits are the Most Appealing?
There are four major categories of employee benefits that are commonly offered through most organizations. These include:
- Medical Insurance
- Life Insurance
- Disability Insurance
- Retirement Plans
According to a recent MetLife trend study, 86% of employees see medical insurance. This is not including dental and vision care as well as prescription plans, as a required benefit offered by employers. Offering medical insurance along with other employee benefits will attract some talent to your organization. But, to stick out amongst your competitors and attract top talent employees, it is important to offer more than just these basic benefits.
Hybrid or fully remote work, auto insurance, mental health resources, and tuition reimbursement are only some of the more unique benefits that you can offer to employees in order to attract top talent. Some additional unique benefit ideas that companies have offered to employees are:
Child-Care Reimbursement
According to this CNBC article, one of the biggest barriers for working parents is the lack of access to affordable child care, especially following the pandemic in 2020. Around this time, employers began to take notice, implementing child care reimbursement benefits, as well as backup child care or on-site day care services. Another unique benefit offered for similar reasons is hybrid scheduling or remote work. Following the pandemic, these benefits are still being offered in many organizations.
Birthday Paid Time Off
Offering birthday paid time off (PTO) is a unique benefit that a lot of companies are beginning to see value in. There are possible advantages to allowing employees to take time off on their birthday, including increased morale and employee value. Encouraging your employees to stay away from work on their birthday and take time to celebrate shows that you care. It can also increase employee productivity and engagement as a result.
Unlimited Sick Time Off
Offering unlimited sick days is not a new concept, but it is still considered to be a unique benefit. The idea of unlimited sick days entices many applicants and current employees. Though, you may have some concerns, like employees abusing this privilege. However, the potential downsides of this benefit are outweighed by the advantages which include:
- Increased productivity
- Increased employee morale
- Less sick days taken on average
Home Office Stipend
Remote work is a unique benefit in itself, and the number of organizations that offer this benefit is continuing to increase. A remote work stipend is a fixed amount of money paid to an employee in addition to their regular salary. This amount of money is meant to cover any extra costs that come with working from home. This payment can come as a lump sum, or added on to your weekly or biweekly paychecks. It can be used to cover internet costs, home office supplies, or access to other working environments.
By offering unique benefits, employers can attract their best talent as well as reduce employee turnover, improve company culture, and support the overall well-being of employees. For more information on offering the best employee benefits to your team, check out our employee benefits software.
