Employees want more than a paycheck. They want to be valued by their employer, and one of the best ways to show that value is through employee benefits. Innovative small businesses are listening to their staff and providing the benefits they’re asking for—and here’s what they want.
Benefits Employees Want In 2022
Flexible Work Hours
Flexible work hours can be a big deal for employees with families. If you have kids, you probably know there are days when you must drop everything off at a moment’s notice because your child needs to get picked up from school or help with homework. Flexible work hours allow you to make sure that those things happen without missing out on too much work time—or even taking it upon yourself to skip out on something essential to take care of a family obligation.
Flexible work hours also make it easier for employees to balance their personal and professional lives without falling behind on their duties at the office. Suppose someone has an appointment that conflicts with regular business hours but doesn’t require them to be present during all waking hours. In that case, they can take care of it outside of normal working hours, so they’re not wasting time or leaving things unresolved for another day (or worse: having two conflicting obligations).
Making sure your employees get what they need is suitable for everyone involved—and if giving them flexible schedules helps achieve this goal, then why not provide them with the option?
Unlimited Paid Time Off
Paid time off is a benefit that allows employees to take time off from work. It can be used for vacations, personal days, sick days—or even in the case of an emergency.
You can take time off when and how you need it with unlimited paid time off. Whether taking care of family or friends, yourself or pursuing your passions, we have a policy that allows employees to take as much time as they want.
Working Remotely
Working remotely is one of the most popular employee benefits, and for a good reason: many people prefer to work from home. Some employees can get more done in their own space, while others need a change of scenery every once in a while. In this case, there’s no right or wrong way to work remotely—as long as you’re getting your job done, why not do it from anywhere?
Health Insurance
Health insurance is a significant benefit for both employees and their families. It can be provided through an employer or an insurance company. Health insurance can be expensive for small businesses, but it helps retain employees by giving them peace of mind that they will have coverage if they get sick or injured.
In addition to basic medical care, employers can contribute to HSA or FSA accounts on behalf of their employees. These accounts work like savings accounts: money goes into the account each month, and then the employee can use this money at any time without penalty (as opposed to other plans that only allow you to access your funds when you are formally enrolled in a plan).
Retirement Savings Plans And 401k Contributions
Retirement savings plans and 401(k contributions are the most in-demand employee benefits. A retirement savings plan allows you to save for retirement on a tax-deferred basis. Your contributions are made with pre-tax dollars and taxed as ordinary income. Your employer can also make matching contributions.
To maximize your savings potential, you must contribute as much as possible each year into your account so that the money has more time to grow before being taxed at withdrawal (you’ll have fewer years of compound interest).
To help ensure that employees contribute their fair share of money into these accounts, many companies offer automatic enrollment into the company’s defined contribution plan—meaning they’re automatically enrolled unless they opt out by taking some action within a given timeframe (e.g., 30 days after receiving notice).
Free Lunch Or Snacks
Free lunch or snacks are a great employee benefit. Many workers find they can’t even fit in a midday meal, much less spend money on one, so this perk is a real game changer for those looking to get their feet wet in the workforce.
The benefits of free lunch or snacks are numerous and include:
A boost to productivity
More efficient employees can focus better during the day, producing higher quality work products and increasing client satisfaction and referrals for future business opportunities.
Student Loan Repayment Assistance
Student loan repayment assistance is a benefit that can help employees pay off their student loans.
This is a great way to attract and retain talent because it provides employees with more financial stability, making them less likely to leave for better prospects elsewhere.
Education Reimbursement And Tuition Assistance
Tuition Assistance: Tuition assistance is an excellent option for employees who want to further their careers or get new skills. For example, if your company offers $10,000 in tuition assistance annually, you could take classes and earn an associate’s degree or certification without paying out-of-pocket!
Education Reimbursement: Similar to tuition assistance, education reimbursement also covers the cost of college courses—but instead of going directly toward those costs (often high), reimbursement simply reimburses employees for any expenses they may have incurred during their time in school.
Education Benefits: Some employers offer tuition assistance and education reimbursement packages as part of their benefits package. Others choose just one or the other; however, both options can be beneficial! It all depends on what kind of help you need most in your career.
Small businesses know that employee benefits are essential for attracting and retaining talent.
Employee benefits are essential to the overall compensation package and can be a major draw for prospective employees. Small businesses know this and are more likely to offer benefits than larger companies.
Employee benefits include health insurance, paid time off, retirement savings plans, and 401(k) contributions.
Conclusion
Small businesses know that employee benefits are essential for attracting and retaining talent. The most in-demand benefits include flexible work hours, paid time off (PTO), unlimited time off, working remotely or telecommuting, health insurance, retirement savings plans and 401(k) contributions, complimentary lunch or snacks, student loan repayment assistance, and tuition assistance.
If you need further assistance with your benefits plan, we are the team you can count on. We’re ready to help! Learn more here.