What Are the Top 3 Employee Benefits?
Companies that want to be competitive in terms of how they attract and retain qualified employees should consider what benefits they offer to their teams, including non-traditional employee benefit. That way, they can provide the benefits that will support their employees both during work hours and their time “off the clock.”
For example, for education benefits specifically, according to a 2024 Consumer Survey conducted by Strategic Education, Inc., 49% of U.S.-based full-time employees report feeling motivated to stay with an employer that supports continued education or the opportunities to cross-train/explore other areas of interest at work.
While the top benefit types are often expected to be offered to employees today, there are unique employee benefits that can help improve retention and recruitment efforts.
What are some benefits given to employees?
Some benefits that are provided for employees are those that cover health and wellness, education benefits, retirement savings, life insurance, flexible work options, onsite amenities, and more. Each of these are designed to provide a satisfying work-life balance and can be leveraged to encourage talented, motivated employees to apply for and remain in roles within the company.
And it’s important for companies to assess what benefits are the ones most sought after by their employees. For example, a 2022 Amazon and Workplace Intelligence survey revealed a disconnect between what employees value and what employers provide. While a little over half of employees have access to benefits like tuition assistance (51%), cross-training programs (55%), and networking opportunities (55%), the vast majority (over 80%) consider these benefits to be crucial.
What 3 benefits are most valued by the majority of job seekers?
Among the many available options, some companies find that an employee benefits package that includes specific offerings can be valued more so than others. These can include the following popular benefits:
Health insurance. This can include coverage for medical, dental, and vision care, as well as gym memberships or mental health resources. This insurance can be very appreciated by employees because they can help manage healthcare expenses for both them and their families.
Retirement benefits. Retirement plans, usually in the form of 401(k)s, enable workers to look ahead to the future with savings. Some organizations offer matching contributions, which can increase the amount employees are able to save.
Paid Time Off (PTO). PTO includes vacation days, sick leave, personal days, and holidays. It provides employees with income while they are technically not working, which allows them time to rest, recover, or address personal items.
Which employee benefits are best?
The best employee benefits are the ones that are the most sought after by workers. This can include health insurance, retirement savings plans, PTO, and other options.
For an organization, there are many factors to consider. Among these are the cost of employee benefits for a small business or a larger company. Also, what benefits are of greatest value to the organization itself?
The key is to create a benefits package that’s competitive with other, similar organizations and is one that addresses the needs and expectations of your workforce.
What do the best companies do for their employees?
The best companies, or at least the ones that attract many qualified workers, can be the ones that offer comprehensive benefits. These benefits should be viewed as a tool used to attract, retain, and motivate talented employees who, in turn, can drive successful outcomes across the organization.
Companies with unique employee benefits are often the ones who are able to engage this kind of workforce. It’s part of a trend that continues to grow as modern workers expect certain benefits from their employer. Looking at education benefits specifically, the same consumer survey mentioned above found that 91% of U.S.-based full-time employees believe employers should invest in employees’ continued education. The expectation that employers should be investing in employees’ continued education has grown 8 percentage points in the last 2 years, up from 83% in 2022 and 87% in 2023.
Creating a unique benefits package that includes the most sought-after offerings can be key for a company’s success in attracting and retaining top talent. As you explore your education benefits program, partnering with a provider like Workforce Edge can be key.
Workforce Edge can provide your employees with access to a comprehensive platform that can open up learning and development opportunities with multiple education providers offering programs across multiple areas of study. At the same time, Workforce Edge can help you administer, manage, and communicate the details of your education benefits program to your team.
To schedule a consultation, connect with a Workforce Edge specialist today.
Companies with the best benefits 2024 and beyond may be able to use those benefits to engage with their workforce in effective ways. It all starts with thinking creatively about what they offer their employees. Beyond traditional benefits like health insurance, paid time off, and retirement savings, there are many non-traditional employee benefits that employers can provide for their team—and unique employee benefits can provide new ways for HR professionals to approach.
