- health insurance
- retirement plans
- paid time off
What Is an Example of an Employee Benefit?
Offering employee benefits can help companies attract and retain top talent, enhance employee satisfaction, and promote overall well-being. Competitive benefits, such as health insurance, retirement plans, paid time off (PTO), and non-traditional employee benefits, such as education or tuition assistance, can help give employees a sense of security and support, which can lead to increased productivity and loyalty. Offering benefits may contribute to reduced turnover, as employees might be more inclined to stay with companies that invest in their well-being.
Many types of employee benefits in HRM (human resource management), including education benefits, have grown in popularity in recent years. For example, as reported in a 2024 consumer survey by Strategic Education, Inc., 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.
Given the importance of employee benefits, it’s useful to take a closer look at the more common 5 types of employee benefits as well as the various unique benefits that modern workers are interested in and, in some cases, expect to receive from their employer.
What are the three Rs of employee benefits?
Some companies try to adhere to a set of considerations for employee benefits: “recruiting, retention, and rewards.” In other words, benefits are designed to help with recruiting new talented employees. They’re also offered to retain current employees by helping them to stay motivated and interested in their work. Finally, offering rewards to employees throughout an organization can help them derive satisfaction from their job. Companies with unique employee benefits may be more able to do this successfully, as many workers seek out a variety of options.
What is considered an employee benefit?
An employee benefit is any offering made available to employees that helps support them during and beyond their time at work. Take, for example, education benefits. Offering this kind of support is a way for a company to help workers achieve their career goals, as education can open pathways for employees to be able to take on new roles and responsibilities. And research has shown that employees who use their education benefits to pursue learning opportunities are often more likely to be engaged with their work: in a recent outcomes survey by Workforce Edge, 91% of Workforce Edge users report their general level of engagement at their current job as very or fairly engaged.
What are the top 3 most sought-after employee benefits?
There are many different benefits a company can offer employees, including:
Other benefits outside of the most common ones include compensation for commuting expenses and onsite childcare. Each benefit can support employees in different ways. The same is true for education benefits, which are growing in popularity and can be an effective way to support employees’ career ambitions.
When a company is creating its benefits strategy, it’s important to research unique employee benefits examples. In doing so, companies can make sure their benefits strategy is effective and addresses the needs and interests of their workers.
What are the most expensive employee benefits?
The cost of employee benefits can differ for organizations, with some finding health insurance to be the most expensive due to the relatively high cost of healthcare itself. Retirement savings plans can also be expensive. Other benefits, such as onsite resources like fitness centers or childcare options, involve companies budgeting for these services. Since all benefits involve their own level of expense, it’s important for organizations to do thorough research before developing or revising their benefits strategy.
Employee benefits can be a compelling reason for workers to apply for jobs at your company. They can also help retain a motivated workforce and reduce turnover.
When considering how best to offer benefits for your team, especially education benefits, it can be helpful with partner with organizations such as Workforce Edge. Workforce Edge can help you administer education benefits, maximize your spend, and raise awareness of what’s available among your employees. Workforce Edge is also the platform through which your employees can access a variety of schools, programs, and learning and development opportunities—making it a streamlined process for users interested in pursuing education.
Schedule a consultation with a Workforce Edge specialist to get started.
Offering employee benefits can help companies attract and retain top talent, enhance employee satisfaction, and promote overall well-being. Competitive benefits, such as health insurance, retirement plans, paid time off (PTO), and non-traditional employee benefits, such as education or tuition assistance, can help give employees a sense of security and support, which can lead to increased productivity and loyalty. Offering benefits may contribute to reduced turnover, as employees might be more inclined to stay with companies that invest in their well-being.
