What Unique Benefits Could an Organization Offer to Their Employees?
Employee benefits can provide support for employees’ health, goals, and overall happiness. They can be part of a job candidate’s decision to apply to a company, or they can help an employee want to remain at their organization. In other words, benefits can be part of a company’s recruitment and retention efforts, and this includes non-traditional employee benefits.
Because of the importance of employee benefits, it’s useful for companies to consider which of these might be the most impactful for their teams, including some unique benefits examples.
What are traditional and non-traditional benefits?
Traditional benefits can include health insurance, life insurance, retirement savings plans, paid time off (PTO), and education benefits. In their own unique ways, each of these offerings can help employees feel a sense of belonging at their company. For example, according to a 2024 Workforce Edge Learner Survey of learners who use the platform to access their education benefits, 65% of Workforce Edge users surveyed report that they see a clear career path for themselves at their company.
Meanwhile, there are also several non-traditional benefits that organizations can offer to round out their benefits package. Some of these unique benefits include:
Parental leave. This kind of leave allows employees to take time off to care for their children, whether they are newly born or adopted.
Remote work. Giving employees the option to work from home can provide flexibility while boosting autonomy and potentially increasing productivity.
Employee assistance programs. These programs are designed to provide access to resources such as mental health counseling, legal advice, and other professional services.
Pet insurance. Covering pets can help employees handle potential medical expenses for their animals.
Employee recognition. When companies acknowledge the achievements of their employees, it can encourage other employees to drive successful outcomes.
Financial literacy programs: By offering these programs, organizations can equip employees with skills to help manage and grow their finances.
Fitness facilities or classes. Access to fitness programs can encourage employees to adopt healthier habits and lifestyles.
What are the 4 major types of employee benefits?
The 4 types of benefits are:
Medical insurance. This includes health insurance, medical, and dental, and they can cover many of the expenses incurred when an employee or one of their family members become ill.
Life and disability insurance. Policies can cover life insurance, long- and short-term disability, and unemployment.
Retirement plans. Employers often provide 401(k) plans in order to help their team save for the long-term.
Paid time off (PTO). This type of benefit helps cover employees when they need to take sick time, vacation time, time off to care for a loved one, or time for other needs. It can also include holidays and jury duty.
What are the worst employee benefits?
The worst employee benefits can be considered the ones that do not help employees achieve their goals or support employees’ well-being. For this reason, organizations should focus on the benefits that will be of the most value to their team.
What benefits do employees want in 2024?
Companies with unique employee benefits can position themselves as a valuable place to work. Regardless of the kind of benefit offered, it should be designed to support employees’ personal and professional goals. For example, when a company offers access to wellness programs, it can help employees achieve their fitness goals. Or, when employees have access to education benefits, they can grow their capacity to make a difference in their work: according to the same Workforce Edge User Survey, 60% of Workforce Edge users surveyed believe going back to school with their education benefits has helped them apply skills they learned to their job.
Employer-provided benefits aim to foster a supportive, helpful company culture. Through offerings like health and life insurance, PTO, retirement savings, education benefits, and more, these benefits can equip employees with resources to help them succeed. They also can promote a healthy work-life balance while giving employees strong reasons to stay at their company.
To learn more about how Workforce Edge can help you optimize and administer your education benefits, schedule a consultation today.
Employee benefits can provide support for employees’ health, goals, and overall happiness. They can be part of a job candidate’s decision to apply to a company, or they can help an employee want to remain at their organization. In other words, benefits can be part of a company’s recruitment and retention efforts, and this includes non-traditional employee benefits.
