Which Employee Benefits Are Best?

The "three Rs" of employee benefits often refer to recruitment, retention, and reward. These can be key components of how organizations can effectively manage their workforce.

For recruitment, offering benefits can play a key role in attracting talent. Competitive benefits packages can assist organizations as they try to stand out to potential candidates and encourage them to join the company. A well-structured benefits plan can also help with retention, as it can keep employees satisfied and loyal to the company, which in turn can reduce turnover. Benefits like access to health insurance, retirement plans, and work-life balance programs can all help increase employee commitment. In terms of rewards, benefits can serve as a way to reward employees for their hard work. This includes not just monetary benefits but also perks like wellness programs and flexible work arrangements.

Regardless of how you approach benefits, it’s important to create an employee benefits package that directly addresses your team’s needs.

Which benefits do employees value most?

The importance of employee benefits can’t be overstated. They can go a long way to making employees feel valued at their company and motivate them to stay in the long term. For example, in regard to education benefits, in 2024,  75% of Workforce Edge users surveyed agree that they see themselves working at their company two years from now.

While every employee values different benefits in different ways, there are several benefits that have proven to be popular. These include access to health insurance, retirement plans, paid time off, access to life insurance, and education benefits, among others.

The three most sought-after employee benefits are generally considered healthcare insurance, retirement plans, and flexible work arrangements. Healthcare is often the top priority for employees, as it ensures access to medical services and reduces out-of-pocket expenses for them and their family members.

Retirement plans such as 401(k) programs may include employer contributions and are also valued because they can help support long-term financial security. These plans also encourage employees to plan for their future.

Additionally, flexible work arrangements—including remote work options and/or flexible hours—have gained popularity since the pandemic, as they can offer employees a better work-life balance and more autonomy over their schedules.

These employee benefits examples and more are designed to provide support for employees.

What are some unique job benefits?

Companies that approach their benefits offerings with creativity can better address the needs of their employees. Some unique employee benefits include:

Stipends for home office setups. This can be useful for remote workers as they set up their home office environment in order to maximize comfort and productivity.

Pet-friendly policies. Allowing pets onsite can be an effective way to create a satisfying work environment. Onsite pets can help alleviate stress and build community between pet owners.

Career development benefits. Given the growing interest in this kind of benefit, organizations should include career development benefits—including, more specifically, education benefits—in any conversation about their overall benefits package.

When creating your employee benefits package, it’s important to work with specialists who can help you strategize and make sure your offerings have the greatest possible impact. To help with devising and administering your education benefits, Workforce Edge specialists can guide you through the process and help make sure they’re effective. This includes providing support for your leadership team to get the word out to your employees about using the platform and maximizing their education benefits.