Employee benefit programs offered by companies of all sizes have seemingly been neglected and advanced at a much slower pace than the needs of the current workforce. Gone are the days of superannuation and twenty days of annual leave being considered an ‘employee benefit’ as this is now legally the bare minimum. The global pandemic fast-tracked the future of remote working and the societal responsibility organisations hold. In the modern era of overwhelming mental and physical health awareness and employee wellbeing, it is crucial to include the advantages of being part of your company when salary packaging.
Based on the current work environment and employee mindset, Paytime has put together a list of three key umbrella ‘employee benefits’ categories and the types of benefits your HR should consider when putting together the company’s employee benefits program. Whilst there are a wide range of benefits you could offer your employees, we recommend carefully reviewing the below benefit categories to determine which elements your company is capable of providing and effectively executing.
Employee Benefit #1: Work-life balance
The disruption of the pandemic forced employees to adjust to working from home – and forced employers to put the pieces in place to enable employees to thrive whilst working from home. There was no alternative – work processes had to advance and had to succeed. The past two years significantly altered the mindset of employees, having found a new work-life balance that previously was believed couldn’t exist. Now that this degree of work life balance has been experienced by all, there is no turning back. Therefore, companies need to adjust their employee offerings to include the relevant wants and needs of candidates and existing employees. Infact, if your company doesn’t offer remote working as part of a salary package, your company will miss out on 50%-70% of candidates. In the midst of The Great Resignation, combined with an employee-driven market, work-life balance is a must.
It should be mentioned that work-life balance doesn’t solely relate to remote working, it also relates to flexible work arrangements. Your leadership team and HR department must trust the employees to be responsible and get their work done, regardless of how they do it. Employees want the flexibility to drop their kids off at school and exercise throughout the day without worrying it will reflect poorly on their work ethic. If you don’t provide this trust, flexible working hours, and open communication, someone else will.
Employee Benefit #2: Health benefits
The feasibility of elements within this employee benefit category will differ depending on the type of organisation an employee works for – the industry and size. However, it is a benefit that is sorely overlooked by HR departments as it has not historically been considered a necessity. However, as health awareness and wellbeing is a macro-trend of our society today, you should consider including one or more of the below elements in your salary package:
- Health insurance
- Mental health days (ie: an additional day of paid leave every quarter for ‘mental health’ that does not require an employee to submit their reason of need)
- Regular check-ins with the appropriate HR department member for workplace feedback
- Compassionate leave
- Disability insurance
- Dental insurance
- Pension plan
- Paid training and skill development
As mentioned above, the salary package you offer must be tailored to your organisation and industry – you must offer what is within HR’s scope to do so, however, you should consider the demographic of your employees and decide which of the above insurance benefits would be most attractive to them.
Employee Benefit #3: Attention to income
Attention to income relates to being proactive with your employees regarding the monetary value of being employed by your company. Top-tier talent are aware of their value and significance, therefore they understand their employability. Thus, in order to attract and retain top-tier talent you must put benefits in place to acknowledge their good doings and input. Here are a few methods you can introduce that help HR and team leaders recognise the value of employees who work hard to deliver results:
- Bonus’: Whether this be quarterly or annually, these bonus’ should be based on the value an employee has added to the company
- Prizes: Once an employee has set KPI’s and goals, you can put in place a friendly competition within the team to encourage productivity and increase motivation. There doesn’t need to be a sole winner, there can be multiple winners. As for the prizes, you may offer: an additional day off, paid movie tickets, an Uber voucher, etc. This provides instant gratification for their hard work and demonstrates the company’s appreciation for their dedication.
- Salary increase: Salaries are negotiated upon first hiring an employee, which is an outdated method. An employee shouldn’t require leaving their position and finding a new job to receive the salary they deserve. As a retention strategy and employee benefit, you should be proactive in certifying the salary of your employees is competitive and relevant to the current market.
- Earned wage access: Ensuring your company and HR department are up-to-date with current financial burdens employees may be facing is at the core of attracting and retaining employees. For example, acknowledging the global rise in cost of living and significant inflation rates. Your responsibility as an organisation is to reduce their financial stress, which directly relates to increased productivity through improved mental wellbeing. A simple solution is to offer Earned Wage Access (EWA). This enables employees to access the money they have earned, through the hours they have worked, without waiting for a payday. The result? Relief of stress as employees can manage their finances better. Learn more about EWA here.
By carefully constructing your benefits offering and considering how an employee benefit program directly correlates to employee retention, you will create a powerhouse of a workforce. To find out how Paytime can be of assistance, click here.
To learn how you could adopt this modern HR solution and make employee wellbeing your employer value proposition, visit Paytime.