While salary is a major deciding factor in accepting a job offer, employees experience job satisfaction beyond monetary value. Hiring managers need to know how to attract the best and most dedicated candidates, and having the right benefits package is sure to attract the right people.
So, what benefits do employees value most?
Improved Dental, Health and Vision Insurance
Insurance can mean the difference between performing your best at work and making financial sacrifices to take care of yourself. Employees value and appreciate companies that offer insurance, as it shows employers care about their overall health. While a rather expensive benefit, even a small insurance plan can make job seekers think twice about accepting a job offer.
Companies offering insurance can potentially lower their costs using a few methods, such as:
- Think about implementing health savings accounts
- Join a small group health insurance plan
- Use an insurance broker to find the best and most affordable option
Option to Work From Home
Having a proper work-life balance can mean letting employees work from home from time to time. Working from home is a good option for when the weather is bad, for those who have kids and times when traffic is especially horrible. No matter if employees have office jobs or work on the go, employees can easily keep track of their progress wherever they are.
Flexible Work Hours
If working from home isn’t possible, flexible work hours can be a good substitute. Sometimes, workers don’t mind coming into work, but it may be they’d like to start later or end earlier. Having open work hours could mean more gets done around the office. Rather than spending/wasting several hours waking up at the office, night owls can start working when everyone else is going to bed.
Paid Time Off
Even if employees can work from home, they still need days where they’re completely off the clock. Knowing their pay won’t be docked can make the decision to stay home when necessary easier. Paid time off is among the most important benefits to employees. PTO can boost employee productivity because it’s better than having them come in when they’re sick or are feeling burnt out.
Some employees have aspirations of traveling or starting a food truck business when they retire. Employers can help their work team feel confident about their golden years by offering a 401(k) or similar retirement plan. A plan with matched employer contributions is ideal, but may not possible for every small business owner. There are several options for retirement benefits, making the selection process easier for employees and companies alike.
Tuition and Student Loan Assistance
Business sectors that attract a lot of young professionals should consider offering student loan and tuition assistance. Like healthcare, the cost of a college education has only increased over the years. Stressing about having to pay back student loans can compromise job performance. Not being able to pay for a degree can stagnate career progress, leaving workers feeling stuck and unfulfilled. Employers should be sure to look into tax breaks for offering education assistance.
Paid Parental Leave
Workers have dreams and goals outside of the office, and one could be starting a family. Rather than feeling like a burden to new parents, companies can feel like an asset by offering paid parental leave. This way parents don’t feel torn between taking care of their newborn and making a living. Employers can retain their best workers, and new parents can spend time with their babies worry-free.
Nothing like a bonus of cold cash motivates current employees to work and potential employees to consider a job offer. Companies can offer holiday bonuses or performance bonuses. Holiday bonuses can make employees feel appreciated. Performance bonuses, on the other hand, can help bring out the best in workers. As a bonus, the IRS generally allows employers to deduct employee bonuses at tax time.
Businesses that are profitable or expect to become profitable can offer employees a profit-sharing plan. How it works is employees receive a share of company profits determined by quarterly or annual earnings. Businesses thinking of offering profit sharing should understand the limits and how fund withdrawal works. Rather than employees, team members feel more like company owners.
Americans are often some of the most overworked employees in the entire world. Getting away can help recharge productivity, generate new ideas and create better employees. Some job seekers would rather take a cut in salary if it means having paid vacation time.
The right employee benefits can mean all the difference in the world. Rather than focus on quantity, workers and business owners should concentrate on benefit quality.
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MileIQ’s blog does not constitute professional tax advice. You should contact your own tax professional to discuss your situation.