What Benefits Do Employees Want the Most From Their Employers?
The list of employee benefits is long, but what are the top five? The list differs from generation to generation, but the main points are similar. Regardless of age or gender, benefits like flexible working, paid sick leave and health & wellness are valued by all employees. In addition to these general priorities, some employees want more than one benefit. Read on to learn what benefits do employees value most from their employers.
A recent study found that 77% of employees are interested in work-life balance, which is one of the best ways to retain valued staff. It also increases the likelihood of recruitment, as 77 percent of employees will consider flexible work options when evaluating potential new positions. In addition, a recent survey from Flexjobs found that 3.9 million people work half-time from home, representing 3.9 percent of the U.S. workforce.
The trend towards flexible working is not new. According to a Gallup poll, 87 percent of workers worldwide are emotionally disconnected from their jobs. This disconnect results in reduced productivity and decreased morale. Flexible work arrangements are crucial for improving employee satisfaction. Businesses that offer this benefit should take note of the rising popularity of flexible working options.
Student loan assistance
According to a recent survey, nearly half of companies plan to offer student loan assistance to their employees by 2021. If your current employer does not offer student loan assistance, consider negotiating with the human resources department. Ultimately, student loan assistance is vital to a comprehensive benefits package. In addition, ask about student loan assistance while interviewing for a new job. If your company does not offer student loan assistance, you might want to look elsewhere for a job.
Employers are increasingly offering this benefit to attract and retain young workers. One reason is the uncertainty surrounding federal policies. However, it’s worth noting that interest in student loan repayment programs was already rising before the pandemic struck the United States. In fact, between 2016 and 2018, three-fourths of employers offering student loan assistance as a perk. In addition to providing more generous benefits, employee surveys revealed that students are eager to take advantage of student loan repayment programs.
Paid sick leave
Employers might want to look into paid sick leave as a benefit. It has many benefits, but its lack of availability is the most significant detriment to employees. In addition, employers are often afraid of employee abuse. Fortunately, employers have changed their tune after implementing the policy. The benefits are numerous and far-reaching for both employees and the economy. Unfortunately, the Center for American Progress estimates that 40 million workers in the U.S. do not have paid sick leave, which is detrimental to employees and businesses.
Employers can implement paid sick leave by temporarily waiving verification requirements for it in COVID-19. Another solution is to develop new policies that frontload paid sick leave. One model frontloading policy can be found on the L&I website. Companies can provide employees with advances on their wages and set terms for repayment that comply with deduction regulations. Employers can also establish shared leave policies. Employees can donate paid sick leave to coworkers and other employees.
Discounted access to company products or services
Employees appreciate discounts on company products and services, especially on big purchases. But there are a few things that employers should consider before implementing a discount program for employees. Employees tend to look for better benefits, not lower salaries. In addition to discounts, employees also value professional development opportunities. Professional development programs include mentorship programs, workshops, certification training, and employer-sponsored continuing education. Discounts are also a great way to stand out from the competition. Discounts for big purchases are also a great way to motivate employees and keep them satisfied. Discount programs can be arranged through partnerships with other companies, including grocery stores and retailers.
Employees also want discounts on local products and services. Offering discounts on local products and services will motivate employees to spend money in their communities. Employees may use the values to visit local clothing stores, bars, movie theaters, and other places. These local businesses will likely appreciate your offer and encourage them to return. The benefit of discounts on company products or services can make a big difference in your employees’ overall satisfaction.
While game rooms are an old-fashioned employee engagement tactic, many new offices are installing them. For example, the Scotiabank Digital Factory is a hub for tech talent, bringing together engineers, visual designers, and analytics professionals. The space was designed to encourage collaboration among teams focused on building digital solutions for customers. These will increase the sense of belonging and happiness in your staff.
Arcade machines are an excellent way to improve employee attention, creativity, and well-being. In addition, video games are great for physical fitness. While ping pong and video games don’t burn as many calories as a brisk walk, they provide an active way to unwind from the day’s work. Game rooms encourage employees to take time off to socialize with co-workers.