The 4 Major Types of Employee Benefits You Should be Offering

from  benefits to help us with our finances to lifestyle perks

There are many types of benefits you could offer to your employees...

Employee benefits can be key in helping your employees stay mentally, physically, and financially well. But they’re not just a great way to support your staff’s wellbeing, they can also help you attract and retain your top talent.

According to Willis Towers Watson, 75% of employees are more likely to stay with their employer because of their employee benefits package, and 69% of employee’s would choose one job over another if it offered better benefits (One Medical).

Having the right range of benefits is key for you and your employees, but what does that look like? The 4 main types of employee benefits you should be offering are:

  • Benefits at work
  • Health benefits
  • Financial benefits
  • Lifestyle benefits

 

Benefits at work:

These are all about the benefits that can improve your employees lives at work every day, and can include perks like:

Flexible hours and remote working:

Most of us have been working from home for the last year, and although some of your staff will be looking forward to coming back into the office, that won’t be the case for everyone. According to a survey by McKinsey 52% of workers want a more flexible working model going forward and around 30% said they would be likely to switch jobs if they had to return to fully office based work.

Career and skills development:

Developing your employee’s skills and careers is beneficial to them and you. It can help improve the quality of work, reduce turnover, and increase performance. It shows your employees that you are willing to invest in them and their career.

Free lunch in the office:

Although we are likely to be moving towards a more hybrid way of working, supplying lunch in your office for when employees come in is always a great perk. You could always send out vouchers or meal kits to any of your workers who are remote too!

 

Health benefits:

Looking after your employee’s health can help them stay well, and help you reduce staff absenteeism. Here’s just a few benefits that can help.

EAPs to support with mental health:

Offering an Employee Assistance Programme can help your employees with their mental, physical, and financial health. They can get access to counselling by BACP-accredited counsellors, face-to-face, online, by e-mail or phone, 24-hours a day, 365 days a year.

Health screenings:

Keeping an eye on our health can help us stay well for longer. Offering health screenings can help your employees assess their overall wellbeing and detect any potential disease or health risks before they happen.

 

Financial Benefits:

Pensions maybe the first financial benefit that comes to mind, but there’s other benefits that can help your employees manage their finances.

Discounts or cashback on everyday spends:

From cashback on everyday spending like groceries to discounts on treats like holidays. Offering your employees access to discounts can help them make their salaries go further and boost your staff engagement too.

Affordable tech:

Whether it’s the latest phone or a new laptop, there are times when we want access to the latest tech, but it isn’t always cheap. Help your employees get access to the tech they need, with the option to spread the cost through their salary with our Affordable Tech Scheme.

Financial wellbeing support:

From financial education to employee loans, savings, and debt consolidation, offering financial wellbeing services can help your staff if they’re having money troubles.

 

Lifestyle benefits:

These benefits are all about helping your employees improve their lifestyle in any way, whether it’s allowing them to change up their commute or more holiday days.

Cycle to work:

Help your employees save on the cost of their commute, and allow them to get some fresh air too, with a Cycle To Work Scheme. It can help your employees find the bike of their dreams and save up to 42% in tax and NI contributions.

Gym memberships:

Whether it’s running on a treadmill, lifting weights, or swimming, most of us have a gym membership so we can get active. Why not help your employees with the cost of it? They’ll save money and be happier and healthier too!

Annual leave purchases:

There are some years when we could do with a few extra holiday days, whether it’s to make the most of family events or for a trip abroad. Our Annual Leave Purchase scheme lets your employees buy extra days off, while spreading the salary deductions over an entire year.

 

How we can help:

Employee benefits are a great way to support your employees in and outside of work and help you attract and retain talent. If you want to start offering staff benefits, get in touch with our experts today. They can help you decide what benefits your employees would value most.

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Sources:

Willis Towers Watson
One Medical
McKinsey