The 10 best company benefits for employees
As employers evolve their workplaces, there is constant pressure to keep up with the demands to provide captivating employee benefits. Surprisingly, research has shown that most employees would prefer new or additional benefits over an increase in pay. To support your employees, you need to provide the best company benefits. But where do you start?
At Cristaux International, we keep our business running by designing and manufacturing custom awards. However, we keep our team running by offering numerous benefits and great flexibility. After years of applying employee feedback, we’ve gathered our top 10 employee benefits. Also, we’d love to share with you how to build your own benefits program and which companies to look to for inspiration.
What defines the best company benefits?
The best company benefits are the ones that are most helpful for your employees. The top programs improve your team members’ financial, physical, and mental health. Also, employees look for benefits relevant to their lifestyles. For example, a mother may prioritize childcare assistance, while remote workers look for a home office stipend.
Additionally, the best benefits bring many advantages to your company. Consider the following positive effects:
- Prevent burnout
- Improve employee engagement and productivity
- Increase employee retention
- Attract and recruit more job seekers
The top 10 employee benefits + perks
What are the top 10 employee benefits? We’ve ranked the most popular and crucial programs to prioritize health and growth for your team. Our list of employee benefits and perks also includes some ideas gaining traction in 2021.
Paid time off
Paid time off (PTO) allows employees to use their work hours for personal time or vacations. This time gives team members the chance to balance their professional and personal lives. They feel refreshed when returning to work, increasing productivity. To incentivize employee retention, you can offer extended PTO with major work anniversaries. For example, employees can receive an additional 10 hours of PTO after working at the same company for five years.
Employee Development Plans
Employee development plans provide your employees with a strategy to achieve their goals. Employers provide opportunities for growth like mentorship and workshops. A unique program includes professional and personal goals. This way, you celebrate the whole individual and show that you care about their happiness in and out of the office. To ramp up your program, employee recognition awards help inspire your employees to achieve their goals more quickly with a reward in sight.
Best company health benefits
The best company health benefits often include medical insurance, dental insurance, vision insurance, and disability insurance. There are many ways to bring this program to life for your team. You can develop a traditional group insurance plan, opt for stipends, and more. You may offer your employees one or multiple plan options. Also, you can allow them to enroll by themselves, with a spouse or partner, and/or with children.
Employee incentive programs are a great way to encourage teams and individuals to achieve certain goals and earn benefits, awards, and other perks. For your sales team, create a President’s Club award program as a sales incentive. Along with a custom award, honorees enjoy trips, membership benefits, and more. Check out this blog post for more employee incentives ideas.
Also known as family leave, parental leave allows employees to take time off to care for their children. Popular uses include paternity, maternity, and adoption leave. Also, this leave may be paid or unpaid. Under U.S. law, parents are allowed up to 12 weeks of unpaid parental leave. However, paid family leave is growing more popular, with many companies and states issuing their own policies.
A flexible work environment allows employees to decide when and where they work. Flexible scheduling and working from home have become popular benefits after the COVID-19 pandemic caused many companies to adopt remote working policies. Flexible work schedules increase productivity by trusting employees to set a schedule that works for them. Additionally, maintain a positive work environment despite distance with remote employee recognition programs and use drop shipping to get awards directly to honorees’ homes.
Discounts + allowances
Employers provide employees with various discounts, allowances, group rates, and deals to use with their own company or others. These perks are best when applied to goods, services, and experiences that your employees regularly buy. This way, the benefits apply to their lifestyles and help them save money. To start this kind of program, employers may directly contact different vendors or use online employee discount programs.
Employee Recognition Awards
Employee recognition award programs provide employees with opportunities to shine. These programs pair tangible reminders of success with added perks like company culture events and achievement-tied prizes. For example, you can celebrate an individual achievement with leadership awards and a VIP parking spot.
Paid sick leave is compensated time off used by employees to tend to their health, away from the office and work. One of the main benefits of this kind of program is that it keeps team members and customers safe. It prevents the spread of sickness, maintains productivity, and values affective and speedy recovery. Most employers grant employees five to nine days of paid sick leave each year, after one year of completed service for the company.
Retirement savings options are frequently requested benefits for employees. These plans help your team members prepare for the future. This is a great way to show your team that you deeply care about them. Also, employers often offer matching programs in which they contribute to their employees’ investments. Once your employees do announce their retirement, celebrate them with personalized select creations and corporate awards.
How to build up a great company benefits program
Developing a company benefits program is a big undertaking. A successful program can be achieved with clear communication and thoughtful strategy. Follow the proceeding steps to start your program:
- Establish your budget and objectives. Be realistic when deciding how much your company can afford and what you wish to achieve. To start, brainstorm with your teammates and other professionals to find out how you can be innovative within your means.
- Decide what benefits you will offer. This may be determined by your budget, priorities, and employee feedback. Reach out to your team, ask what they need most, and actively listen. Also, consider the list we provided above.
- Collaborate with HR professionals. Reach out to your HR team or external HR agencies. They will help manage required paperwork and relieve any logistical or legal headaches.
- Detail and doublecheck your plan. Before you make this plan public, ensure you did everything you needed to do. Also, prepare how you will share this information with your company’s workforce.
- Share the final plan with your employees. Clearly communicate the plan with your team members by ensuring they understand and providing a hub for additional resources. Also, publish the benefits package online on your company website or job listings for job seekers to see.
Companies with the best benefits 2020
Countless organizations support their employees in miraculous ways. They are testaments for the positive impact of employee appreciation and support. Use them as inspiration for your benefit program.
Campbell Soup Company
Campbell’s is a household name for its soups and is also recognized for its robust employee benefits. It offers medical, dental, vision, and disability insurance. From its 401(k) savings plan to adoption assistance, the company shows that it cares about each employee’s future and family.
Newsela is a midsize company providing digital content for classroom learning. It has been recognized for its innovative and vast benefits. The company offers diversity employee resource groups, weekly virtual corporate wellness events, home office stipends, and more.
Salesforce is a large software company that provides its employees with expansive benefits. It offers numerous well-being programs and stock options. Also, its employee assistance program is available to employees and their families. That program includes free counseling sessions, discounted legal services, and more.
Reward your employees with the best company benefits
The best company benefits aren’t necessarily the most expensive, but rather the ones that prove the most helpful to your team. Get to know the people of your organization and take the time to understand their needs and lifestyles. From there, you can develop an employee benefits program to rival the greatest organizations out there.
FAQs: Best company benefits
You may have some questions that need answers, so we’ve provided information on frequent questions from people like you. If you can’t find what you’re looking for below, visit our FAQ page or contact our team.
What are the best company benefits 2021?
The best and most sought-after company benefits of 2021 include a flexible work schedule, student loan assistance, family assistance, and recognition awards. Also, COVID-19-related programs may be here to stay. For example, the ability to work from home is required for a remote workforce’s culture.
What benefits can a company offer?
A company can offer a wide array of benefits like health insurance, retirement savings plans, financial assistance, paid time off, employee recognition, and more. Cost-effective recognition programs include years of service award program, leadership awards, and more.