It’s no secret that attracting, retaining and engaging top talent is crucial for organisational success. Exactly how you go about doing that in today’s landscape can often seem a little bit more complicated. However, it really doesn’t need to: it’s about what you offer your employees aside from their job role.
66% of prospective employees prioritise benefits and perks when considering job offers and 70% of employees are more likely to remain loyal to their employer if they're satisfied with their benefits.
Whilst in the past employee benefits may not have had such a big impact, nearly 80% of companies now offer employee benefits (specifically health and wellbeing benefits) to their teams.
So, to unlock the full potential of your workforce, it is imperative to create an employee benefits program that goes beyond mere compliance and truly engages your team.
What is An Employee Benefits Package?
Let’s start with the basics - what actually makes up an employee benefits package?
An employee benefits package is essentially everything that you offer your employees, aside from their standard wage.
From a flexible or remote working setup and work from home allowance to bonuses and wellbeing support, everything you offer your team that’s an “extra” is seen as a benefit.
Most companies create benefits packages that support the culture and ethos of the company. For example, a distributed company (like ours, Juno) may offer things like work from home allowances and paid travel and team meet ups.
It is important to note though, that certain employee benefits are mandatory depending on where you are in the world: for example, certain countries have mandatory pension schemes, parental leave, holidays, etc.
Although these can be mentioned in your benefits package, make sure you’re not passing off mandatory benefits as extra benefits your company provides - this looks disingenuous.
Traditional Core Benefits vs Flexible Benefits: What To Include?
When designing a comprehensive benefits package for your employees, it is essential to consider the advantages of both traditional core benefits and flexible benefits.
Traditional core benefits typically include healthcare coverage, retirement plans, and paid time off. These benefits form the foundation of employee welfare and provide a sense of security.
However, in today's dynamic work environment, offering flexible benefits has become increasingly important. Flexible benefits allow employees to customise their packages to better suit their individual needs and lifestyles.
This can include options like pet-friendly policies, flexible work schedules, wellness benefits, learning and development budgets.
By incorporating flexible benefits, employers demonstrate their commitment to employee satisfaction and work-life balance.
Offering a range of options can attract top talent, enhance employee engagement, and improve overall satisfaction, contributing to a more productive and loyal workforce.
By striking a balance between traditional core benefits and flexible offerings, you can create a benefits package that meets the diverse needs of your employees while aligning with the ever-evolving demands of the modern workplace.
How To Create A Valuable Employee Benefits Package For Your Employees
1. Be Clear On What Impactful Benefits Are
Most employee benefits are good, but the right ones are genuinely life-changing.
Many companies make the mistake of thinking traditional benefits like gym discounts and free coffee at the office are enough to check the benefits box - they’re not.
In fact, by providing a long list of benefits that have little engagement and don’t increase the health and wellbeing of your employees is only going to result in wasted budget.
That’s why redefining the meaning of benefits it’s so important.
Employees are looking to join and stay in companies that are thinking beyond the ping-pong tables.
So, make sure you’re focusing on providing personalised, inclusive benefits that will actually give you ROI.
2. Get Employee Feedback
To create a comprehensive and tailored benefits package that truly meets the needs of your employees, effective communication and engagement are key.
By actively involving your team in the decision-making process, you not only demonstrate your commitment to their wellbeing but also gain valuable insights into their preferences and expectations.
Start by initiating open and transparent discussions with your employees. Share your ideas for the employee benefits program and encourage them to provide feedback and suggestions. This collaborative approach fosters a sense of ownership and empowers your employees to voice their needs.
Conduct surveys or hold focus groups to gather specific insights about the benefits that would be most valuable to your workforce.
By directly asking your employees about their preferences, you can uncover hidden needs and tailor the benefits package accordingly.
For instance, some employees may prioritise flexible work arrangements, while others may place greater importance on professional development opportunities or childcare support.
Remember, communication should be an ongoing process. Regularly seek feedback from your employees to ensure that the benefits program remains relevant and responsive to their evolving needs.
By demonstrating a genuine commitment to listening and acting upon employee input, you foster a culture of trust and engagement.
Need some help?
Download our free employee benefits feedback form and ask your employees to fill it in!
3. Create A Holistic Benefits Package
An effective employee wellbeing package comprises key pillars that address various aspects of employee needs.
Here are the most important pillars and examples of benefits you could provide for each of them:
Wellbeing
- Flexible work arrangements (e.g., remote work, flextime)
- Wellness resources (e.g., mindful classes, therapy, counselling sessions)
- Workshops by experts on topics such as nutrition, stress management, mindfulness, or resilience.
- Practical tools and strategies to improve their overall wellbeing.
Physical health
- Comprehensive healthcare coverage
- Access to physical health facilities and resources such as gyms and equipment
- Health screenings and preventive care services
- Ergonomic assessments and equipment for a comfortable work environment
Mental health
- Counselling services and mental health resources
- Stress management programs and workshops
- Mental health days or flexible time off policies
- Initiatives to reduce stigma and promote open dialogue about mental health
Learning and development
- Training programs and workshops for skill enhancement
- Stipend for educational resources and access to learning platforms
- Opportunities for professional certifications and career advancement
- Mentoring programs and coaching for personal growth
Financial wellbeing
- Retirement plans with employer contributions
- Financial counselling and education workshops
- Access to financial planning tools and resources
Work-life balance
- Flexible work schedules and remote opportunities
- Generous paid time off policies and parental leave
- Support for caregiving responsibilities (e.g., childcare assistance, eldercare resources)
Team relationship/fun
- Regular team-building exercises and retreats
- Social clubs or employee-led interest groups
- Recognition and rewards programs
- Open communication channels and feedback mechanisms
Inclusivity and diversity
- Diversity training and workshops promoting awareness and inclusivity
- Employee resource groups representing different backgrounds and identities
- Inclusive hiring practices and diversity-focused recruitment efforts
- Policies and initiatives that promote equal opportunities and respect for all employees
By incorporating these pillars into an employee wellbeing package, organisations can create a supportive and engaging work environment that values the holistic wellbeing of their employees while promoting inclusivity, diversity, and a positive team culture.
5. Choose An All-In-One Benefits Platform
Maximising the efficiency and effectiveness of your employee benefits program is crucial for both HR and individual employees.
By opting for an all-in-one employee benefits platform like Juno, you unlock numerous advantages that cater to the needs of both parties.
For HR, Juno simplifies benefits administration by consolidating all offerings into a single platform. Instead of dealing with multiple providers and endless paperwork, HR teams can efficiently manage and administer benefits in one centralised location.
This streamlines the process, saves time, and reduces administrative burdens, allowing HR professionals to focus on strategic initiatives.
Individual employees also benefit greatly from an all-in-one platform like Juno. They gain access to a wide array of benefits tailored to their needs, conveniently presented in one place.
This comprehensive view empowers employees to take control of their wellbeing by selecting the benefits that resonate with them the most.
With Juno, employees experience a sense of autonomy, as they can navigate through various benefits options and make informed choices that align with their personal goals and preferences.
The convenience and visibility of having all benefits offered in one place also significantly increases employee engagement. They can easily explore the available options, understand the value of each benefit, and select the ones that best support their physical, mental, and financial wellbeing.
This streamlined experience fosters a greater appreciation for the benefits program, enhances employee satisfaction, and ultimately contributes to a positive work environment.
5. Communicate with your employees about the benefits you offer
Clear and comprehensive communication plays a key role in maximising employee participation and satisfaction in your benefits - after all, if your employees don’t know about the benefits package you offer, they won’t engage with it!
Provide your employees with detailed information about the benefits available to them.
This should be done during the initial launch of the programme and on an ongoing basis. By clearly explaining how they can utilise their benefits, employees are more likely to understand and appreciate the value of what is being provided.
Utilise internal communication channels, such as company newsletters or emails, to share inspiration and suggestions on how employees can use their benefits.
Provide examples of how others have benefited from specific offerings or share success stories that highlight the positive impact of utilising the program. This can help employees see the value and encourage them to take action.
By consistently communicating and reminding your team about the benefits available to them, you can increase engagement and ensure that employees are aware of the support and resources at their disposal.
This promotes a culture of wellbeing and empowers employees to take advantage of the benefits in a way that aligns with their individual needs and preferences.
Final Thoughts
As organisations strive to create a competitive edge and attract and retain top talent, building a valuable and impactful employee benefits package is crucial.
Investing in a well-crafted benefits package, organisations not only enhance their appeal to prospective employees but also create an environment where individuals can thrive, resulting in increased productivity, job satisfaction, and overall success.
Get in touch if you'd like any help putting together a holistic employee benefits package or if you want a free audit on what you offer.
