The monetary and non-monetary incentives provided to the employees over and above the salaries and wages constitute employee benefits. There are multiple reasons for offering employee benefits, such as retaining talented employees to reduce turnover rate, attracting new talent, and improving employees’ productivity.
Many agencies carry out multiple surveys about the popular employee benefits. A careful assessment of such surveys reveals a pattern, a trend that is likely to dominate in 2022. Here are 8 of the most popular employee benefits for the year 2022.
Top 8 Employee Benefits
Employee Engagement efforts by the company to keep the employees happy and motivated are among the important employee benefits. The employee engagement efforts need to be directed towards establishing a bond between the employees and the top management. A Gallup study in 2012 concluded that companies having engaged employees are twice more likely to succeed. Higher employee engagement translates into higher attendance, more profitability, and lower turnover.
There are multiple kinds of activities that boost employee engagement. These include annual summer and winter parties, fun games and tournaments for the employees, employee recognition programs, weekly lunches for all the company departments, team building activities, charity events, and more. All such activities bring the employees together and foster a sense of camaraderie.
Office perk is an employee benefit that creates a good work environment for the employees and encourages them to turn up for work each day. There are many office perks that are in vogue with the current times.
Perks that help in the professional development of the employees have become immensely popular. These include tuition fee reimbursement for any course that the employee has enrolled in, sponsored trips to industry conferences, paid sabbaticals, paid membership to professional organizations, training programs, etc.
A relaxing office environment can be created by way of environmental perks. These include a casual dress code, on-site gym or games room, company retreats, fun activities, allowing employees to bring their pets to the office, and more.
Perks related to the employees’ families include company picnics for the employees and their families, paid maternity leave for over 8 weeks, paid paternity leave, on-site daycare, a dedicated room for nursing mothers, and more.
Hybrid work has become one of the most popular employee benefits post-COVID-19 world. Flexibility in timings means the employees are given more freedom to choose their working hours as per their convenience instead of adhering to a strict work schedule. The employees are at liberty to choose whether they want to start early and finish early or start late.
Hybrid work means remote working is also allowed by the company. During the pandemic, remote working or working from home had become the norm. Even though the offices are opening due to relaxation of the restrictions, many employees prefer to work from home. Companies can offer remote working options for a certain number of days in a week. Many companies have, in fact, given their employees the option to choose between remote and in-office work.
Health Insurance is one of the major employee benefits and compensation related to the employees’ healthcare expenses. In the times of rising costs of medical treatment, health insurance is necessary. The company can purchase a group health insurance policy for its employees and even include its family members in the policy. Health insurance compensates the hospitalization expenses incurred by employees to treat diseases or injuries. The company pays the premium in part or full.
Annual medical screening sponsored by the company, health camps, and sessions by medical experts is other healthcare-related employee benefits.
Flexible paid time off is the current trend in employee benefits in terms of leaves. Flexible paid time off means the employees get a fixed number of days off from work regardless of the reason. This means the employees can utilize the leaves for religious purposes, vacations, personal work, or simply relaxing at home. The employees do not need to state their reasons for taking leaves as long as their quota of paid leaves is intact.
The company can also allow sabbatical leaves to employees who have worked hard for over 3 years. A sabbatical is a long leave varying from 6 months to a year. An employee can take a sabbatical for pursuing an interest or for physical or mental health problems.
Financial Wellness is one of the most desired employee benefits because it helps improve the employees’ financial health. The companies can implement many kinds of financial wellness programs.
Employee insurance is an important category of financial wellness. Life Insurance sponsored by the company is a common employee insurance benefit. The company pays the premium in part or full. The employees get death benefits paid to their family members to manage daily expenses, pay college fees, cover funeral expenses, etc.
The retirement program is also popular among employees. Employees want to secure their retired lives financially, and retirement plans offered by employers help them in this regard. The savings built using a retirement plan provide a lump sum amount at the time of retirement or a regular income after retirement. The employer can choose to match each employee’s contributions made to the retirement fund. This boosts the morale of the employees and improves retention.
5 Days Working
Reducing the workweek to 5 days is one of the most useful employee benefits for companies that are not financially strong enough to provide high monetary compensation. Leisure time is at a premium in the current times, and companies offering high compensation require employees to work for long hours. In this scenario, less financially strong companies can compete to attract and retain talent by offering reduced work hours, such as 5 days working.
Mental Health and Wellness Program
Stress, anxiety, and other mental issues are on the rise among professionals. Companies can offer mental health wellness programs to their employees to address mental issues among their employees. This includes access to psychologists and psychiatrists and awareness programs about mental health.
The modern workforce, particularly generation Z is not just looking for good salaries and wages but also desirous of employee benefits. This is why companies need to have a comprehensive employee benefits package in place.
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