No matter what industry you work in, you’ve probably come across some kind of employee benefits package at some point in your career. Whether you’re an employer who needs to provide some kind of benefits, or you’re an employee receiving them, a good benefits package can be a great way to keep a workforce productive and happy. But what actually are these packages and what do they involve?
What Are Employee Benefits?
Employee benefits are extra incentives that employers provide, on top of the employee’s regular salary or wages.
Benefits are designed to help encourage better levels of satisfaction and wellbeing among employees. They can include from health insurance and pension schemes to flexible working hours and family leave.
Some benefits are legally required, whereas others can be offered as additional perks to attract new employees and retain existing ones.
Who Are Employee Benefits For?
All employees will be entitled to the core benefits that the company they work for offers, regardless of how long they have worked there and their job level. More senior staff may sometimes be able to have access to have a larger benefits package.
What Are Core Benefits?
All companies will have slightly different policies on the benefits that they offer, but in most cases, all employees are entitled to:
- A workplace pension, where the employer helps to set up and contribute to a fund for the employee’s retirement.
- Income protection
- Vacation allowance
What Other Benefits Could I Get?
Optional benefits are sometimes called company perks. These are brought in by a company in order to encourage employee wellbeing. These perks can also be used to improve company culture and increase the number of high-quality applicants that a business can attract to apply for any vacancies.
Some job seekers value attractive work benefits above their salary when they’re looking for a new role, so getting the package right is very important.
Here are some of the most common perks that companies might offer to keep staff happy:
- Free food and drinks in the office
- Discounted meals
- Dental care plans
- Discounted gym membership
- Company cars
- Free or subsidized travel
- Employee referral bonus
- Company events and parties
- Childcare vouchers
- Health insurance or access to Medicare Nationwide
- Flexible working hours
- Wellness programs
What Is The Purpose Of Employee Benefits?
Employee benefits can be beneficial to both the employer and their employees. With benefits, employees can save money and add to their disposable income, if they have access to benefits like insurance, discounts and memberships. Flexible working hours improve workplace wellbeing and help them to maintain a better work-life balance.
Employers will be able to use their benefits packers to recruit and retain the best talent. The right package can also improve company culture and boost morale. If they get this right, they can then benefit from a more productive and more loyal workforce.
The right benefits package works for everyone, whether you’re employer or employee, and can make your business stand out from the crowd.