Small and medium-sized companies cannot always offer their employees the same benefits as large corporations. Therefore, it is necessary for the top management of small and medium-sized companies to be selective and very strategic when deciding which benefits employees want most.
In order to determine their relevance, year after year, world-class companies are in charge of studying the behavior of trends and, based on this, establish which are the most important ones.
This 2022 is no exception. In recent surveys, employees at various companies were asked which benefits they valued most and which they would prefer to receive. While the responses varied widely, flextime, health care and retirement plans took the top spots.
Below, we will take a brief look at the most voted, in order to reveal together why these are the benefits employees want most.
Let ‘s get started.
1. Health insurance
Buying employee health insurance is a great way to boost morale and unquestionably one of the benefits employees want most. Not only does it help you attract and retain top talent, but it can also improve job performance. Health insurance can reduce turnover costs by as much as 20%, and it’s also a clear sign of an employer’s concern for employee well-being.
Fortunately, there are many benefits to choose from and most policies are flexible enough to meet your changing needs. Depending on your insurer, you may be able to choose between in-network physicians or out-of-network providers. Just keep an eye out for open enrollment periods and alert your human resources department of any major life events.
- Additional Information: Health Assist Plans from Green Shield Canada
2. Life insurance
Life insurance is another of the benefits employees want most. Thinking about unfortunate events is not in anyone’s plans, even less so if they result in death. However, accidents happen and it is always important that you as an employee have a contingency plan that benefits and protects those you love the most.
Life insurance is indispensable to protect your loved ones financially. In the event of death, beneficiaries can obtain a fixed amount that is established at the beginning of the plan or, on the contrary, a multiple of the salary that can be delivered in a “dosed” manner.
While employee life insurance is an excellent benefit, it may not be enough for your needs. You may have other obligations, such as a mortgage or student debt, so having a supplemental life insurance plan can help you get the coverage you need.
- Suggested reading: How Does Life Insurance Work In Canada?
3. Retirement Plan
A retirement plan is a benefit that a worker can receive when he/she retires and at the same time one of the benefits employees want most. This benefit is calculated as a percentage of average earnings over a specified period of time at the end of the employee’s career. It can take the form of a monthly benefit or a lump-sum payment. These benefits are usually based on contributions made by both the company and the employee.
Many companies offer a retirement plan as an employee benefit. However, the plan may not be mandatory.
4. Financial wellness programs
Company financial wellness programs are an excellent way to encourage employees to make smart financial decisions. Financial challenges can range from budgeting for emergencies to managing day-to-day expenses.
It is important to provide employees with financial education to help them avoid becoming overwhelmed and depressed. For example, employees may find it difficult to establish a household budget or understand their credit. If they struggle with these issues, their productivity and overall health can suffer.
An employee financial wellness program can help improve these results and reduce absenteeism, and therefore, during talent recruitment programs, it is often one of the benefits employees want most, or at least they say so.
Employer financial wellness programs can cover a variety of topics, including how to save for retirement, how to manage debt and how to invest money. Some programs may even include education savings plans and tips for avoiding mistakes at tax time. Other topics may include understanding life insurance options and understanding disability and long-term care insurance.
Employer financial wellness programs may also include workshops to help employees learn more about personal finance. These workshops can be free or low-cost. Companies can invite speakers to teach employees about budgeting, debt reduction and savings tips.
5. Flexible work
When it comes to work-life balance, flexible work options are among the benefits employees want most. Offering flexible hours not only helps employees maintain a balance in all areas of life, but also helps companies attract more qualified professionals from outside their local area.
If companies give importance to the integral development of their employees’ lives, they will feel more appreciated and, therefore, the workforce will be happier and more productive.
Many surveys state that more than 60% of employees said they would remain loyal to their company if it offered flexible work options.
Why are employee benefits important?
Knowing your employees’ main interests when it comes to benefits can be an important tool for your company. Knowing which benefits employees want most will give you an extended view of their concerns, interests, hobbies and areas of conflict.
So, if you are thinking of incorporating a new employee assistance program within your company or improving the benefits you already have, do not hesitate to contact us.
At Lewer we offer the best service options for you and your employees.
Don’t wait any longer. We look forward to hearing from you soon.