- Career development
Top 10 Best Company Benefits To Look for in a New Job
Top 10 Best Company Benefits To Look for in a New Job
By Indeed Editorial Team
Updated March 14, 2021 | Published January 29, 2021
Updated March 14, 2021
Published January 29, 2021
Employee benefits packages factor heavily on job acceptance decisions. The best job benefits can save employees money and time and affect their overall quality of life. Employees want to work for companies that value, recognize and support them at work and outside of work. In this article, we discuss why company benefits are important and the best workplace benefits.
Read more: A Definitive Guide To Employee Benefits Packages
Why are company benefits important?
Company benefits are important because they are a primary source of employee engagement and satisfaction. Company benefits are non-monetary offerings companies provide employees beyond their regular wages. Many employees evaluate job benefits as much or more than salary alone when comparing job offers. It's important for companies to offer competitive benefits that resonate with the kind of employees they want in their organization.
The best employee benefits can help with the following parts of your organization:
Employee recruitment: A strong benefits package will help hiring managers attract a larger candidate pool, allowing your company to be more selective in finding the best candidates.
Employee retention: Employees may be more likely to stay with companies that provide important benefits, such as childcare, that are harder to find at other companies.
Productivity: The right perks can help employees stay focused, engaged and motivated.
Attendance: Benefits focusing on keeping employees healthy, helping employees their work environment and recognizing top performers can help encourage high attendance.
Read more: FAQ: Negotiating Benefits
The 10 Best Company Benefits
Here are some of the most impactful and appealing company benefits to consider when applying for a new position or developing a benefits package for your organization:
Paid time off
Most employees expect a certain number of paid days off. Generally, new employees receive two weeks of paid time off each year and can earn more days the longer they're with the company.
To attract employees, consider adding more paid time off for specific purposes. This benefit shows employees that you understand they have important obligations and interests outside of work. You might offer:
Paid volunteer days: Provide a paid day off each year or quarter for employees to volunteer with a charity of their choice.
Paid parental leave: Offer paid parental leave for new parents through childbirth, adoption, foster or surrogacy.
Paid personal development days: Provide paid days for employees attending workshops, conferences or other events that help them develop and improve their professional skills.
Sabbatical leave: Extended time away from work can appeal to employees who have family or other concerns outside of work. This shows your commitment to employees' overall welfare.
Flexible schedules and work locations
Employees want to work for companies that recognize the challenges of maintaining a work-life balance. This often means allowing employees to work flexible hours rather than the traditional 9 a.m. to 5 p.m. schedule. For many, this flexibility helps them maintain family and work responsibilities. As long as employees provide the same quantity and quality of work, consider permitting a flexible work schedule.
Similarly, companies and employees can save time and money by implementing telecommuting options. This setup appeals to employees who can avoid the time spent traveling to and from work, and companies can save money in office overhead costs, like utilities and office supplies. In the wake of COVID-19, there are many innovative programs available that allow you to hold meetings, share documents and make calls virtually.
Health insurance and pharmacy coverage
With rising healthcare costs, employees are increasingly concerned about being able to afford doctor appointments, medical procedures and prescription drugs. Health insurance benefits show employees that you recognize this challenge and seek to ease this burden for employees. It also shows that you value their health and wellbeing. Whether a company offers comprehensive health care packages with pharmacy coverage may be a significant factor in an employee's decision to accept or reject a job offer, especially if they have preexisting medical conditions.
Employee discounts and rewards
Your company can help employees save hundreds of dollars through discount and rewards programs. Consider partnerships for the following large purchases:
Automobiles or other transportation
Vacation travel, accommodations and admissions
Tickets to local attractions
Cell phones and cell phone service
Laptops and other technology
These types of benefits show employees that your company invests in and cares about their quality of life outside of work.
Support for students
Helping employees reach their academic and financial goals is a major benefit for former and current students. Many college graduates struggle to repay large student loans. Your company may consider a student loan repayment benefit based on time with the company. This is another benefit that shows how your company identifies and offers solutions for employees' challenges.
Similarly, your company can offer tuition reimbursement for students who pursue a degree related to their job at your company. This cost can be a good investment for a dedicated employee who wants to apply new knowledge and skills in their role and advance within your company.
As more research reveals the important connection between physical health and job performance, many organizations are adding wellness initiatives to their benefits packages. The Harvard Business Review reports that wellness programs can save companies money by reducing healthcare costs, drug costs and employee turnover. Generally, healthier employees are also more engaged and more productive at work and miss fewer days.
Consider incorporating the following wellness benefits into your packages:
Gym memberships or onsite fitness center
Exercise competitions for days exercised or miles walked, ran or biked
Health and nutrition education
Companies can also offer an employee assistance program (EAP) that provides coverage for mental health services, such as individual or family counseling and addiction treatment. Employees appreciate this holistic approach to wellness, and employers can help their team address any issues early and effectively before they affect the workplace.
Meals and snacks
Employers may consider providing a meal package to employees to help save their employees time and money while offering more convenient dining options.
Your organization could provide:
An employee cafe: Employees may appreciate the convenience of a restaurant or coffee shop on-site offering meals, snacks and beverages.
Catered lunches: Every month or quarter, consider providing a catered meal for employees.
A well-stocked break room: Relieve the stress of remembering snacks by stocking a break room with a variety of grab-and-go options, such as granola bars, packaged fruit and trail mix for employees at no cost.
Employees can feel more motivated to go to the office when they enjoy the time they spend there. Make your workspace warm, inviting and fun. Consider elements that will foster creativity, collaboration, diversity and team-building.
Here are some ideas for creating an environment that helps you attract and retain the best employees:
Create a pet-friendly office space. Consider having areas in your office where employees can bring their pets. Animals are known to reduce stress and promote relaxation.
Provide games and morale-building activities. Employees will feel less pressure if they know it's okay to have fun at work. Host games at lunch, incorporate theme days or invite employees to a happy hour to boost morale and camaraderie.
Incorporate rest spaces. Design spaces in your work area where employees can disconnect and take a quick break to help them refocus and re-energize.
Surprise employees. Consider showing employees you value and appreciate them by surprising them with meals, recognition for major achievements and half days.
Read more: Pets in the Workplace: Pros, Cons and Tips
Retirement costs can be a serious concern for employees as they search for jobs. You can help ease this worry by offering 401(K)s or other retirement plans in your benefits packages. You may offer matching or partial matching contributions to employees' savings, making your company even more attractive to job seekers.
Read more: What Is a 401(k) and How Does It Work?
Many parents are struck by the significant costs of childcare, in addition to the logistical concerns of drop-off and pick-up. Employers can address these concerns by providing onsite childcare options for employees. Your organization may consider the following options:
Onsite daycare for infants and toddlers
Transportation to and from local elementary schools
After-school program for older children