Employees today want more than just a paycheck at the end of the month. They want to be engaged, do meaningful work and be part of a company they believe in.
And by meeting their needs as an employer, you not only keep employees engaged (effectively retaining top talent) but you also build your employer brand and make your company more attractive to prospective employees.
To achieve this, many companies have started offering a unique set of perks and benefits to their staff. But which are the most important to employees and jobseekers alike? Which should you add to your benefits package?
Read on to find out.
1. Performance bonuses
Performance bonuses are a significant motivator for employees, as it essentially gives them a sense of ownership over their work, and it validates their efforts in the company. It also indicates that the company recognizes their efforts and is keen to reward their steady development.
2. Healthcare coverage
Many working professionals consider health insurance to be far more important than a pay raise due to the high costs of healthcare. Indeed, it effectively lifts a considerable amount of pressure off employees’ shoulders, and it helps them feel like they’re part of a company that cares for their overall wellbeing.
3. Paid vacation days
Paid vacation days are an important incentive for working professionals and are the second most common work benefit (PDF) after healthcare insurance. Taking time off helps employees’ wellbeing, reduces stress, and bolsters their performance at work. In fact, paid time off can significantly reduce the chance of burnout and boost employee morale.
4. Flexible working hours
Flexible working is becoming increasingly common in the workplace. Indeed, perks that provide genuine options for a better work–life balance are a crucial factor for young professionals. Employees enjoy the freedom that comes with not being tied down to a 9-to-5 schedule, and this flexibility allows them to adapt their days around their own needs.
5. Tuition reimbursements
For many young professionals, paying off their college debt is a top priority. Therefore, an employer that offers a tuition reimbursement on top of a respectable salary is highly valued. Indeed, removing some of the financial pressure helps employees stay motivated and focused on their career without having to worry incisively about their outstanding debt.
6. Paid parental leave
Paid parental leave can give expectant parents ease of mind, as they can dedicate time to their family without having to sacrifice their career. This often spans to six months with paid leave, allowing new parents to return to flexible part-time and full-time work afterwards to smoothen their transition back to work.
7. Volunteer days
Being able to do meaningful work outside the office is a big plus for many employees. The benefits of this are manifold: it helps them stay motivated, it secures their loyalty, and it gives them a stronger sense of purpose both inside and outside the workplace.
8. Pet-friendly offices
Nothing can beat the Monday blues like having your pet accompany you to work. For many jobseekers out there, this could be a fun but also vital perk, especially for those who need emotional support animals. Undeniably, pet-friendly policies can improve your team’s wellbeing and reduce work-related stress. And let’s face it: having pets at work makes everything more enjoyable.
9. Remote work
Being able to work from home is an important perk for many professionals. In fact, a staggering 75% of respondents of a recent survey said they feel more productive when they work from home, as it gives them the necessary flexibility to juggle work and family commitments. Consequently, this helps them work more effectively at the office, as they can eliminate distractions outside of work.
10. Retirement plans
When it comes to retirement plans, most jobseekers want to ensure their long-term wealth. It’s no surprise, then, that retirement benefits are a crucial component during a job search, according to 81% of respondents in a 2018 study.
This makes a respectable retirement plan an indispensable perk that will give your team peace of mind as well as solidify their loyalty to your company.
11. Paid sick days
Employees need to know that their employer will be there for them, both in sickness and in health. A company that prioritizes the health of its workforce will make employees more content and relieve them from unnecessary stress. Indeed, paid sick leave means that sick employees don’t have to worry about short-term expenses while they’re recovering.
12. Wellness perks
Wellness perks range from on-site gyms, juice bars, sponsored gym memberships, healthy snacks to even fitness classes. Even if your employees aren’t fitness freaks, this kind of initiative will make them feel valued, as it shows that the company cares for their health and wellbeing.
13. Four-day workweeks
What younger workers especially value the most is working within a company that encourages good work–life balance. Four-day workweeks are a fairly new concept that businesses are adopting to grant their teams more flexibility.
The results speak for themselves, as this not only makes employees happier but helps crank up and maintain productivity levels in the long run.
14. Life coaching
Life coaching adds a layer of support within the workplace and can help employees feel more secure within their role. Working with a mentor will prompt your team to identify their personal and professional goals and drive them towards achieving them.
Ultimately, employees value perks such as life coaching because it shows that their employer is invested in their personal development.
15. Development programs
Development programs are an indispensable perk for aspiring employees who want to advance their career. Indeed, for 42% of the Millennial workforce, development opportunities are a determining factor when looking for a job.
Consequently, companies that are dedicated to their workforce’s professional development are more likely to attract the best and brightest talent.
16. Stock options
Stock options are another excellent way to reward staff for their hard work. Undoubtedly, by being financially invested in the organization they work for, employees become even more committed to its performance.
Meanwhile, this incentive also gives them a sense of ownership and belonging in the company, as it elevates their status from mere workers to partners.
17. Office snacks
Small acts of kindness, such as offering free food, show employees that their company is invested in its workforce. Equipping the office kitchen with tasty snacks will not only make your employees happy but also create a better sense of community within the office, as it encourages them to engage with each other — and nothing can bring people closer than food!
18. Childcare assistance
Balancing a busy career with an even busier family life can be a difficult task, hence why childcare assistance is essential for many working parents. This can span from on-site daycare to flexible hours to subsidies. Of course, this is greatly beneficial for companies, too, as it can lower turnover rates and lead to happier and more productive employees.
19. Casual office dress code
For employees, casual dress code means they can work comfortably in their day-to-day clothes without having to break their bank accounts to buy formal outfits they can only wear to work. It’s no wonder, then, that modern companies are ditching the old rulebook on business attire.
20. Travel stipends
Having the chance to travel for work is a distant dream for many — which is why companies that offer travel stipends are widely sought after by wanderlust-afflicted workers. Stipends are a great source of motivation for staff, and being encouraged to travel by their own employer is a dream come true for many!
21. Office parties
Although your introverted employees are possibly going to shudder at the thought, office parties can be a great opportunity to relax, socialize and have fun for your more outgoing staff members. Plus, you can choose themes or activities (from dressing up as Disney characters to playing board games) to appeal to most people on your team — even the more reluctant ones!
22. Life insurance
Life insurance can provide an employee’s family with cash when it is most needed. For prospective employees who have started their own families especially, this can appear as a very enticing perk in your benefits package, allowing you to stand out from among the competition.
23. Paid lunches
Working from the office can be costly: US workers spend around $50 each day just to be there, with $16 being allocated to buying lunch each day on average. Alleviating this cost can be of immense help, especially if you’re no longer providing remote or hybrid work options!
24. Family leave
While paid parental leave is an excellent work benefit to provide, it’s not just new parents (or parents in general) who have family-related matters to tend to. This benefit can be helpful to anyone, regardless of age, as it allows employees to take time off when needed to care for loved ones who find themselves in need.
25. Commuter benefits
According to fleet and fuel payments company Coast, car commuters in the US spend an average of $170 on commuting every month, or around $2,040 per year. Offering to cover those costs, even partially, won’t go unappreciated — even for workers who rely on public transport to get to work each morning!
26. Disability insurance
Around the country, an estimated one in four 4 adults are living with some type of disability. Providing disability insurance can significantly benefit your employees’ quality of life and mental wellbeing, as they can rest assured that, should they become unable to work for a period of time due to their condition, they’ll still get paid a percentage of their salary.
27. Mental health assistance
A staggering 83% of US employees suffer from work-related stress, with the majority reporting that it negatively affects their personal lives and relationships.
Providing mental health days off (similar to sick leave), free subscriptions to mental healthcare and meditation apps, or even one-on-one counseling sessions to your employees could do wonders in enhancing their happiness and productivity.
28. Ergonomic workstations
Since the COVID-19 pandemic, more and more people have been conscious of health and wellness and striving to make better choices. If the furniture and gadgets around your office reflect this sentiment, it can reduce the risk of aches, pains and injury, and keep an increasingly health-conscious workforce engaged and productive.
29. Employee discounts
Employee discounts are among the most popular work benefits. Giving exclusive discounts to your team for the very products or services they work hard to create and provide is a great way to reward their input and dedication. It can also ensure that you don’t start losing your own staff to competitors.
30. Death benefits
Although this term sounds similar to life insurance, it does not refer to the same benefit. The death-in-service benefit allows a nominated beneficiary (the employee’s spouse, for example) to receive a single, tax-free payment, should their loved one pass away while employed. Typically, the sum is two to four times the worker’s salary.
Final thoughts
Perks and benefits have become an important factor for working professionals. Indeed, they’re an effective way for them to evaluate an organization’s corporate model and company culture, as well as its core values.
And while many companies are using flashy incentives to attract young talent, most jobseekers look for perks that can foster their professional growth and cater to their individual needs.
By keeping their workforce happy, companies can create a more positive, open and fruitful work environment for employees and employers alike.
Can you think of any other important work perks? Share your thoughts in the comments section below!
This article is a partial update of an earlier version originally published on October 30, 2019, and contains contributions by Electra Michaelidou. In the update, we added 10 more entries.
