Workplace benefits are becoming a top priority for employees since a Glassdoor survey revealed that 80% of employees want additional benefits over a pay increase. Employees have shifted their workplace expectations because they've realized that benefits can improve their work experience and increase their job satisfaction.
While there are a lot of workplace benefits that you can offer, here are the essentials that your current and future employees will love:
Mentorship Programs
Mentorship programs take a lot of work, but this is a benefit that reaps rewards for both employees and employers. Our article entitled ‘Why Does Your Company Need a Learning and Development Manager?’ highlights that 92% of employees want access to professional development programs in their workplaces. Once they get enrolled in the programs, employers are rewarded with increased employee retention and greater product innovation.
As such, our article recommends that companies must hire training and development managers who can run in-house mentorship programs. These professionals can plan, coordinate, and organize programs that can enhance the performance of your employees.
Financial Education
Financial stress can take a toll on your employees. If you want your workers to become more productive and satisfied, invest in their financial literacy through educational programs.
Learning and development managers can start by providing training sessions on budgeting so that employees can learn how to allocate their finances properly. Though Microsoft Excel or Google Sheets are good tools to start with, an AskMoney guide to budgeting recommends apps like Mint or You Need a Budget because of their personalized features. Incidentally, your organization can even cover the subscription fees for these apps, so that your employees can learn to develop the habit of tracking their bills, investments, and spending on their own.
Workplace Compensation
Aside from mentorship and educational programs, it’s also crucial to support your employees’ health and wellness. Since occupations can come with certain hazards, you may also need to offer workplace compensation when necessary.
While workers’ compensation is technically required for all employers in most states, The Balance SMB highlights that worker’s compensation can cover costs for specific work-related illnesses, injuries, and incidents, such as a carpal tunnel or black lung. So, in case your employees get sick on the job, they can use their workers’ compensation benefits to pay for necessary treatments, rehabilitation programs, and even counselling. This reduces the financial strain on workers as they get ready to go back to work, and ups their employee satisfaction.
Paid Time Off
This may seem like a no-brainer, but it’s worth emphasizing the importance of paid time off (PTO). After all, benefits provider Unum discovered that paid time off is the top benefit that employees want— for the third year in a row! This benefit is very important for employees since it allows them to take a bit of a time-out to rest and recharge from their responsibilities. In return, they are able to work more productively once they come back.
While most organizations offer traditional leave policies, you can instead set a PTO bank so that employees have the freedom to use their paid leaves for different purposes. You can even offer unlimited PTO, where employees can take leaves that are approved by their managers. The end result is often that employees are happier, healthier, and more loyal.
If you want competent employees, then you need to give them the benefits that they need. Our suggestions above are a few ways you can increase their satisfaction, while also improving their productivity at work.
