How to Create an Employee Benefits Package That Will Attract and Retain Talent

Employee benefits packages used to be standard and simple. Something like a coffee bar in the break room or a fridge filled with snacks were supposed to keep an employee happy at work. Unfortunately, that’s the problem.

 

While there isn’t anything wrong with these office parks, they often serve an alternate purpose: Keeping employees in the office longer so they can get more work done. Schedule inflexibility is a big problem. It can create unmotivated, unhappy employees who might start looking elsewhere for a job that better understands their needs.

 

So, what can you do to attract new talent while keeping the star employees you already have on board?

What Are the Benefits of Happy Employees?

First, it’s important to understand why keeping your employees happy and satisfied is necessary for the success of your business. The more your employees feel valued, the more likely they are to be engaged in the work they’re doing. Encouraging them to sit in the office all day can leave them feeling uninspired, unmotivated, and ultimately “stuck” in a routine they’re unhappy with.

 

When you present a benefits package that gives your employees the things they really value, they’ll be more engaged, more likely to be productive, and more likely to want the same things you want: growth and success for your business.

 

Happy employees not only tend to put in more effort with their work, but they also motivate others to do the same. As a result, you have greater employee retention.

The Risks of Work-Related Stress

Just as there are many positives to having a great benefits plan, there are also many risks when it comes to a stressful work environment. Essentially, if your employees don’t feel valued as a whole, the stress from the office environment can lead to health problems. These problems can include everything from minor headaches and muscle tension to more serious mental health problems like anxiety and depression.

 

The causes of stress at work include things like a lack of job security, a heavy workload, etc. But, one major stress factor is having to balance work life with a personal life. This is often a result of companies who don’t fully understand or aren’t fully appreciating that their employees have a life outside the office.

 

Employers spend about $300 billion each year on employee healthcare costs and missed work days as a result of stress in the office. That’s a lot of missed opportunities for work to get done. Obviously, productivity stands still when your employees are sick or need a mental health day. So, not only will a stressful environment affect the work being produced, but it will also end up costing your business a lot of money over time.

What Perks Do Employees Really Want?

The best thing you can do for your company is to start looking at your employees as whole people — not just “workers.” This includes creating a competitive employee benefits package that combines traditional benefits with extra perks that make your employees excited to work for you.

 

Some of the more traditional benefits include things like a health insurance plan, paid time off, and a 401(k) savings plan. But, the new standards of employee perks go far beyond these typical benefits. Some things to consider to attract new employees and retain your current ones include:

 

• Remote work options
• Gym memberships/onsite fitness facility
• Shorter work weeks
• Mental health services
• Paid maternity/paternity leave
• Tuition reimbursement

 

You can always survey your employees to find out what their needs really are. Understanding that your employees have a life outside of the office will make it easier to develop a benefits package that fits everyone’s needs.

Building a Better Work Environment

While snacks, drinks, and foosball tables in the office are nice, they aren’t going to cut it when it comes to attracting new employees. These perks have become far too common. The reason they’re being included in offices have shifted from appreciating employees to keeping them in the office longer.

 

If you want to build a better work environment, reduce stress, and attract new talent (while keeping your current employees motivated), think about what people like to do outside of work.

 

From there, you can create a perks package that fits your employees as a whole. As a result, you might be surprised to see how much productivity increases. Again, happy employees are often far more willing to push for your company’s success. Give them the best benefits package possible. They’ll be motivated to return the favor with their work