Just like the body needs blood, so does a business need employees if it desires to grow. Employees play a critical role in the day-to-day operations of the organization, which ultimately results in corporate goal attainment. The valuable inputs of these workers must be recognized by creating an enabling environment that promotes their well-being.
Part of this administrative responsibility is offering worthwhile employee benefits. A survey by Statista reveals that 86% of employers in the U.S offer employees health insurance benefits, while 51% offer employees disability benefits.
If you’re an employer seeking to improve the productivity of employees in your organization, it’ll help to know the most important benefits an organization must offer. This article explains the top 3 employee benefits every organization must offer.
What Are Employee Benefits?
Employee benefits are monies in form of bonuses or compensation given to employees aside from their basic salaries or wages, which can be issued through a paystub.
These benefits may come as insurance, retirement, and education benefits, skills and development, sick leave, annual leave, vacations, and flexible alternative arrangements.
Employee benefits play a huge role in motivating employees to do more on the job as they are confident that their welfare is covered.
Top 3 Employee Benefits Every Organization Must Offer
As an employer, If you don’t currently offer employees some benefits in your organization, you may want to consider it now. Employees who are not granted these benefits may feel cheated or used.
#1. Flexible Working Arrangement
In a recent survey, it was discovered that 53% of employees accept jobs based on flexibility in their work schedule. Flexible work schedules should not only be for freelancers, traditional employers should also allow employees to have a flexible work schedule.
Not only will your employees benefit, but you as an employer will also benefit from a flexible work schedule. For one, it allows you to properly balance work and family or other personal matters.
A flexible work schedule entails the employees choosing the work location, and schedule that works for them, as well as the days they would wish to work.
For instance, two employees work for an organization, employee 1 works from 7 am to 2 pm and picks up her children from school at 3 pm. Employee 2 sleeps till morning, then moves to her desk to work from 10 am till 6 pm. If both employees meet up with deadlines, there is no harm in allowing them to set their own work time.
#2. Skill Development
Many employers know that employees are assets to the business, therefore they invest in their employees. Giving employees the required training and development will not only make the employee efficient but also increase the organization’s profit.
Skill development means the organization trains the employees on different skills like decision-making skills, leadership skills, communication skills, project management skills, etc. These skills are required for the growth of the organization.
Organizations that give skills to their employees get an increase in returns. It works like the computer garbage in garbage out program, as you help your employees become better at what they do, they naturally employ their newly acquired skills in their jobs, thereby boosting the company’s productivity.
#3. Work From Home Arrangement
Working from home may not be the best option if the job role requires moving files and dealing with confidential documents. In a situation where the work can be done with computers from anywhere, work from home arrangement can be considered.
Remote jobs workers tend to love their jobs and be loyal employees to their employers. Working from home allows you to balance your work life and social life.
People who work from home have control over their time. You have the time to plan work and home duties at your pace. You don’t dash out to work, with your hand full with a laptop or files, rushing to catch a train. Overall, a remote work arrangement can significantly improve the efficiency and output of employees.
Reasons For Employee Benefits in an Organization
Here are a few reasons why an organization should offer employees benefits.
1. Improved Productivity
Employees tend to be more productive in organizations that have employees’ best interests at heart. Employee benefits give employees a sense of security, which boost commitment and productivity.
2. Increased Job Satisfaction
A happy worker is a satisfied worker and a satisfied worker is an active worker. When employees are happy and content with the treatment received from employers, they tend to be satisfied with the job, thereby giving the best of their skills to the job.
3. Increased Moral
Organizations that are deliberate in evolving with the industry invest well in their employees’ development to keep up with the industry. An employee that enjoys consistent training and development from the organization as a result of these reasons will become efficient and develop strong morals.
4. Low Rate of Recruitment
For the fact that the organization heavily invests in its employees, and the job security for the employees is very high. Organizations that offer employee benefits through training may witness a lower rate of recruitment. They would love to retain the skilled people already in the organization rather than bring in new employees.
5. Attracts Talented People
A lot of talented and intelligent people are seeking jobs, but only jobs with employee benefits. Offering benefits to employees will help you attract these top talents who will use their skills, and intelligence to advance the organization.
Employee benefits go a long way to boost the morale of employees and every organization should offer them. Most employees accept some job employment based on the side attractions in the form of benefits attached to the job aside from the main salary.
And, it’s nothing to be frowned at; they’re simply looking out for their well-being. Although there are a lot of employee benefits organizations can offer, these three are the most basic. You can adopt one or two of them as your employee benefits. In the end, it is most often a win-win for both you and your employees.