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Reviewing Your Benefits Package

On31/ 05 /18
Feeling frustrated with lack of the opportunities when it comes to your current job? If so, it might be a time to review your benefits package. 

The importance of benefits package 

Benefits packages are becoming increasingly important to candidates in the market. According to survey from Afiac, 60% of employees perceive having a benefits package as extremely important to their loyalty. Moreover, 79% of them admitted that they would rather have new or additional benefits instead of a pay increase. 

Those perks include bonuses, childcare, profit sharing, medical and life insurance, paid vacations, free meals, use of a company car, pensions, retirement and pension plan, stock options and wellness plans. 

But why are these properly structured benefits packages so important to the modern employee? 

According to study by Patriot Software, 58% of personnel lost sleep due to worrying about adequate childcare. Just look around the office and you’ll surely recognise those sleepy, tired parents. Wouldn’t it be nice for them to receive some sort of family-friendly support such as discounted childcare, vouchers or even discounts on child-related products to keep them motivated and productive? 

In contrast, a report from JobVite has revealed that only 71.6% of companies offer benefits that go beyond the standard health and financial benefit products. 

From the employer’s standpoint, offering benefits beyond what is standard can be indeed a costly proposition, but rewarding in the long run as they can significantly improve your staff performance. It can also help to attract top talent – especially if we talk about millennials who are more interested in how the culture of a business speaks to them.

Building a competitive employee benefits package 

So what should be included in a comprehensive employee benefits package? According to Glassdoor Economic Research, extras you should be looking for compromise of: 

Paid parental leave
On-site gym
Team building activities
Health insurance
Dental insurance
Vacation & paid time off
Pension plan
Retirement plan
Sick days
Fully funded professional development courses 
Store discounts 
Free meals
Flexible & remote working
On-site amenities including childcare centre and car washes

Not impressed?

If you feel like you aren’t satisfied enough with your prospective benefits package, ask your manager for a review meeting when you can both sit down and assess what would help you to go an extra mile at work. Prior to the meeting, do your homework and create a list of your tasks – but remember to be very reasonable and be sure to highlight the benefits to the company instead of what you gain from the deal.   

For more job advice and tips, read our selection of blogs.
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