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:
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Paid parental leave
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On-site gym
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Team building activities
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Health insurance
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Dental insurance
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Vacation & paid time off
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Pension plan
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Retirement plan
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Sick days
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Fully funded professional development courses
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Store discounts
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Free meals
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Flexible & remote working
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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.
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