11 Employee Benefits That Promote Worker Loyalty

Employee Benefits That Promote Worker Loyalty

Once you finally assemble your dream team, how do you keep everyone on board? And how do you keep growing your team by recruiting more top talent? One way to excel at both is to offer a healthy employee benefits package.

If you are like many business owners, you may believe that you cannot offer benefits. However, you may find that benefits are affordable and could attract the level of talent that increases productivity and increases revenue. It is an important employee retention strategy that may be the best investment you make in your organization. Consider benefits a part of growing your human capital. Let’s look at some of the top types of employee benefits that show you care about your employees.

Health Insurance

Offering a health insurance plan keeps your team happy and healthy—and it demonstrates that you genuinely care about your staff. Health insurance is also a selling point for job seekers, as it is often their top priority when looking at a benefits package. When your employees have access to healthcare, they are healthier and more productive at work.

Dental and Vision Insurance

As with health insurance, voluntary dental and vision insurance promotes employee well-being and can lead to higher productivity. If your employees are suffering from a toothache or bad vision, but will not go to the doctor, it can affect their job performance. From a job seeker's perspective, dental and vision benefits are added perks that come with working for your company. You may attract more exceptional talent and improve retention simply by providing these additional plans.

Medical HSA or FSA

More employers are turning to flexible spending accounts (FSAs) and health savings accounts (HSAs) to cover health care costs for their employees. Both tax-incentivized plans allow employees to set aside funds for medical expenses. Employee contributions can reduce their taxable income.

401(k) Retirement Plan

Companies that offer a 401(k) recognize their value in terms of employee recruitment and retention. Most employees don’t see a 401(k) retirement plan as a perk; instead, they deem it a necessary employment benefit. Not offering a 401(k) could make employees pass you over for another job. Most 401(k) providers offer plans that are affordable for almost any size company. And, businesses can get tax credits for having a retirement plan available. You can choose to match at a certain percentage or not match your employees' contributions.

Retirement and investment plans are increasingly important to prospective employees and have been to shown have a significant ROI. For more information, check out our blog on Employee Benefits ROI.

Life Insurance
Life insurance benefits can bring employees peace of mind, reduce stress and allow them to focus more on their work. Group life insurance premiums are considerably lower than individual plans. Most insurers offer either term or whole life insurance with different coverage limits. You can offer employees options such as increasing their coverage amount, transitioning coverage if they leave your company, or opting out of a group plan. Consider whether you will pay 100 percent or a portion of the premiums.

Short-Term and Long-Term Disability

Disability insurance programs pay a portion of an employee’s wages if they are unable to work for an extended amount of time because of an illness or disability. Employees like the security of knowing they will still have income even if they are unable to work. Coverage, costs and benefits will vary.

Pet Insurance

People love their pets and will do just about anything for them – as many astronomical vet bills prove. Pet insurance can be relatively inexpensive and show your employees that you care for their whole family – fur and all.

Employee Assistance Program

An EAP program provides confidential counseling services for stress, grief, substance abuse, etc. Offering this type of benefit can give employees the opportunity to deal with issues before they become overwhelming and affect their ability to work.

Flexible Work Options

The rise in remote and freelance jobs has sparked interest in providing flexible working conditions for employees. Providing a more flexible working environment may be attractive to some prospective employees. The opportunity to telecommute, more lenient dress codes and flexible scheduling can boost morale and contribute to higher productivity. Decide where you can be flexible and experiment with different options. You may also want to solicit feedback and ideas from your staff.

One aspect of hiring remote employees that can't be overlooked is the payroll portion. You'll need to abide by multi-state payroll rules in order to be in compliance with state tax laws. To learn more, check our our blog on multi-state payroll. 

Volunteer Time

If you want to give your employees a perk that gives back, then you may allow them to use volunteer time off (VTO). Volunteer time off is company-sponsored paid leave that enables an employee to volunteer in the community. Allowing employees to volunteer demonstrates that your company has a higher purpose than just providing a product or service. This can be a significant motivator for job seekers to join your organization.

Tuition Reimbursement

Tuition reimbursement shows employees that you are invested in their growth and success. Companies can determine the percentage of reimbursement, stipulate the nature of the courses that will be reimbursed and require a certain period of employment before employees are eligible.

Is it time to evaluate your company’s employee benefits package? If you need more tips on how to provide the right benefits for your team and decrease employee turnover, contact LandrumHR, and we'll help you find the best package to keep your current employees happy and attract the new employees you want!