In today’s competitive labor market, offering the bare bones of employee benefits no longer cuts it. When employees have so many choices, of course they’re going to go with the company that offers the best perks. Here are 17 of the best modern employee benefits that your company should definitely consider offering, from paid parental leave to awesome gifts for employees.
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Four-Day Work Week
While it once seemed impossible, the four-day work week is now becoming more and more popular. Many employees can get just as much work done in 32 hours vs. 40 hours, leaving them more time to rest up and enjoy life so they can be more productive during the four days they are in the office.
Flexible Hours
During the pandemic, many companies switched to flexible hours, and employees loved being able to get work done on their own time. This allowed people to go to doctor appointments or pick up kids from daycare without having to take time off.
Paid Time Off
Speaking of time, this is a huge benefit that is a must in the modern world. Whether it’s unlimited paid time off or separate sick days, employees are flocking to companies with generous vacation and sick day policies.
Health Insurance
Basic health insurance isn’t enough anymore. In this ultra-competitive job market, companies are also adding dental and vision insurance, as well as offering the option for HSA and FSA savings accounts.
Mental Health Support
Alas, not all health insurance policies automatically offer coverage for mental health services, which is why employee-focused companies try to select employee policies that do. Some companies also offer additional mental health support, including mental health days off and even on-site therapists.
Wellness Benefits
Beyond insurance, lots of companies are starting to offer additional wellness benefits, including subsidized memberships, on-site yoga classes, and monthly massages. These wellness benefits promote overall employee health and also help them de-stress during busy weeks.
Paid Parental Leave
Being the parent of a new baby is hard, which is why many top companies offer generous parental leave for people of all genders, whether they gave birth to the baby or not. More are also offering parental leave for parents who are adopting a child, which can be time-consuming and stressful.
Childcare Support
After parental leave ends, many parents struggle to balance a full-time job with caring for their children. That’s why many employers are now offering childcare care support in the form of daycare subsidies and even providing childcare on-site at the office.
Volunteer Time Off
Some companies will pay you to give back to the community with volunteer time off. These programs allow employees to take a certain number of days or hours off each year and put that time toward volunteering for a worthy cause or organization. Some companies also offer employee volunteer events on certain work days to combine giving back with team bonding.
Tuition Assistance
Getting a degree is expensive, which is why many companies offer tuition assistance or reimbursement for degrees related to your job. Some companies also offer tuition assistance for employees with children enrolled in college, helping to reduce their tuition payments and student debt load.
Professional Development
Tuition assistance isn’t the only form of student help available. Many companies offer professional stipends to employees to cover online classes, in-person workshops, travel to conferences, certification programs, and other programs that help employees become more skilled.
Student Loan Paydowns
Even if you have no interest in acquiring another degree, some companies might still help you pay off your previous ones in the form of student loan pay-down assistance. Each month, the company contributes a certain amount to your student loans, helping you pay down the principal faster and reduce the amount of interest you pay in the long run.
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Employee Gifts
Corporate swag is a fun perk to offer to employees, and certain coveted items — such as giving custom letterman jackets for five-year employee anniversaries — often become hot items around the office. Put some thought into the promotional products in your employee gift store, and you won’t regret it!
Employee Discounts
Many companies partner with other businesses to offer discounts and other benefits to employees. These discounts cover a huge variety of products and services, including half price movie tickets, waived apartment application fees, reduced pet grooming fees, and more.
401K Matching Contributions
Saving for retirement is a daunting task, which is why many companies offer matching 401K contributions for employees up to a certain percentage. This can effectively double the size of your contributions and make a huge difference in the long run.
Company Stock
Early stage companies usually include a certain percentage of stock as part of the overall compensation package, while later stage companies give employees the option to buy stock at a reduced rate. These stock options can potentially pay off hugely in the long run, even allowing employees to retire early if they decide to cash out.
Pet-Friendly Office
If you have to go into an office, being greeted by a dog sure does make it better. Pet-friendly offices are becoming more common, and some even offer doggie daycare on site so employees don’t have to fork over money for a dog walker. Just be sure to check with your employees to see if anyone has allergies before letting the pups roam free.
There are so many fantastic benefits that we couldn’t include on this list, from on-site cafeterias to company-run shuttles.
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