The days of ping pong tables and unlimited snacks are gone in our new work-from-home reality. It’s vital that we establish new employee benefit norms with much of the globe unsure of when, or if, they’re returning to work. Traditional benefits, such as a paid time off policy, are vital for attracting top talent, but there are a variety of other employee benefits that will improve culture and employee satisfaction.
Employee Benefits Definition
The best definition of employee benefits is any perk, reward or action that a company provides to its employees. While many associate employee benefits with paid time off, medical insurance and paid parental leave, various other things like gym memberships, having a dog friendly work policy or a work from home stipend, are all employee benefits.
Why are Employee Benefits Important?
Employee benefits are important because they facilitate a positive work culture and increase productivity. They also show that the company actually cares about their employees and generally raise employee satisfaction or morale.
The days of the clock in, clock out, 9 to 5 are gone. The working culture is changing as Gen Z and Millennials take over the workforce. Many are expecting more from their jobs than just a paycheck. According to Gallup, Millennials don't want a job, they want a good job. “Millennials want to contribute to an organization that values their strengths and gives them the chance to do what they do best every day. To a millennial, their job is their life.”
Who Qualifies for Employee Benefits?
Despite what you might think, not all businesses are required to provide employees with benefits. Beginning in 2014, businesses employing 50 or more employees that work more than 30 hours per week must legally provide health insurance or risk paying a fine. But that’s just health insurance. What about paid time off? Legally companies are not required to provide vacation pay at a federal level, but there may be state entities that require some PTO.
The best employee benefits are benefits tailored to your company, that provide flexibility and options. We’ve compiled a list of the best below.
ClassPass corporate plans provide employees with access to over 30,000 fitness studios, gyms and wellness options worldwide. This provides your employees with a flexible option for attending fitness classes or booking wellness experiences.
According to our recent survey, 70 percent of professionals rank fitness benefits as the most important to them outside of core healthcare benefits!
Headspace or HealingClouds Memberships and Events
Headspace offers a corporate membership program that helps reduce stress, improve productivity and increase teamwork. This is another great flexible option for employees, it works great for a remote team!
HealingClouds (a ClassPass partner) offers accredited therapists, perfect for a distributed workforce. This is a great option if your company is exploring company mental wellness offerings.
A Work From Home Stipend
Traditional office benefits like free snacks and ping pong tables go out the window now that we’re all working from home (at least part time). Most employees do not have great work from home options and resort to working from their kitchen table. Providing a work from home stipend will help your employees adjust and create a productive environment.
Bonus.ly Rewards Program
Bonus.ly is a great way to foster togetherness and reward your employees. Each month the employees receive a certain amount of points they can give away to their coworkers. These points add up and lead to real perks and bonuses that each employee gets to pick! There’s a long list of participating companies, which you can review here.
Generous Paid Parental Leave
Adequate maternity and paternity leave have a wide range of benefits that can improve health and economic benefits for employees. Studies show that adequate maternity leave can lead to lower infant mortality rates, health benefits, and higher labor force rates. Paternity leave improves health and economic benefits for the family and increases child bonding.
Have a Kid-Friendly Zoom Call
If your employees pivoted to a work from home environment, they’re likely working from home, plus managing kids, plus teaching their children, plus managing a lot of extra duties they used to be able to avoid while at work. One idea to increase productivity? Host work-sponsored zoom classes for children of your employees!