Employee benefits and why they are important

Here are some of the reasons why employee benefits are so significant for tech firms and how to implement them effectively.
recruit and retain the best talents with Top 10 Benefits that Employees Value the Most
Author
Annabel Connell
Publish date
Feb 14, 2022


Are you a U.S. tech firm looking to recruit and retain the best talents in your organization?

The truth is that there's a significant skills shortage, especially in the tech space. Thus, companies are always in stiff competition to attract the best talents, and if you don't take excellent care of your employees, you risk losing them to your competitors. Speaking of which, offering employee benefits can be one of the most effective ways to keep your top talent happy and satisfied with their jobs.

Top 10 Benefits That Employees Value The Most

In this article, we'll discuss some of the reasons why employee benefits are so significant for tech firms and how to implement them effectively.

  • Flexible working hours. Today, more and more employees value flexible working arrangements, where they can work from home or other convenient locations. It enables them to balance their personal and professional lives more effortlessly.
  • Health insurance coverage. Most employees prefer health insurance because it provides them with medical services when they need them. It also helps them avoid unexpected medical expenses.
  • Retirement plans. Most workers want to retire comfortably once they reach retirement age. They'd like to have enough money saved up to cover their living costs during retirement. This way, they won't worry about having an empty nest.
  • Paid time off. Many employees would love to spend more time with their families. However, not all employers offer paid vacation days. Some only provide unpaid leave, while others give paid time off. But regardless of what type of leave you offer, it should be flexible enough to accommodate different schedules.
  • Mobility. Today's employees fancy mobility benefits, as it makes their work-life balance way easier. So covering for your employees' public transportation or providing company cars, carpooling programs, etc., may go a long way in keeping them satisfied at the workplace.
  • Performance bonuses. Who wouldn't want to get recognized for their exemplary work? Employers realize that rewarding their employees with bonuses will help them stay motivated and perform better.
  • Employee discounts. Offering discounts for products and services such as gym memberships, movie tickets, coffee shops, restaurants, etc., can boost employee morale and make them feel appreciated.
  • Life Insurance. As mentioned above, many employees want to retire comfortably. So they'd like to enjoy life after work without worrying about their financial security. Providing life insurance policies is a great way to achieve this goal.
  • Wellbeing programs. The stats are shouting; 91% of Gen Z and 85% of Millennial employees reiterate the need for a mental health policy at the workplace. That's why offering wellbeing programs such as nutrition education, health risk assessments, mindfulness training, etc., can encourage employees to stay healthy and happy at work.
  • Skills development. Every goal-driven employee dreams of becoming an expert in various fields. And if you can help them develop these skills, they'll be grateful forever! Plus, investing in your employees' career growth helps your organization remain competitive.

Why are Employee Benefits so Important?

Now that we've discovered some of the most sought-after benefits by employees, it's only fair that we share with you the reasons why offering these benefits is beneficial for both companies and employees.

Here are five core reasons why offering employee benefits is essential:

  • Attracts Top Talent
    It's a rule of thumb; companies that offer exceptional benefits stand out among competitors. Employees who receive high-quality benefits tend to be loyal to their employer. They're less likely to switch jobs than those who don't receive any benefits at all.

  • Boosts Productivity
    Offering benefits increases employee satisfaction and motivation. These factors contribute to higher productivity levels. And the happier your employees are, the more productive they become.

  • Improves Retention Rates
    Offering benefits boosts employee loyalty. When employees feel valued, they're more likely to stick around. Companies that retain their best workers have higher chances of achieving success.

  • Improves Your Company's Reputation
    When your employees are happy, they're also more likely to recommend your business to friends and family. That means word-of-mouth marketing goes further when employees are treated well.

  • Boosts Your Bottom Line
    Companies that offer benefits save money on recruitment expenses. Research has shown that employers spend as high as $4,000 per new hire. You can save on these exorbitant expenses by providing your employees with lucrative benefits.

How to Implement Employee Benefits Effectively

If you're thinking of implementing employee benefits, here are five tips that can help you do so successfully:

  • Be Specific
    You need to clearly define what kind of benefits you plan to offer your employees. For example, does your company provide healthcare coverage? Or dental care? Does it offer a retirement plan? If not, how will you go about doing so?

  • Think Long Term
    You should think about offering benefits that will last longer than one year. For instance, you could provide a perpetual gym membership to employees committed to their fitness goals.

  • Make it Easy To Use
    Provide your employees with clear instructions on how to access their benefits. Your employees shouldn't have to ask for information every time they want to use their benefits.

  • Offer Multiple Options
    Your employees may prefer different types of benefits. So, try to accommodate their preferences. For example, if your employees like to eat healthily, you could offer a cafeteria where they can buy fresh food.

  • Don't Forget The Small Things
    Don't overlook smaller benefits such as free coffee and snacks. These perks show your employees that you value them.

Buchanan Tech is Here to Serve Your Employee Recruitment and Retention Needs!

Are you a Texas start-up or scale-up struggling to attract or retain the best tech talents for your company? If so, your misery ends here, as Buchanan Tech can help. We leverage results-proven recruitment strategies to match top talent with your organization. Our expert consultants also work tirelessly to help fill the tech skills gaps in your workforce.

So, whether you're looking for assistance with one-off hires, executive search, or ongoing support and consulting on your entire organization, our team is ready to help. Please contact us or register online today for a FREE retention audit!