4 Major Types of Employee Benefits Every Employer Should Know About

Jan 19, 2022

Employee Benefits

4 Major Types of Employee Benefits Every Employer Should Know About

When exploring "employee benefits near me," you're likely thinking about extra perks to offer your workforce besides salaries. These perks may range from health plans to a stake in your company, provided that they can inspire staff loyalty to your organization.

The following are the four major types of employee benefits every employer should know about:
  1. Workplace BenefitsThese are perks related to the workplace that include:
    • Flexible work schedules and leave: You can let your employees choose their working hours and location and allow them extra holidays and paid parental leave.
    • Skills development: Provide this benefit to retain your top talent and encourage competitiveness.
    • Food and refreshments: Free lunch, coffee, or fruits at work are excellent incentives for employees.
    • Fun activities and gifts: Things like knitting or running clubs, anniversary gifts, and employer-sponsored social events such as game nights can help create a positive work atmosphere.
  2. Health BenefitsThese perks help address your employees' healthcare and wellness needs. They include:
    • Health and wellness: These employer-sponsored programs can include gym memberships, counseling services, and financial coaching.
    • Healthcare: Offer these benefits so that your employees can cost-effectively access healthcare services, such as physiotherapy, psychotherapy, or even fertility solutions.
  3. Financial SecurityEmpowering your employees to secure their future increases their motivation to work for you. You can offer the following financial perks:
    • Retirement plans: Every worker appreciates financial stability after retirement, which is where pension schemes come in.
    • Insurance options: Employee benefits like insurance in La Canada are a vital investment for modern employers. Various insurance perks can cover a broad range of areas, such as parental leave, injury, or health.
    • Cash rewards and investment opportunities: Commissions and bonuses are typical examples. You can also boost employee loyalty and commitment by letting them buy shares of your company.
    • Personal finance perks: Individual employees can improve their financial health with professional advice about things like loans or savings.
  4. Lifestyle-Related BenefitsHelping your employees optimize their work-life balance is in your best interest as an employer. Consider offering lifestyle-related perks such as:
    • Work-life balance: Think of childcare, legal services, or any other perk that lets your employees with kids better manage their work and personal life.
    • Commuter benefits: Differentiate your workplace by streamlining your employees' everyday commute. Viable options include free transit passes, transport allowances, and low-cost transport options like carpooling or bicycles.

Benefits Preferences Among Different Generations

Each generation of workers has different priorities when it comes to employee benefits. These differences in preferences may play out as follows:

  • Pension

    Older generations (baby boomers) generally prioritize pension plans. Unfortunately, this perk isn't an urgent consideration for younger generations who have decades ahead of them before they start worrying about retirement.

  • Skills Development

    Younger generations have careers to grow and plenty of time to perfect their craft. Thus, skills development is more important to them.

  • Paid Leave and Flexible Work Schedules

    Employees across all generations consider paid leave and work hours vital to their job satisfaction.

  • Financial Wellness

    Generation Z workers prioritize financial wellness among other essential employee benefits. As a result, the importance of this perk to employers will increase as more graduates from this generation join their workforces.

To maximize your competitiveness and staff loyalty, these are some of the most important employee benefits you can offer today. If you need help securing proper coverages for your business and employees, contact our experts at  Knight Insurance Services right away!