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Employee Benefits

8 Affordable Benefits That Employees Want

Employee benefits that appeal to workers can enhance job satisfaction and strengthen retention rates.

April 18, 2024

Employee benefits are the cornerstone of a thriving organization. Perks and benefits are pivotal in enhancing job satisfaction, attraction and retention rates, employee well-being and overall workplace morale. While some organizations may feel constrained by budget limitations, there are numerous low-cost benefits that can significantly impact employee happiness and productivity.

As the race for talent remains tight, employers may consider offering the following affordable employee benefits to appeal to workers.

  1. Wellness programs. Popular wellness initiatives include yoga classes, meditation sessions or health challenges. Promoting physical and mental well-being can lead to healthier, happier employees. Wellness programs are trending as a way to foster positive company culture, but it’s important to keep in mind that they often require commitment and resources for planning and implementation.
  2. Family-friendly policies. The path to and journey of parenthood is unique. Employers can offer attractive family-friendly policies, such as parental leave, flexible childcare arrangements, generous nursing breaks or assistance with adoption expenses. Supporting employees in their family responsibilities can improve loyalty and morale.
  3. Employee assistance programs (EAPs). These programs can help employees save on healthcare expenses, provide tax benefits and promote financial wellness. While such programs require administrative setup, the payoff can be worth it, as EAPs provide confidential support for employees dealing with personal or work-related issues.
  4. Flexible spending accounts (FSAs) or health savings accounts (HSAs). Even if an organization can’t afford to provide comprehensive healthcare benefits, offering FSAs or HSAs allows employees to set aside pre-tax dollars for medical expenses, which may reduce their financial burden.
  5. Financial education workshops. More workers want guidance to increase their financial literacy. To meet this desire, employers can provide resources or workshops on personal finance management, budgeting and retirement planning. Empowering employees with financial literacy can alleviate stress and improve overall well-being.
  6. Employee discount programs. Employers can offer discounts that appeal to workers’ interests and needs. This perk allows employees to save money on their everyday purchases, which can improve their financial literacy and boost company loyalty. Keep in mind that exclusive discounts hinge on partnerships and negotiation, and they may not be equally beneficial to all employees, depending on their interests and preferences.
  7. Pet Insurance. Though pet insurance is a nontraditional benefit and is generally paid for by the employee, it is becoming increasingly popular in the workplace to help employees care for their pets without going bankrupt. This benefit is particularly valuable, as pet care is increasingly expensive. In fact, offering insurance for a man’s best friend is a great marketing and PR initiative for companies that want to add to their image of being a great place to work.
  8. Health and wellness resources. It may be beneficial to provide access to resources such as mental health hotlines, virtual counseling sessions, or fitness and meditation apps. Prioritizing employee well-being sends a clear message that their health is valued.

Offering employee benefits doesn’t have to come with a hefty price tag. These low-cost benefits that workers value can enable employers to create a supportive and fulfilling work environment that, in turn, attracts and retains.

The above information does not constitute advice. Always contact your employee benefits broker or trusted advisor for insurance-related questions.

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