Every business owner understands they must provide excellent perks to attract the best talent nationally or internationally. Apart from compensation, these perks and benefits are major factors people consider when looking for a job. Businesses must find ways to offer perks that potential employees will like while balancing them with the salaries they offer and their cost. Providing the right mix of benefits and perks starts with understanding what employees are looking for and come to expect.
Work from Home Opportunities
While this is not entirely applicable to older employees, it is very much applicable to millennials and Gen Zs just entering the job market. The opportunity to work at home is one that many people are considering seriously when they apply for jobs. Many people are more productive when they work from home, as there are fewer distractions so they can focus much better.
Working from home also saves them time and money because they do not have to commute for three hours every day to get to and from work.
If your business does not offer any other benefits, it should still provide health insurance due to the rising cost of healthcare. Employees want to avoid paying high premiums or out of pocket for healthcare because it has become prohibitively expensive for many people. Instead, they rely on their employers to pay for all of or subsidize some of their healthcare costs. The best way to do this is by providing health insurance.
Health insurance will vary from one business to the next, with the main difference being what the insurance covers and the limit set. You should also be aware that the insurance might have copay or deductible requirements, so watch for those when going over your benefits, as your employees will have to handle those, and it could be a deal breaker.
In addition to health insurance, businesses should have provisions that allow employees to get prescription medicine and other health services and products as part of their benefits. They can do this through configurable cards that let employees access their benefits at thousands of retail stores. You can learn more about how these cards work by reading this WEX benefit comparison.
Paid Time Off
Regardless of what it is called at different firms, paid time off allows employees to spend time away from work to recharge, spend time with their loved ones or do anything else they wish. Most businesses pay for time off at the same rate as typical workdays, but some provide benefits such as funds for vacation spending.
Most employees try to negotiate their paid time off. As a business, you might be flexible on the time they get off, but many companies cannot be flexible on the paid time off benefits employees get.
Bonuses, Overtime, and Raises
Potential employees want to know their total compensation before they start. For this reason, they want to know what their bonuses, overtime, and raise structure looks like. Employers must include details about them in the contracts new employees sign to avoid misunderstanding.
Although everyone looks for different perks and benefits while applying for a job, there are some universal ones that we all look for. Everyone wants to be paid well and know what their total compensation package comprises of. They want to know they will be taken care of if something goes wrong, and that flexible work is a choice.