Employee Benefits Are an Important Part of Compensation
Estimated reading time: 3 minutes
I believe one of the things that organizations are focused on right now is rising employee salaries. Don’t get me wrong, I’m not saying that employers don’t want to pay employees equitably or competitively. But I think organizations are trying to find ways to look at the compensation conversation more holistically.
That’s where employee benefits come in as a component of total compensation. An employee benefit can provide a service at no cost or low cost to the employee, which keeps them from having to purchase something with their salary.
However, like a lot of things, employee benefits need to stay relevant. A benefit that an employee valued 5 years ago might not have the same value today. Here are some benefits-related articles that might offer insights toward benefits employees want.
8 Employee Benefits Worth Considering to Attract and Retain Talent
As the business world changes, employee benefits are going to change along with it. Ultimately, the company’s benefit package should align with the culture. What do your benefits say about you as an organization? Are they in sync with modern times?
Employee Benefits: Cafeteria Plans Offer the Options Employees Want
It’s not a surprise that employees want choices in their benefits. And this doesn’t mean that companies need to necessarily pay more. Cafeteria plans allow organizations to give employees the options they want so they can get the benefits they need.
Earned Wage Access: An Important Factor in Financial Wellbeing
Even with economic uncertainty, it’s important to remember there’s still a very competitive jobs market. Organizations should be looking for ways to stand out with candidates and retain employees. I think it’s time to realize that employees want greater control over their money. They deserve it. And it’s good for them…and the company.
Employee Birthday Celebrations Should Focus on the Recipient
I wish there was an easy answer to celebrating birthdays. But throughout this survey, I found myself thinking about one thing – a person’s birthday is about them and what they want. So maybe the answer is to just ask the person how they would like to celebrate.
Organizations need to regularly monitor benefits utilization to see what employees are using. In addition, they should talk with employees about their views on benefits. There are benefits that employees place tremendous value but might not use regularly – like health insurance. Employees want to know they have it available when they need it.
Employee benefits are a huge piece of total compensation. Don’t forget to communicate their value to employees.
Image captured by Sharlyn Lauby while exploring Boston, MA
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