15 Best Employee Benefits to Attract and Retain Talents

happy announcement on employee benefits
If you're looking to upgrade your employee benefit plans, here are 15 great ideas that may help to attract and retain your talents!

Employee benefits plan determines your company’s success to attract and retain talents. 

Simon Sinek, a motivational speaker says, “Happy employees ensure happy customers. And happy customers ensure happy shareholders — in that order.”

Nowadays, salaries are more of a threshold than a scorecard. Stating an attractive salary in your job description (or during the interview) won’t make you stand out amongst your competitors. 

The American Institute of CPAs (AICPA) found that 80% of employees would keep a job with benefits rather than one that offers only high pay but lacks benefits.

The employee benefits that I’m going to share with you aren’t common. Already providing medical cards and free snacks to your employees? Good!

Now, let’s make your employees happier with these 15 employee benefits ideas:

1. Travel allowance

Company trips are fun. But, giving your employee the freedom to choose a travel destination is even better. You’ll encourage your employees to take a break without worrying about travel costs. Plus, travelling is also good for their mental health and productivity.

To ensure this employee benefit is utilised properly, use the pay-and-claim method. For example, the company that I’m currently working at provides an annual travel allowance. 

I need to pay for the flight tickets, tour packages or hotels first, then only submit the receipt to HR to get the reimbursement. Simplifying your employee benefits plan strengthens your chances of attracting and retaining top talent.

2. Therapy consultation

therapy consultation between employee and psychiatrist

According to a Metlife report, 73% of employees believe that employers are responsible to address their health and well-being. Ever since the COVID-19 outbreak, mental wellness has come to the spotlight in attracting and retaining top talents. 

As a result, more companies are giving workshops about mental health. However, this approach should keep happening even after the pandemic ends. 

With therapy consultation, your employees will know who to talk to when they need help. Hence, you should consider implementing therapy consultation as one of your employee benefits. 

3. Extended insurance for spouse and children

If you recruit talents globally or most of your employees have to relocate to work with you, this employee benefit idea may be the one you’re looking for. Extending the insurance coverage to their family members will be much appreciated.

Not only does it show how you care about your employees, but their families as well. On top of that, you’re more likely to receive their loyalty. Therefore, it helps to improve your retention rate as a whole. 

4. Pet insurance or medical allowance

Never underestimate the power of pet insurance or medical allowance as an employee benefit. 

Your employee’s loyal dog, fluffy cat or iguana are more than pets for some people — they’re part of the family. When their family member gets sick, your employees may find it hard to concentrate at work.

Working with a company that provides pet insurance or medical allowance is relieving, knowing that their best buddy is always protected. 

5. Childcare reimbursement

a nanny carrying a child

Childcare reimbursement is another employee benefit idea to attract and retain your talents, particularly those who are parents. Being a working mom or dad is challenging, especially if both parents work to support the family. 

Childcare reimbursement gives your employees peace of mind when they work, reassuring their children are cared for.

6. Paternity leave

Fathers are also important figures in the family. While mothers usually get 90 days of maternity leave, fathers often get none. Fathers also need extra time to care for the newborn yet still have to work. 

Giving them some days off will relieve them from exhaustion. Therefore, adding paternity leave as part of your employee benefit plan helps in attracting and retaining top talents.

7. Egg freezing

Nowadays, more single women are focusing on their careers. Be kind to your female employees by providing options to freeze their eggs. 

This employee benefit should be supported by the company (in a form of discount, allowance, etc.). Encourage your female employees to have both career and family ambitions!

8. Have an on-site gym

a worker riding a bicycle in on-site gym

Did you know that a study by the Leeds Metropolitan University found that workers who visited the gym during working hours were more productive, managed their time better and felt more work satisfaction?

Your on-site gym doesn’t have to be as great as a real gym. Equip the space with dumbbells, workout machines, yoga mats, a shower and you’re good to go! Not all firms have an on-site gym. Thus, when you provide one, chances are you’re attracting and retaining top talents.

9. Sports and gym membership

Regular exercises increase productivity and performance at work. Some people like to join fitness classes, some like outdoor sports. Some employees may want to learn a new sport or buy new sports equipment. By providing employees with flexible sport options, they’ll be happier and healthier.

10. Paid sabbaticals

One of the employee benefits that’s gaining popularity across corporate America is sabbatical leaves. Sabbaticals are a “break from work” in which employees can pursue personal interests like writing, volunteering and travelling. 

Usually, this period lasts for five weeks for employees who have worked for at least five years. Employees are forbidden to check their emails and work on projects when on leave. As a result, they return to the office with a fresh perspective and are more energised.

11. Discount to company’s products or services

discount on company products

Your employees will love this idea, especially if the products or services align with their passion. I still remember when a saleswoman of a travel agency told me that her company gave a 30% discount for all travel packages to the employees. You should see the smile on her face!

12. Food delivery service

Who doesn’t love free lunches or dinner, delivered right to their doorstep? When Covid-19 forces workers to work from home, the company I’m currently working at switches from serving lunch and dinner in the pantry to giving daily food delivery service allowances.

I’m so happy with the decision as I don’t have to go out to buy food and focus on my work. It also shows that the company cares about the safety and health of its employees. Therefore, including food delivery service in your employee benefit plan aids in attracting and retaining talents. 

13. In-house juice bar or coffee shop

Employees can spend a lot of time on coffee or tea breaks, especially if the shops are far from the office. An in-house juice bar or coffee shop will help them save their money and time.

14. Standing desks

an employee doing her work on a standing desk

Back pain due to sitting for long hours is real. Providing standing desks will certainly be one of your attractive employee benefits. Standing desks in the office help employees to switch between sitting and standing while working. 

It also helps to lower the risk of heart disease, reduce blood sugar levels, prevent weight gain, boost productivity and improve mood.

15. Student loan debt reimbursement

Some employees may still carry the burden of paying their student loan debt. This employee benefit, no matter how small the amount, will be beneficial for them.

In short

Excellent employee benefits are essential for attracting and retaining talents. They’ll help employees to be more productive. So, make sure you provide a comprehensive and dynamic employee benefits plan.

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