In a job market dominated by candidates, employers who do not prioritize retention initiatives are at risk of seeing top performers go out of the door. You can motivate your employees to stay with you by increasing their overall satisfaction by offering them the perks and benefits they want the most. A well-planned set of benefits and perks at work ensures that employees are satisfied. A content team is more productive and less likely to submit their resumes to competitors in Ottawa.
The benefits you provide beyond the salary could help aid your recruitment efforts. A well-rounded set of additional benefits could make all the difference in the top candidates coming to your company or rejecting your job offer.
The top 6 benefits that employees would want
The words “perks” and “benefits” are often used interchangeably; however, in our case, benefits for employees generally refer to a type of compensation in cash that covers the basic requirements. If the company does not provide them, workers will likely be required to pay for the benefits independently.
Health insurance: This benefit is of paramount importance to many job applicants following the salary. Usually, it includes medical insurance for the employees and their families. In a Robert Half survey of more than 1,000 job seekers from the United States, 76% of respondents considered health insurance as a crucial benefit.
Retirement savings plans: A well-liked benefit that is enjoyed by less than half (51 percent) of those polled having a tax-deductible 401(k) plan is an effective way to draw potential candidates. They are offering the possibility of matching up to a specific amount. Employees can significantly benefit from this and may become more loyal to your company as a result.
Life insurance and AD&D insurance: Life insurance and accidental death and dismemberment insurance (AD&D) are essential for employees who want at ease about the security of their family members.
Vision insurance: glasses, contact lenses, eye exams, and glasses can be costly for those who require these services. It’s not surprising that vision insurance is one of the top six benefits of our survey.
Six perks that employees would like the most
Perks: Corporate perks or perquisites are excellent additions to an employee’s salary or benefits package. We view perks at work to be various extra-ordinary benefits that can influence an employee to choose an employer over one.
Remote work options: Because of the COVID-19 pandemic, remote work is the norm for numerous businesses. Employees have reported that they would like this option to be available for a long time.
Employee discounts: Employees are fascinated by their bosses’ special offers. Indeed, 37% of survey respondents cite discounts offered by companies exclusively on significant purchases such as phones, houses, and cars as their top perks. If you’re not able to afford it, take a look at what you will allow. A discount at the local coffee shop can be a popular benefit.
Paid parental leave: Employers want to know that they can earn a living and achieve career goals while taking care of a newborn or adopted baby. As stated by 27% of respondents to the survey, it is a benefit that has broad appeal.
PTO to volunteer: Also called VTO (volunteer day off), This perk offers employees the chance to assist others without using their PTO. This perk is sure to be popular with job seekers and employees looking to join a socially responsible organization.
We Ottawa Life Insurance is here to help you with your business and personal insurance coverage needs. Call us at (613) 454-1424 or email us at info@ottawa-lifeinsurance.ca for further information.
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