The types of corporate perks employees can now expect to receive have changed dramatically in recent years. Designer watches and end of year bonuses have been replaced by benefits that more often cater to the personal needs of employees. The following are 10 corporate perks that are necessary to stay competitive in 2020.
- Dependable Health Insurance
Good health insurance is now a top priority for people of all ages. If healthcare needs for employees and their families aren’t met this can often create stress that may affect productivity on the job. It’s not just necessary to provide healthcare, but healthcare that is dependable and includes reasonable co-pays and deductibles. A good plan should also include prescription drug coverage.
- Extensive PTO
Paid time off or personal time off, however it is labeled, is a crucial perk that almost every employee will appreciate. Whether it’s related to having enough time off to deal with health-related issues or time to spend with family, this is a benefit almost all employees are looking for when seeking out employment. It may be a good idea to use it as a reward when goals have been met or a major project has been completed.
- Paternity and Maternity Leave
Having a new baby is an incredible yet challenging time in a person’s life. Both moms and dads increasingly want to spend quality time with their babies during those crucial first few months. It is important to give employees plenty of options when it comes to paternity and maternity leave. A company should provide specific leave guidelines for all new parents. They should provide as much paid leave as possible and then offer the option of extended time off for a reduced rate of pay if a person needs more time.
- Substance Abuse Treatment
Substance abuse is a growing problem that not only affects an employee’s personal life, but often productivity at work as well. It doesn’t make sense to possibly lose a good employee over something that can be treated. A business will want to provide inpatient as well as outpatient services. This provides a complete spectrum of care and also enables an employee to keep working if outpatient services are provided.
- Health and Well-Being Plans
Living a healthy lifestyle is not only important for employees, but can save a company money in the long run. Employees that have access to free or reduced cost gym memberships, or even on-site gym facilities, will be less likely to struggle with disease and illness. This will ultimately save a company money on insurance costs. Fitness plans should not only include gym availability, but access to a nutritionist and a dietitian.
- On-Site Daycare
Both cost and quality of childcare is something that concerns many employees. Safe, high-quality daycare that is located on the premises is a great corporate perk that can increase productivity and even reduce absenteeism. Being able to check on their children during breaks and over lunch can dramatically ease stress regarding leaving children in daycare. If covering the costs of daycare is a concern, asking employees to pay a rate that is still considerably lower than average childcare costs is one option to consider.
- Off-Site Work Options
Working remotely has been increasing exponentially in recent years. Being able to work at least part of the time from home or even a local coffee shop can enable employees to work in ways that fits their lifestyle. With options such as texting and video chat it’s easy to keep the lines of communication open when working remotely. Some employees may be content to work only a few hours or one day a week remotely, while others may want several days each week off-site. Along with off-site work options, a company should include flexible work hours. Even when working on-site people want to be able to put in their hours outside of the confines of 9 to 5.
There are a variety of ways to create discounts that employees can easily use. Getting and distributing coupons from local businesses is one way to provide discounts. It’s a good idea to set up an online system so employees can easily use coupons or cards. It’s important to find out what types of businesses the employees are most interested in before starting a discount program.
- Educational Assistance
Employees that continue their education are an obvious asset to the company. Even a few classes can boost an employee’s self-confidence as well as their skill level. Providing education, classes, and conferences for free or at a reduced cost is a corporate perk every business should consider. It’s also a good idea to provide on-site workshops that employees or entire departments can take together.
- Food and Coffee
Something as simple as food and coffee can go a long way towards keeping employees happy and motivated throughout the day. A coffeemaker can be easily set up on-site near offices or in a break room. If this isn’t convenient offering gift cards or opening up an account at a nearby coffee shop is another option. It’s also a good idea to provide healthy snacks and even catered lunches. Providing lunches on-site may cut down on employees taking lunches that are too long and boost overall productivity.