5 Employee Benefits Packages To Take Into Account In 2023

December 20, 2022

 

Truth be told. An engaged employee is a productive employee.

53% of workers are not engaged while at work. If you believe this has no impact on their productivity levels, you couldn’t be more wrong.

Employee engagement practices are certainly not a new concept. However, you must be creative to retain your employees and attract new ones. The simplest and the most effective way to do so is to create employee benefits packages. Employee benefits packages enable employees to know the company’s values. The ones whose values align with yours will stay.

If you’re scratching your head in confusion, don’t worry. We’ve listed five employee benefits packages in this article for you to consider. The list would also help the ones looking to upscale their existing packages. Let’s dive right in.

 

1. Conduct employee engagement surveys

An employee engagement survey is a questionnaire to help you measure how engaged and satisfied your employees feel. It not only helps you know the real sentiments of your employees but also enables you to realize if you need to make changes to your existing work arrangements.

Moreover, employee engagement is intangible unless broken down into questions related to job roles, training & development opportunities, leadership, etc.

Conducting employee engagement surveys at regular intervals helps you in the following ways:

  • It gives employees a voice, enabling an opportunity for two-way communication.
  • It increases employee engagement as you can create an action plan once you’ve assessed how engaged your employees are.
  • It fosters direct organization growth given the company measures such as employee management, satisfaction, development, etc.
  • It allows you to gather data for future comparisons.

Engagement surveys are crucial as they help you find common issues your employees may face. However, the results depend on the type of questions you put in the questionnaire. The specific, the better. Ensure you break down questions that focus on employees to get accurate data. Employee engagement directly impacts a company’s profitability and revenue generation.

 

2. Provide flexibility

The way we work is changing. Flexible work hours. Reduced work days. Paid time off. 73% of employees stated flexible work arrangements increased their work satisfaction. It’s evident from the start that employees perform better when given freedom. It helps them tailor their work to their personal lives smoothly.

Providing flexible work hours would significantly benefit employees holding creative job roles. Such positions are tough to squeeze into a specific set of hours. If your company consists of creative output, put flexible work hours as a must-offer item in the employee benefits package.

If you want to experiment with offering flexibility, try doing the following:

  • Offer a 4-day work week by increasing the number of work hours and see how the employees feel about it.
  • Measure employee output in terms of deliverables, not the number of hours they put in.
  • Consider offering paid time off with a supervisor’s approval.

Flexibility has now become the most preferred option for employees. All upcoming companies offer these options. It helps employees trust you more and be more productive. However, if providing flexible work hours or remote work arrangements feels like a giant leap, consider going hybrid.

Offering remote work also benefits you as it helps you cut significant expenses, making it a win-win situation for everyone.

 

3. Consider employee well-being

 

Employee well-being includes physical, financial, psychological, emotional, and social health. Companies must ensure they encourage employees to take care of their health. Specific

staff wellbeing ideas include a spa center, games room, gym memberships, meal allowances that cover healthy food items, etc.

You can even conduct meditation and yoga sessions. When you contribute to your employees’ physical and mental well-being, they’re more likely to feel satisfied with their work and personal lives. As far as mental health issues are concerned, you can even offer insurance coverage and counseling services to employees needing professional support.

A few other ways to encourage employee well-being are:

  • Encourage employees to take a leave when they’re not well
  • Provide healthy snacks
  • Organize outdoor meetings
  • Plan fun activities and regular trips
  • Encourage employees to take a break/vacation

 

4. Be lenient with leaves

With remote and hybrid work arrangements aiding employee satisfaction, the preference for flexible leave policies has also increased. Many employers have introduced parental leave policies, giving leaves to both foster and adoptive parents. This increases inclusivity and helps foster trust among you and the employees.

While you can certainly create a 500-page long handbook with stringent leave policies, it is not advisable to do so. You’ll need to make an exception in granting employees leave sometime, and these times call for a solid judgment. So refrain from creating too stringent policies; instead, empower the leaders or supervisors to use good judgment.

Having lenient policies doesn’t mean employees are free to take leave whenever they want. Learn to devise a well-balanced leave policy that meets statutory complaints and helps foster employee engagement.

 

5. Reimburse commuting

While remote and hybrid work models have taken up space, commuting reimbursements may seem outdated. However, not all jobs can be done from home. If your company requires employees to be on-site, offering commuting reimbursements could be added as an employee benefit.

How you want to reimburse the charges is your call. You can either compensate for their public transportation charges, cover gas and maintenance of employees’ private vehicles, or only cover long-distance travel costs. Doing so shows you care about your employees and wish to help them save more money each month.

Lavishly spending on employees, however, is not the best idea, either. So, like many industries your attention must be on calculating overall labor costs as well.

If your company demands frequent long-distance travel, you could ask employees to file monthly reimbursement claims to streamline the process.

 

Customize packages as per employees’ needs

The article lists a few employee benefits packages you should consider in 2023. Use all the employee benefits packages mentioned above, or adjust them according to your company employees’ interests and needs.

However, tailoring employee benefits packages depending on the employee’s needs is the best. It’ll give your employees the freedom to choose the benefits package that benefits them the most while also keeping them productive and satisfied. Know your company’s and your employees’ needs to develop customized and concise employee benefits packages. This way, you create a win-win situation for both parties.

Good luck!

 

 

Author Bio

 

Parita Pandya is an Engineer turned Writer. She usually finds herself writing for businesses.  When she is not writing, she is either strumming her guitar or penning her thoughts down on paritapandya.com.

 

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Is Your Business Being Found Online?

Laptop Metrics Colorado

Free Digital Marketing Report ($150 Value)

marketing module lineWant to know how your business stacks up against the competition?

Read more articles about Business.

6 Strategic Marketing Solutions to Enhance Your Brand Image

  Are you looking for ways to boost your brand’s visibility and reputation? Implementing strategic marketing solutions can help you reach a wider audience, enhance your image in the industry, and ultimately increase your sales. From creating powerful visuals to...

7 Effective Tips to Promote Your Financial Advisor Business and Stand Out in a Competitive Market

Personal finance management involves making informed decisions about managing money, budgeting, investing, and planning for the future. You must understand one's financial situation, develop a plan to achieve financial goals, and regularly monitor and adjust that...

4 Reasons to Optimize Your Accounting Management

Did you know that your accounting management can help you increase the efficiency of your business? Optimizing your accounting is a great way to ensure your business runs smoothly and has many benefits. When you optimize this process, regardless if you want a boost to...

Cost-effective Video Remote Interpreting Solutions

Video Remote Interpreting (VRI) is a face-to-face communication service that allows interpreters to interpret simultaneously at remote locations. When video conferencing was introduced, it made it possible for interpreters to get their jobs done even when they were...

Product Mockups: A Crucial Component to Branding and Marketing Success

Mockups are a visual representation of a product created before the product is produced. It can test and evaluate design ideas and showcase a final product's appearance. Mockups are also popular in marketing campaigns and help businesses showcase their products or...

Interesting Facts You Need To Know About Roofing SEO

Today, there are a huge number of various roofing companies, so it's a challenging task to stand out and beat the competition. Still, you can use the advantages of SEO (search engine optimization) and find a way to take the top spot for yourself without the necessary...

Here’s Why Hiring a B2B Marketing Agency Can Be Invaluable to New Business Owners

  As a new business owner, you might have discovered by now that it is not just individuals that can be customers but also other businesses.  This realization opens up a lot of options due to the increased opportunity for income due to the larger transaction...

The Top Lead Generation Strategies to Boost Your Business’s Revenue

Are you a business owner looking for ways to get more leads and increase your revenue? If so, then you’ve come to the right place! In this blog post, we’re going to dive into some of the top-notch lead-generation strategies that can help boost your business’s...

Read more articles about business.

Why Outsource Your IT Support? 7 Reasons & Benefits

Why Outsource Your IT Support? 7 Reasons & Benefits

Your IT resources are a major asset to your organization when they’re working well. But as soon as something goes awry, they can become a burden. While you can attempt to fire-fight your tech woes internally, it’s often better to outsource IT support to a third-party...

What Do You Need For Creating A Good Online Course

What Do You Need For Creating A Good Online Course

You might be overwhelmed with all the technology and tools to help you build a strong educational program. But before worrying about which platforms and technologies to use, it's essential to focus on what matters most: content. The success of any online course rests...

6 Benefits of Low-Code Development for Non-Technical Businesses

6 Benefits of Low-Code Development for Non-Technical Businesses

  Are you tired of always being at the mercy of technical experts for your business's application development needs? Probably it’s a good time to turn to low-code development platforms. These innovative tools enable businesses to create custom applications...

Share This