Recruiting – and retaining – the right staff is vital to your organisation’s ability to grow and thrive. Studies show having great employee benefits on offer can help attract a higher calibre of candidates, while also fostering a positive company culture and encourage staff loyalty. Placing a focus on health and wellness in your employee benefits package is not only great for your staff… it’s also good for business!
What are Employee Benefits?
Employee benefits can vary widely from company to company, but typically are considered non-salary compensation provided by organisations in addition to salary or wages to create a competitive package for employees.
Common employee benefits in New Zealand include mobile phone and laptop use, company car use, remote and flexible working agreements, retirement plans, and additional or discretionary leave entitlements.
Essentially, any ‘perks’ or rewards your business offers employees on top of their salary is considered part of their employee benefits!
A solid employee benefits package can help to attract and retain talent.
How do Employee Benefits Assist in Recruitment?
As more people understand the importance of work-life balance, an increasing number of candidates and prospective employees are looking beyond their hourly rate or annual salary when considering which role is right for them.
Building an employee benefits package that appeals to, and meets the needs of, your current employees and target candidates – and then promotingthose benefits in recruitment materials – is a great way to show potential team members how much you value and reward you staff.
In a competitive industry, benefits can also help you differentiate your business from competitors. When considering similar positions with similar salaries, a candidate is going to look beyond the pay packet to the added extras – including those things that make a company great to work for.
How do Employee Benefits Encourage Staff Loyalty?
As part of this trend towards greater work-life balance, an increasing number are looking to join organisations where they will feel valued, receive praise and recognition, and where the company culture is one of support and appreciation.
Research shows employees stay in roles for far longer when they are happy and feel valued – and offering benefits to your employees shows them you are invested in their job satisfaction.
Offering an appealing employee benefits package that encourages staff retention will more often than not far outweigh the cost of recruitment and training when you have a higher staff turnover.
Health & Wellness Benefits
If you look at the companies rated the best places to work in the world (Google, Lululemon and Facebook rank consistently high, year after year), you’ll note that all of them have great employee benefits packages in place to recruit and retain staff – and most place a significant focus on health and wellness within those benefits packages.
For example, Google’s employees have access to free meals at campus cafes and micro kitchens, can stay fit by exercising at on-site gyms and attending free workout classes, and can enjoy relaxation time thanks to highly trained massage therapists available on-site.
Facebook offers on-site health and dental care, free healthy meals and $4,000 “baby cash” bonuses for new parents. Lululemon encourages employee health and fitness with free classes, and company-paid fitness classes, which many employees attend together and excellent health insurance, including vision and dental.
Wellness Benefits Ideas
You don’t need to be a billion-dollar corporation to offer exciting and meaningful benefits to your employees. Here are some ideas that even SMEs and startups can build into their compensation packages to support employee health and wellness:
- Gym memberships
- Aquatic centre memberships
- Health insurance
- Life insurance
- Dental and vision checks
- Fruit and healthy snacks at work
- Flexible work hours
- Remote work options
- Paid volunteer days
- Paid vacation days on birthdays
- Professional counselling
- Paid professional development
- Access to wellness retreats
- Access to wellbeing services such as chiropractors
- Ergonomic chairs and office equipment
- Additional paid parental leave
- Additional bereavement leave
- On-site or paid daycare
- Subscriptions to wellness packages
- Staff vaccinations
The great thing about health and wellness employee benefits is that they reward your staff while improving your company’s bottom line. Healthier employees mean reduced healthcare costs for your organisation, fewer sick days, and more employees bringing their best selves to work every day.