Employee Benefits

Is a paycheck enough to attract and keep top talent in your company these days? Short answer: no!

The working world has evolved significantly since the early 2000s. With massive shifts in the economy, the rise of the tech boom, and Gen Z gradually dominating the workforce (more on that here), employees are looking for more reasons not to hit the snooze button on a Monday morning.

Perks like Google’s nap pods or Netflix’s unlimited vacations have set a new standard, prompting other companies to introduce their own creative benefits. These perks are transforming workspaces into environments where people truly want to be and co-create.

Why Benefits Package matter (and why you should care!): What are your salary expectations? Are you being realistic?

What are Employee Benefits?

Employee benefits are the extras companies offer on top of your regular paycheck—think of them as the bonus features on a DVD (remember those?). These perks are designed to make your work life more comfortable, healthier, and sometimes even more fun.

Top tip: During the interview stage, do not be shy to ask for details on the benefits package. It’s important to understand if what the organisation offers to their staff aligns with what you value most.

Did you know job satisfaction effects performance?

What Employee Benefits can include:

  • Health and Wellness packages: Medical insurance, dental plans, gym memberships, or access to mental health support.
  • Financial benefits: Pension plans, stock options, or bonuses to boost your bank account.
  • Work-life balance perks: Flexible working hours, remote work options, parental leave or extra vacation days.
  • Lifestyle benefits: Free food, discounts, or company-sponsored social events (take inspiration from our very own summer party).

How Do Employee Benefits Work?

Before letting the excitement run wild, here are some bullet points which are important to consider. Every organisation designs benefit packages to suit their team’s needs!

  • Not everyone qualifies for benefits right away! Things like health insurance and pension contributions could require you to pass probation first.
  • Are there set benefits or can you choose from a menu of benefits that fit your lifestyle best?
  • Make the most of the benefits! Especially with the current cost of living crisis, use the freebies to your advantage. Free yoga class? Grab your mat! Dental insurance? Book that cleaning!

Best Employee Benefits

Some of the most famous employee benefits come from big-name companies known for going above and beyond to keep their employees happy, and motivated.

  1. Google: Free gourmet meals and on-site nap pods and massage therapists.
  2. Airbnb: Travel credit and paid volunteering time.
  3. Apple: On-site medical clinic and stock options.
  4. Goldman Sachs: On-site fitness centres, tuition reimbursement and training programs.
  5. Bank of America: Paid parental leave (16 weeks) and employee stock purchase plan.
  6. Bain and Gray: Monthly credit for health, wellness and hobbies, company socials, birthdays off.

Summary

  • Importance of Benefits: Employee benefits are essential for attracting and retaining top talent.
  • Diverse Offerings: Benefit packages can include health and wellness programs, financial incentives, work-life balance perks, and lifestyle benefits.
  • Job Satisfaction Matters: Satisfied employees are more productive, making it crucial to choose a company that aligns its benefits with your values and lifestyle preferences.
  • Understanding Packages: It’s important to ask about benefits during the interview process to ensure you fully understand what’s offered and how it can enhance your work life.
  • Examples of Best Practices: Tech companies currently lead the way in offering innovative benefits that promote employee well-being and job satisfaction, setting the standard for others to follow.