Do you really need employee benefits?

Employee benefits have long been considered a cornerstone of a competitive compensation package, with companies often touting their perks and incentives as a means of attracting and retaining top talent. However, as the nature of work evolves and employees seek greater flexibility and autonomy, the question arises: do you really need employee benefits? Let’s delve into this topic to uncover the value and importance of employee benefits in today’s workforce landscape.

First and foremost, it’s essential to understand what constitutes employee benefits. These perks can range from Telemedicine to company vehicles, wellness programs, and professional development opportunities. While some benefits the norm, such as discount on the employer’s products/services, certain aspects such as an employee assistance program or financial savings are discretionary and vary from company to company. Companies which tend to opt for employee benefits are not companies that are simply ticking a box, rather they are companies willing to go the extra mile to ensure their employee’s feel appreciated and are well physically, mentally and financially. Just last week we visited a company of whom once a month ended early on a Friday and ordered take-away and drinks for their team. Last year we met another company where the director would personally take an employee out for a meal on their birthday and allowed her employees to choose their own schedule in order to allow them to do all the things they needed to grow as a person, and in their career.

One argument against the necessity of employee benefits is rooted in the general trend towards remote or flexible working. With more individuals opting for non-traditional forms of employment, there’s a perception that may not hold the same appeal or relevance. After all, a few perks here and there don’t provide the same satisfaction as the autonomy or comfort of these new ways of working, right?

This perspective overlooks the broader societal implications of employee benefits. While these new ways of working may provide employee’s autonomy over their work arrangements, they also lack the safety net provided by traditional employment benefits. Without access to employer-sponsored Telemedicine or an EAP, employee’s must navigate the complexities of securing and funding these benefits independently, often at a higher cost. Moreover, does one really mean you can’t have the other?

Employee benefits extend beyond mere perks; they serve as a crucial tool for promoting employee well-being and financial security. For many individuals, Telemedicine and counselling benefits provide access to essential health services that would otherwise be much more difficult to access. Similarly, free financial resources offer employees the opportunity to save for their future and build financial stability over the long term.

Beyond the tangible benefits, employee perks also play a significant role in shaping company culture and fostering employee engagement. From wellness programs that promote work-life balance to professional development opportunities that support career growth, these benefits contribute to a positive work environment where employees feel valued and supported.

Furthermore, offering competitive benefits can give companies a competitive edge in attracting and retaining talent. In today’s job market, where skilled workers are in high demand, a comprehensive benefits package can be the deciding factor for top candidates choosing between job offers. Consider the studies illustrated below.

of employees would choose additional benefits over a pay raise¹
0 %
of employees stay with their employer longer when provided an employee benefits package²
0 %
of talent consider would choose a job over an equal offer if it offered superior benefits³
0 %

Ultimately, while the need for employee benefits may vary depending on individual circumstances and preferences, their importance cannot be overstated. Whether you’re a full-time employee seeking stability and security, an employee enjoying the autonomous aspects of new ways of working or a freelancer navigating the complexities of self-employment, access to comprehensive benefits can make a significant difference in your overall well-being and quality of life.

In conclusion, while the nature of work continues to evolve, the value of employee benefits remains undeniable. From healthcare to financial savings and beyond, these perks play a critical role in promoting employee well-being, supporting financial security, and shaping company culture. So, do you really need employee benefits? The answer is a resounding yes.

If any of these benefits sounds like they could provide the value you are looking to provide your employee’s, please do not hesitate to contact us for further information using the button below.

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