Employee benefits are the “hidden” paycheck workers look for

A good employee benefits package becomes a hidden paycheck when you consider the potential wealth-building with employee health insurance policies, retirement matching, and professional development opportunities. Scheduling options that permit remote or hybrid work are attractive to those who live far away or have family obligations. Student loan assistance and tuition reimbursement further help with savings.

According to ADP, workers are 29% more holistically healthy than employees who report not feeling cared for at work, but a solid benefits plan can help avoid this. What better way to demonstrate positive company values than by supporting your crew’s mental and physical health?

How Are Workers Evaluating Employee Benefits?

People are assessing workers’ benefits based on:

• Their life stage
• Flexibility
• Total compensation
• Accessibility

Family and medical leave employee benefits provide people the cushion to be there during a new birth or properly heal from an illness. It can also cover caregiving.

401(k)s are free money since your employer matches your contributions. Just make sure you understand the vesting schedules that determine how long you must stay before the matched funds are completely yours.

Employee benefits go beyond obvious monetary value when people have healthy time off that promotes work-life balance. Flexible schedules are ideal for anyone who can’t work a strict 9-to-5. 

Those who live far from the job can still have a career with remote work options. Remote and hybrid work can also help those with personalities and work styles that may not fit a mainstream office.

Product Discounts 

Save on your daily lattes and designer sporty gear as several well-known companies give employees generous discounts on products and services. Consumer Affairs reports that Nike and Lululemon staff get 40-60% off. Nike even extends these discounts to other relatives who live with you. 

If you love coffee, working at Starbucks comes with a 30% discount that increases to 40% during the holidays.

Why Are Employee Recognition Programs Valuable?

Regular recognition also stands out in employee retention strategies, as a lack of recognition is a common reason why people leave. It can help combat fatigue and discourage people from feeling like they’re wasting their time.

Jobs can give staff branded company items, but they don’t need to be boring. Valuable employee rewards and incentives can include money gifts such as gift cards and travel experiences. Implement an award-level system in which standout employees receive world-class items, such as appliances and electronics they won’t have to buy later. 

Enjoy Those Secret Paychecks

When evaluating a new job, understand that employee benefits beyond your check may be just as monetarily valuable. You may get heavily discounted products almost half off and build your nest egg with employer matching options.

Recognition may be built in to offer high performers and those with work anniversaries cash prizes or expense-paid trips. Insurance coverage, flexible schedules, and paid leave can protect your physical and mental health and ensure you can be there for loved ones.

Learn more about the benefits a competitive job may offer you and check out other articles on our website.