- There are so many employee benefits out there: You think of it, and a company is probably offering it, in an effort to snap up the best talent and keep employee satisfaction high.
- What actually works? Identifying effective benefits poses a challenge for HR professionals.
- In this guide we break down some of the most important and universal benefits to boost employee satisfaction in your team.
Attracting and retaining employees is more important than ever, which means that every company is looking to improve employee satisfaction. The strength of your team can make or break your business, and losing important colleagues or missing out on a talented new hire to competition is a real blow for anyone in HR.
Employee benefits offer a particularly strong incentive to join a new company, and they also help build employee loyalty: 92% of employees say that benefits are important to their overall job satisfaction. But with so many benefit options out there, it’s difficult to know which to choose.
So which benefits actually improve employee satisfaction? Let’s take a look.
1. Flexible Work Arrangements
Flexible work arrangements, including remote work options and flexible hours, have become increasingly popular, especially in the wake of the COVID-19 pandemic. According to a survey conducted by Owl Labs, 77% of full-time employees report higher productivity when working remotely, and 80% say they feel less stressed.
Additionally, FlexJobs reports that 65% of respondents are more productive in their home office than in a traditional workplace.
2. Health and Wellness Programs
Employers that invest in employee health and wellness programs tend to have happier and more satisfied employees. A study by the International Foundation of Employee Benefit Plans found that 75% of employers believe that these programs are effective in improving employee health and reducing absenteeism.
Furthermore, the Society for Human Resource Management (SHRM) reports that 61% of employees say their company’s wellness initiatives positively impact their overall job satisfaction.
Mental health support as an employee benefit is particularly powerful. The second most popular employee benefit, mental health support is hugely valued by employees globally — 85% of employees said that mental health benefits are key when evaluating a new job offer. And unlike many other benefits, mental health support also benefits the company itself, by increasing productivity and reducing absenteeism.
3. Professional Development Opportunities
Employees value opportunities for growth and advancement within their organizations. A survey by LinkedIn revealed that 94% of employees would stay at a company longer if it invested in their career development. Moreover, the same survey found that 87% of millennials rate professional or career growth and development opportunities as important in a job.
4. Work-Life Balance
Maintaining a healthy work-life balance is essential for employee satisfaction and well-being. According to Gallup, employees who feel they have a good work-life balance are 21% more likely to feel engaged at work.
Additionally, a study by the University of Warwick found that happy employees are 12% more productive than their counterparts.
5. Recognition and Appreciation
Recognizing and appreciating employees for their hard work and contributions can significantly impact job satisfaction. Gallup reports that employees who feel adequately recognized are more likely to stay with their organization.
Moreover, a survey by Glassdoor found that 53% of employees would stay longer at their company if they felt more appreciated.
6. Financial Wellness Benefits
Financial stress can significantly impact employee morale and productivity. Offering financial wellness benefits such as retirement plans, financial counseling, employee assistance programs, and access to low-interest loans or savings programs can alleviate financial concerns and improve overall satisfaction.
Empowering employees to manage their finances effectively reduces stress and distractions, allowing them to focus more effectively on their work responsibilities.
7. Emphasis on Work Environment and Culture
A positive work environment and strong organizational culture are fundamental drivers of employee satisfaction. Cultivating a culture of trust, open communication, and collaboration fosters a sense of belonging and purpose among employees.
Providing amenities such as comfortable workspaces, recreational areas, and social events encourages camaraderie and boosts morale. When employees feel valued, respected, and connected to their colleagues and the company mission, they are more likely to be satisfied with their jobs and committed to the organization’s success.
Employee satisfaction is influenced by many factors beyond salary. Employers who prioritize benefits such as flexible work arrangements, health and wellness programs, professional development opportunities, work-life balance, recognition, and comprehensive benefits packages are more likely to have satisfied and engaged employees.
By investing in these areas, organizations can foster a positive work environment, reduce turnover, and ultimately, improve their bottom line.
Want to start with the most beloved employee benefit? Get in touch.
