Employees would often accept a job offer with a lesser take-home pay but promise loaded non-salary employee benefits. Although this is a good decision, the employee must ensure he or she is financially prepared to take on a lower income for a few months. As the employee proves himself well in his job, it is expected that a salary adjustment is imminent. A smart job hunter should look at the overall picture and not just the on-paper salary presented. There are other reasons why an employee would accept a lower income than his previous job – a career move, career shift by taking on a different role, applying for a more prestigious company, a better work-life balance.
Employers, on the other hand, pump up their employee benefits package for many reasons:
- Employee loyalty
- Enhances job performance
- Employee wellness
- Improves attendance
- Reduced turnover and talent retention
- Boosts employee morale
So, what are the benefits do employees desire?
Flexible hours
Respondents to most surveys rank this benefit highest. This benefit allows employees to choose where and when to work, matching work with their personal needs. With the global pandemic situation, employers were thrusted to it off the cuff. Thanks to the proliferation of apps to help management monitor employee activities.
Superannuation/Pension
Superannuation is money set aside by your employer over your whole working life. It is a trust structure where your employer puts the money into a super account, which allows you to save towards retirement. There are tax benefits from this account structure. You can use the accumulated savings as your pension (income stream) when you retire.
Paid time-offs
Time-offs are:
- Holiday leaves (20 per year).
- Long service leaves (8.67 weeks accrue from five years of service and payable on the 10th year of service. Check the legal requirements in your territory).
- Maternity/paternity leaves.
- Sick leaves.
- Professional training and career progression
A recent whitepaper by Robert Walters shows that career progression is key to keep millennials engaged and motivated. Providing continuous upskill training and supporting personal development programs will show employees that you put importance to their professional growth and success.
Insurance/Health care
Group insurance and Health insurance are very popular employee benefit. More importance is given to these perks now, brought about by the global pandemic situation.
Transportation
Company financed cars, fuel or car allowance, or shuttle services. Providing shuttle service has shown great employer-employee gains through improved employee well-being and productivity, punctuality, cost savings, plus it gives the employer a good reputation for giving importance to employees’ welfare and convenience, and environmental benefits.
Fitness perks
Some companies provide gym-on-site facilities or gym subsidies, supported by company in-house shower facilities. Walking, biking, and running to work are gaining popularity and are supported by many companies, to promote and support health and wellness in their employees.
Free office meals and coffee machines
This benefit used to be provision of coffee machines within their facilities. This has improved to free meals from their cafeteria, food vouchers, fresh fruit delivery service, or allowing employees to choose meals from an app sponsored by the employers who have tie-ups with local restaurants or caterers.
Conclusion:
Employers are getting more creative in putting together attractive benefits packages for their employees. Sometimes, a pat on the back or recognition for a job well done can do an amazing boost to an employee’s morale. How about matching it with a tax-free gift card?Â
