It’s not unusual for workplaces to have a range of initiatives whose sole aim is to encourage and support employees. Health insurance, child or elder care, and even free parking are popular workplace perks, but an increasing number of companies are choosing to offer some of the best over 50s funeral plans.
What are Workplace Perks?
Otherwise known as employee benefits, workplace perks are indirect and non-cash compensation that’s paid to employees by their employer. These types of benefits are given over and above the employee’s salary and wages. One of the main reasons for a company to have these fringe benefits is to attract and retain employees.
Employees love these benefits because they are a form of recognition and appreciation for the hard work they do. It’s not unusual for employees to choose an organization depending on the perks and benefits they offer.
Some of the more common employee benefits include:
- Insurance plans: Health insurance pays or helps pay for medical expenses. Typically it will cover doctor visits, emergency care, prescription drugs, and certain medical procedures.
- Tuition reimbursement: This benefit is an excellent one, however, employees have to pay for their tuition before an employer decides to pay part of the full cost of the course.
- Disability insurance: This offers compensation or income replacement should a person be unable to work because of an injury or illness that’s not job-related.
- Corporate discounts: As well as being a benefit for employees, it’s also a way for companies to test their products internally before launching them on the market.
- Paid time off: This might include sick leave, paid holidays, personal days, and vacation days.
- Retirement plans: This is a way of providing full-time employees with financial security.
- Performance bonuses: This is a way of rewarding employees for their hard work and achievements. This type of benefit encourages employees to continue to perform well.
- Remote work options: This benefit gives employees the freedom to work from home or anywhere else outside of the traditional office setting.
- Stock options: Companies give employees the right to buy shares in the company at an agreed-upon price.
- Childcare facilities: This is a type of childcare that’s managed or sponsored by an employer. It is a way for employers to help working parents find the best work-life balance.
- Paid parental leave: This benefit allows employees to take time off following the birth of a child, an adoption, the arrival of a newly placed foster child, or for a child otherwise needing parental care.
- Education benefits: Education benefits include access to online courses, on-the-job training, learning and development stipends to cover educational expenses and tuition reimbursement.
- Wellness programs: Wellness programs aim to improve an employee’s mental and physical health. Traditionally, they might include health screenings and tools to help people stop smoking or lose weight.
- Profit sharing: This benefit is a way of awarding eligible employees a share of the company’s profits.
Another perk that is becoming increasingly popular with both employers and employees is funeral plans. With employment surveys showing that 50% of employees would leave their job for better employee benefits, now might be the time to add funeral plans to your company list.
What are the Benefits of Employee Benefits?
Employee benefits are important for the following reasons.
They Increase Productivity
Employees perform at their best when they are completely focused. Employee focus can be disrupted things are going on at home such as worries about medical bills and problems with childcare.
Offering benefits to employees is a way of relieving their stress. When they know things are being taken care of, they sleep better and also perform better at work.
They Increase Loyalty
If management can show they care about their employees it leads to a more loyal employee base. When a company cares about its employees’ personal and professional lives, the employees are more likely to stay and build their careers.
They Lower Absenteeism
Some of the most common causes of absenteeism are stress, childcare issues, disengagement, low workplace morale, and health issues. Increased levels of absenteeism results in a demotivated workforce, pushed-back deadlines, and lower overall productivity. Many of the problems faced by employees can be overcome with various benefits.
They Improve Recruiting
It is common practice for employees to consider the benefits package of a company before they apply for a job. Therefore, benefits can help a business attract and retain skilled employees.
They Increase Retention
One of the best and easiest ways to retain a workforce is to provide the best benefits package. Employees need to be happy to stick with a job and with the right benefits they’ll feel valued and want to stay with a company.
As you can see, there are many good reasons to offer employee benefits for both new and current employees. Introducing a funeral plan can be an attractive option because as we all know, funeral costs continue to rise rapidly.