September 11, 2023
Employee engagement is vital for the success and growth of any organization. In fact, engaged employees can drive productivity, foster innovation, and contribute to a positive work environment.
How can you boost employee engagement? By offering the benefits they want, need, and deserve. For example, one survey found that 79% of employees would be willing to work longer for an employer who offered on-demand pay. This demonstrates that businesses providing earned wage access can help attract, retain, and engage employees.
On-demand pay is just one of the many benefits you can offer those who give so much to your business. In this guide, we’ll explore the importance of employee benefits and highlight some unique benefits to help you achieve and maintain high levels of engagement in the workplace.
How Benefits Support Employee Engagement
Employee engagement is key to the success and growth of any organization. It not only drives productivity and innovation but also creates a positive work environment where employees feel valued and motivated. One effective way to boost employee engagement is through a comprehensive benefits package.
Providing attractive benefits shows your commitment to your employees' well-being. It also helps create a sense of loyalty and satisfaction. When employees have access to benefits that align with their needs and support their overall financial wellness, they feel more engaged and fulfilled in their roles.
This engagement and fulfillment inspire employees to stay. For example, studies have shown that businesses that offer earned wage access experience a 27% reduction, on average, in turnover.
15 Unique Employee Benefits to Consider
There are a variety of benefits available for employers to offer, from financial wellness programs to childcare reimbursement. Let's take a look at these benefits and more below.
Employers have a unique opportunity to support their employees' financial health by offering a comprehensive financial wellness benefits package.
It's no secret that America’s workforce often faces financial challenges that impact their overall quality of life. From debt to living paycheck to paycheck, financial stress can have a significant impact on employee productivity, engagement, and mental health.
Here are some examples of financial benefits you can offer to ease this stress:
- Financial wellness programs: By offering financial wellness programs, employers can empower their employees to reduce financial stress. These programs provide employees with tools, resources, and education to make smarter financial decisions.
- On-demand pay: By providing employees with the ability to access their earned wages before payday, employers can provide a financial safety net that helps alleviate financial stress and improve overall job satisfaction. Employees who can access their earned wages when needed are more likely to stay with the company, as their immediate financial needs are met.
- Stipends for recurring expenses (i.e., phone, internet, etc.): This is an excellent example of how employers can empower their staff through financial benefits. These stipends relieve the stress of paying for necessary expenses. This is an especially important benefit for remote workers who may be using their phones and other devices to complete work.
Various factors, such as responsibilities at home and the need to juggle multiple jobs and other personal commitments, have necessitated a change in how employees work.
As employers, it's essential to recognize these changing demands and offer scheduling benefits that enable convenience and work-life balance for employees.
- Flexible work schedules: These schedules grant employees the freedom to determine their working hours and location. By giving employees control over their schedules, employers empower them to create a better work-life integration, leading to increased job satisfaction and reduced burnout.
- Unlimited PTO: This beneficial scheduling approach grants employees the freedom to take time off as needed without a fixed limit. This enables individuals to prioritize their physical and mental well-being as well as attend to personal matters without the stress of accumulating vacation days.
- Four-day workweek: This scheduling arrangement allows employees to work for four full days, generally Monday to Thursday, instead of the traditional five. This compressed workweek can boost employee morale, motivation, and productivity, as employees feel more energized and have a chance to recharge.
The health and well-being of employees play a crucial role in their overall level of engagement and productivity. When employees feel physically and mentally well, they're more likely to be motivated, focused, and committed to their work.
Employers are in a unique position to support their employees by offering wellness benefits. By investing in employee wellness programs, you can create a positive work environment that promotes healthy habits and supports a better work-life balance.
- Employer-paid healthcare: When employers provide healthcare benefits for their employees, it not only demonstrates a commitment to their well-being but also serves as a powerful tool for attracting and retaining top talent. Employers alleviate the financial burden that employees often face when it comes to medical expenses, thus reducing the financial stress and financial worries that employees have. With these out of the way, employees can focus on their work and become more productive in the workplace.
- Mental health support: Mental health is just as important as physical health, and employers who prioritize mental health support are taking a proactive step toward fostering a positive and inclusive work environment. By offering resources such as counseling services and mental health awareness campaigns, employers can create a safe space for their employees to seek the help they need.
- Travel programs: Offering travel programs provides a range of benefits for both employees and employers. From team-building experiences to professional development opportunities, travel programs can boost employee morale, enrich their skills, and encourage collaboration.
For many employees, the demands of work and family can be a significant challenge. And offering benefits that support families can build a more engaged workforce, ultimately benefiting business owners in the process.
Here are some of the family benefits that you can offer to your employees:
- Extended maternity and paternity leave: Extended maternity and paternity leave is a benefit that provides new parents with more time to bond with their newborns or newly adopted children. This extra time can be beneficial for both the parents' well-being and the child's development.
- Childcare reimbursement: Childcare reimbursement is a benefit that reimburses employees for a portion of their childcare costs. This financial support helps ease the burden that employees face when it comes to paying for childcare.
- New baby fund or adoption assistance: A new baby fund or adoption assistance benefit provides financial support to employees who are either expecting a new child or adopting. This benefit can help offset the costs associated with having a child, making the transition smoother and less stressful.
Career Development Benefits
Growth opportunities are a critical element of promoting financial empowerment. Employers need to offer career development benefits to their workforce to ensure they stay motivated and continue to build on their skills and abilities.
- Career development programs: These programs promote growth and advancement opportunities for employees. They provide specialized training, mentorships, and networking opportunities that foster professional development. By offering career development programs, employers signal their commitment to their employees' growth and help them acquire new skills to enhance their careers.
- Tuition assistance: By providing financial support for continued education, employers give employees the chance to earn degrees or acquire certifications that can advance their careers. This unique employee benefit not only strengthens employee loyalty but also builds a more educated and skilled workforce, which benefits the company as a whole.
- Online course subscriptions: This is an effective and cost-efficient way to provide ongoing education and skill development. These subscriptions give employees access to a variety of topics and learning paths, allowing them to tailor their education and development to their unique needs.
Support Those Who Serve You With Clair
As we've previously discussed, your employees are more than just valuable assets within your organization. They are the driving force behind your success. By prioritizing their well-being and providing them with the support they need, you create an environment that ultimately leads to business growth.
If you're looking to offer these unique benefits, Clair has you covered. Clair is your trusted partner in offering free-to-use, on-demand pay solutions for your employees.
With Clair, you can easily customize and implement financial wellness programs tailored to the specific needs of your workforce. We provide a range of resources and educational materials designed to improve financial literacy, promote healthy financial habits, and empower employees to take control of their financial freedom.
To best support those who serve you, get started with Clair today!