What employee benefits should you offer?
When it comes to the rewards employers currently offer, we see a mix of both classic and trending benefit types. Key employee benefits include fixed salaries (received by 80.6% of employees), flexible working hours (50.3%), and study/training days (39.4%). Additionally, benefits like gifts for special occasions (34.8%), meal vouchers or allowances (31.7%), and health and wellness programs (30.8 %) are also commonplace.
However, when compared to what employees actually want, a slightly different picture emerges. Employees' top preferred rewards include fixed salaries (41.7%), extra days off (40.5%), and flexible working hours (36.7%), and there is also a significant preference for additional health insurance (20.3%) and meal vouchers or allowances (23.8%).
In today’s fast-paced world, where time feels more precious than ever, it’s no surprise that flexible working arrangements are highly prioritized by both employers and employees. This flexibility isn’t just a perk; it’s a fundamental shift that allows employees to better balance their professional and personal lives. When employees have the freedom to manage their schedules, they experience less stress and greater job satisfaction, and this, in turn, fosters a more motivated and engaged workforce. Ultimately, when employees feel their time and well-being are valued, they are more likely to stay with their current employer, leading to higher retention rates and a more dedicated team.
Additionally, in these times of economic and political uncertainty, it's only natural that employees seek greater security, and our research indicated that many would appreciate more life and pension insurance coverage than they currently receive. Providing robust life and pension insurance options not only addresses these concerns but also demonstrates a deep commitment to the long-term well-being of your workforce. This added layer of security can significantly enhance employee loyalty and peace of mind, ensuring they feel valued and supported in both their professional and personal lives. To tailor your rewards to fit your organization best, it’s key that you seek employees' opinions on which employee benefits to offer and to monitor the uptake of those benefits over time.
On average, most European companies offer 7.3 different types of rewards. How does your organization compare? Remember, it's not just about quantity but prioritizing relevance and quality in the rewards you provide so that you don’t just increase employee retention, you also have motivated and engaged employees who actually want to stick around.
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