Hi, and welcome back.
This bite is all about employee benefits.
what they are and what types of employee benefits
are most appreciated in the workplace according to research.
Let's dive into it.
First things first, what are employee benefits?
Employee benefits cover the indirect pay of your workforce.
This can be health insurance, stock options,
or any myriad of things offered to employees.
Benefits are crucial in a job offer.
While two jobs can offer the exact same salary,
they can vary greatly in terms of benefits.
Hence making one offer a better financial proposition
than the other.
Typically there are four major types of employee benefits.
Medical insurance, life insurance,
retirement plans and disability insurance.
Nowadays, however, there are other types
of employee benefits, too.
In its 2019 Employee Happiness Index,
HR tech company Benify distinguishes four categories
of employee benefits.
Benefits at work, benefits for health,
benefits for financial security and lifestyle benefits.
Let's have a look at each of them one by one.
The first one is benefits at work.
These include working hours and leave,
skills development, food and beverage,
and employee clubs, activities and gifts.
In terms of hours and leave you can think of flex time,
or in other words giving your employees
the possibility to decide about their working hours
and the location they want to work from.
Other examples include additional holidays
and paid parental leave.
What about skills development?
Rapid technological developments
and the fact that people change jobs more often
makes skills development more important too.
Skills development, however, is not just
an important benefit for younger employees,
it's also essential for organizations
if they want to remain competitive.
Food and beverage, benefits that fall into this category
include free lunches, fruit and coffee.
At AIHR, for example, we get to enjoy a free lunch everyday
and it's something that's very much appreciated by the team.
As an added bonus, free lunch and fruit are also a good way
to promote healthy eating habits at work.
Employee clubs, activities and gifts.
There are heaps of possibilities
when it comes to this category.
Knitting clubs, running groups, video game nights,
Secret Santas, anniversary gifts, you name it.
Now onto number two, benefits for health.
For this category of benefits you can think of
health and wellness and healthcare.
Let's start with health and wellness.
More and more companies have employee wellness programs.
The possibilities are endless.
And examples of employee wellness programs
vary from a simple gym membership
to full suite solutions that include physical,
mental and even financial wellness.
Healthcare, healthcare benefits also come in
different shapes and sizes, think of physiotherapy
and chiropractic sessions, for instance.
But sometimes fertility treatments
and psychological support can also be included.
Number three, benefits for financial security.
The number one thing here are pension plans.
Other benefits for financial security are insurances,
financial benefits, and personal finance benefits.
Let's go over each one quickly.
Pension plans.
Pension plans are considered as a very important benefit
by every generation, but they're not among the top 10
most appreciated benefits.
Insurances, as mentioned in some countries
health insurance is something that comes
with the simple fact of being an employee.
Other types of insurance cover parental leave or injury.
Financial benefits.
Think of commissions, bonuses, and the possibility
for employees to buy shares of the company
they work for, for instance.
Personal finance benefits.
Stress about personal finances among employees
has grown bigger over the past year.
This gives employers another reason
to seriously start thinking of benefits
such as advice about loans and savings.
In other words, employee financial wellness.
And then last but not least number four, lifestyle benefits.
Lifestyle benefits consists of
work-life balance and mobility.
Let's take a look at work-life balance first.
As employees increasingly attach importance
to their work-life balance, it's not surprise that
benefits in this area become more popular too.
Examples are childcare, grocery delivery and legal services.
This leaves us with mobility.
Mobility benefits can make your employee's life
a lot easier, because even if they can
work from home or elsewhere,
they'll still have to come into the office
or workplace regularly.
This category, therefore, covers things like
public transport and cars, but also bicycles and carpooling.
And that's a wrap.
In this bite you've learnt what employee benefits are
and which types are most appreciated in the workplace.
Stay tuned for more and if you enjoyed watching this video
you know what to do.
Subscribe to our channel and I'll see you soon
in our next learning bite.