What are job benefits?

Job benefits are extra incentives that are added to your salary. In other words, it is a non-cash compensation that is paid to your employees as a way of giving extra perks at work. This can also be given by way of reimbursement for services such as chiropractic care.

When offering this type of compensation it can benefit both your employees and the company. The employees will get the benefit of compensation or reimbursement, while the company can see such things as:

• increased employee retention
• increased productivity
• higher levels of employee engagement
• prevention of absenteeism
• more loyalty

These are the reasons why employers should consider giving benefits to employees.

To see how this works, keep reading about how different perks at work can help your company prosper.

10 Perks and benefits at work to consider

1. Healthcare

Having healthcare as one of the benefits for employees is a great way to compensate them for their work. Since most healthcare costs in Canada are covered by provincial or territorial healthcare insurance, this type of benefit is for specialized healthcare such as massage therapy, chiropractic care or physiotherapy. These types of services can be very expensive, so providing this type of care for your employees can be considered a perk.

A lot of providers are now even including such things as acupuncture or traditional Chinese medicine so that people who want to try alternative medical care can do so. It also will include mental health care which is increasingly important for employees.

2. Dental Care and Eye Care

Though some may think of these two benefits as being part of healthcare, it is often put into a different category. This is because the services you get from these specialists can be very expensive and provincial health insurance does not cover them. In terms of dental care, this might include everything from a regular dentist appointment to orthodontic treatments such as braces or teeth whitening. This is above and beyond regular care which is why employees would consider dental care a perk at work.

Another perk at work would be if your company pays for eye care, including frames, lenses and contacts. Though having a regular eye exam might be considered regular healthcare, the actual eye products are not always covered. This is why eye care can be a benefit for your employees.

3. RRSP Match

Matching the amount your employees contribute to their registered retirement savings plan is considered a job benefit. That is because it is not something all employers need to pay for, but it is money that your employee will be able to use in the future. By offering this type of perk at work your employees will feel as though you care about them and their future. This might make them more likely to keep working for your company for a long time as this benefit will keep growing over time.

4. Student Loan Match

This job benefit is the same as the RRSP match except for workers who have student loans to pay off. Some employers even allow their employees to pick whether they want an RRSP match or a student loan match as they are useful for different age demographics. If, for example, you are a young worker who just finished university, you are more likely to take advantage of the student loan match so that you can pay off your debt sooner. Again, this type of benefit for employees can help increase employee retention as these young workers will be more likely to keep working for you in order to pay off their student loan.

5. Paid Leave

This job benefit could come in the form of parental leave, mental health leave or even a sabbatical.

A paid leave would be planned in advance, making sure that all duties of the employee are taken care of and that productivity can continue to be good despite the employee’s absence. That way you will still be able to pay your employee while they are gone but not have any deficit in production.

This type of job benefit is something that allows workers to feel a balance between their work and home life and can increase their happiness. As we talked about earlier, happy employees tend to work harder, so when this type of benefit is given to employees they are likely to stay loyal to your company. Having paid leave can be a huge perk at work for many employees and you will see that you can increase retention rates when offering it.

6. Flexible Schedule

Workers want the freedom to work the hours that are most convenient to them. When offices had to shut down due to the pandemic, many people learned the benefits of being able to work when they wanted. It allowed them to have a better work-life balance which means they are happier while at work.

Productivity can have a boost when workers are able to work how they want to as they stay more focused on the task at hand. When creating benefits for employees, flexible schedules should be something you consider.

7. Remote Work or Hybrid Office

Along with flexible schedules, employees these days want the ability to work from home. Having the ability to decide where you work is considered a work perk as employees enjoy having autonomy. The more you are able to give them the independence to choose how they work, the better.

There are also those who have made the switch to remote work permanent. This type of switch will not only benefit your employees, but it could also mean fewer costs for your business. For example, you will no longer need to pay rent for office space, which can be very expensive. Or if you have an office where only some of your workers are needed in person, you can find a smaller cheaper space to work out of. Either way, you will be saving money and keeping your employees happy.

Related:11 Tips To Effectively Manage Remote Employees

8. Career Development Program

Employees want to see progress in their careers. By having a well-established career development program you can provide the opportunity for employees to advance within the company. This will allow your employees to see that you care about their careers and you will see that their loyalty increases. This means that both you and your employees can benefit from having a career development program as one of the job benefits you offer.

9. Free Snacks or Lunch

Providing free snacks or lunch for your workers is a wonderful job benefit to give your employees. This can be of little expense to the company, but greatly improve the lives of your employees. Not only does it mean spending less money on buying snacks or lunch each day, but it will also mean that they have reason to gather as a group. This will create a sense of community which can increase your employees’ happiness, meaning your production levels will go up.

Also, you might find that people take shorter breaks as they no longer have to leave the office to get food. This will also have a positive impact on productivity which is of great benefit to your company.

10. Gym Membership

Having a gym membership is a great perk at work. Not only does it show that you care, but it can also bring people together. You can start a group if people who go to the gym over lunch which will help bring a sense of comradery to your workers.

Also, giving your employees a gym membership as part of their job benefits shows that you care for their well-being. Employees are more likely to keep working for your company in the future when you show that you care. This means that giving a gym membership to your employees will not only benefit them, but it will also benefit the entire company.

Related:Employee Benefit Program: A Guide to Work-Life Balance