Top 10 Employee Benefits Examples for 2023
Often referred to as “employee benefits,” we feel free to add “and employer benefits”.
Companies that know that a happy and healthy employee is a productive, motivated employee (and a long-term one, for that matter!) grow faster and in less time.
Why is that?
It’s simple. People willing to invest their expertise and time into advancing your business are your biggest treasure and are the ones running it. Not you. Them.
That is why providing some or all of these top 10 employee benefits examples is an excellent way to show how much you appreciate them as humans and professionals. It for sure worked for us!
Paid Time Off
Paid Time Off or PTO refers to any paid work leave. Some of the most common PTOs are:
- Sick days
- Vacation days
- Family leave
- Personal days
- Jury duty
- Volunteer work, etc.
PTO depends on the company’s leave policy that, in every case, must fully comply with the leave laws of the country where the company and its employees are registered.
Because of the above-mentioned, PTO can be hard to track. Luckily, there’s Vacation Tracker, a leave management tool that puts time-consuming processes around any type of time off on autopilot according to the preset leave policies.
Furthermore, Vacation Tracker allows you to adjust its tracking system to different work models and geographies in a matter of a few clicks, being ideal for companies that hire global talent. It also integrates with Slack, Teams, and Google Workspace which significantly speeds up the organization and insights regarding any type of time off.
Flexible Work Hours
Choosing their schedule seems particularly beneficial to employees who hold creative job positions, as the inspiration and the creative process are hard to put into a specific set of hours.
However, flexible work hours give all employees more freedom to tailor their work hours to their personal lives. For example, they can take up a hobby or engage in activities that restore energy, positively impacting their productivity and life-work balance.
Flexible Work Environment
We are listing it here as a benefit. The truth is that nowadays, many employees don’t even want to consider applying to companies that don’t offer remote work, a hybrid work model, or the possibility to take a workation.
What once was an exceptional benefit is now the new normal. The pandemic revealed that everyone could work from different places that are not the office. On the other hand, companies cut some significant expenses, making this a win-win situation for everyone!
If there’s one more thing that Covid taught us, it’s the importance of health insurance!
Regular annual checkups, the possibility to take care of their physical, emotional, and psychological well-being, having access to medications and proper health care the moment they need it instead of postponing it, etc., is a way to show your employees that you care about them. Simply, it’s more than just an employee benefit example.
Speaking of being well, there’s another way to encourage employees to take care of their physical and mental health. The wellness benefits include gym and spa center memberships, massage coupons, meal allowances that can cover “healthy choice” foods, etc.
Contributing to your employees’ mind and body strength improves their productivity and overall satisfaction with their work and private lives. It will cut their medical bills in the future as well.
To remain successful as a professional and a business, you must follow the industry innovations and grow with them. Otherwise, the risk of being substituted by someone more open-minded and eager to keep up with the trends is real.
Therefore, other than in the top employee benefits examples, it is in your company’s best interest to provide short and long-term learning opportunities, from online and offline seminars and workshops to longer professional advancements such as college courses.
Retirement plans are not among the top 3 most requested employee benefits but are largely welcomed among all generations. Although they might seem like a benefit more appreciated by seasoned professionals, everyone likes to know that, from day to day, they are ensuring a more peaceful future for themselves and their families.
Offering your employees a retirement plan shows that you care about them long-term and take seriously into account their concerns regarding the uncertain times we live in.
Workers’ compensation covers accidents, illnesses and injuries suffered during work hours. Yes, this implies that workers’ compensation applies to remote and hybrid work models and not just to misfortunes that happen in the office.
Workers’ compensation is usually part of an essential employee benefits package. However, for companies that don’t offer it, it is an employee benefit example to be considered for 2023!
Tuition Help Plan
Some companies wish to encourage employees to go to college, finish their studies, or support students who work and study simultaneously by offering tuition help plans. However, it is in the top 10 employee benefits examples, especially in countries where higher education is not available to everyone.
The companies are more likely to offer tuition help plans to colleges that align with their field of work and expect their “scholarship holders” to complete the courses.
With the new trend of remote and hybrid work models, commuting reimbursements might seem a bit irrelevant as an employee benefit. However, not all jobs can be done away from where the actual work is.
A public transportation ticket, long-distance travel expenses, or simply covering gas and maintenance of a private vehicle used for business purposes shows that you’re invested in your employees and wish to help them keep more money in their pockets each paycheck.
To Sum Up
Nowadays, offering personalized employee benefits packages is an excellent way to retain your employees while not unnecessarily throwing away money. You can combine some of the employee benefits examples listed above, or completely adjust them to fit your company employees’ interest and needs.
It will give freedom to your employees to pick what they find to be the most important set of benefits for them while, at the same time, keeping them productive, satisfied with their work conditions, and more eager to stay with your business longer.
And, whether you’re planning to introduce PTO, or PTO is already part of your employee benefits, test out Vacation Tracker 7 days for free. Save yourself from drowning in excel sheets, and calculating manually each employee’s paid leave on time!
Jelena turned her love for storytelling and the written word into a full-time job as a B2B content writer and copywriter in the SaaS industry. She reads, dances, and explores new places in her hometown and beyond in her spare time.