20 Different Types of Employee Benefits Examples

You're probably wondering what the big deal is about employee benefits, right?

It's just free stuff your company gives you, right? Well, think again! Employee benefits are way more than just free snacks and gym memberships. They're actually a super important part of your overall compensation package.

But here's the thing: not all employee benefits are created equal. Some are pretty standard, like health insurance and retirement plans. But others are a bit more unique, like mental health support!

So, what kind of employee benefits are out there? And which ones are actually worth your while? That's what we're going to dive into today. 

Here, you’re going to learn 20 different types of employee benefits, and it'll give you the lowdown on each one. 

So, sit back, relax, and get ready to learn something new. And hey, who knows? You might even discover a few benefits that you didn't even know existed!

What are Employee Benefits?

People often ask- the meaning of employee benefits, employee benefits definition or what are the employee benefits? 

Employee benefits are also known as perks or fringe benefits. This is the extra pay given to the employees over the monthly salaries and wages. Some examples of employee benefits are health insurance, stock options and medical insurance; these are some basic benefits offered to employees.

Some of the employee benefits are country-specific. For instance, life insurance is one of the key components of employee benefits. To streamline these insurance offerings, many businesses are turning to insurance software development companies, which specialize in creating custom solutions that manage and enhance the delivery of these benefits efficiently.

Why Employee Benefits are Important?

The core of every company and every business are its employees. Without their hard work, dedication, and ideas, organizations would hardly stay afloat, especially in the COVID-19 era. Their performance and motivation keep the business going and ensure goal accomplishment.

Yet, many leaders and CEOs aren't aware of how important employee satisfaction is for their objectives and corporate priorities. If a hire is unmotivated and unhappy, that will affect their productivity and engagement. Further, that results in average results, loss of revenues, and turnover. 

Employee retention and happiness significance double during the tumultuous times that require maximum effort and reaching full potential. Those times are the ones we are going through now as we navigate through the aftermaths and restrictions of an ongoing pandemic.

With remote work and uncertainties, employees might feel emotional distress and isolation. If they haven't been happy at their workplace before the coronavirus hit, their dissatisfaction may double now.

But there is a safe method to boost retention and help your employees feel cared for, validated, and satisfied. Employee benefits are the perks every company provides to their staff that make their work and life seamless.

Hence, it's not surprising that 69% of employees say that "having a wider array of benefits would increase loyalty to their employer." Thus, Glassdoor's Employment Confidence study shows that for 60% of job seekers, benefits are an essential factor when deciding whether to accept a job offer.

What are the Major Types of Employee Benefits?

Employee benefits are provided under its type. There are majorly four types of employee benefits offered by the companies, and that given below:

• Medical insurance

• Life insurance

• Retirement plan

• Disability insurance

But, presently, the list of employee benefits is continuously expanding. In the below content, we have added different examples to provide extra benefits to the employees.

20 Different Types of Employee Benefits List for 2021

Different generation's employees demand different types of benefits. Or we can say that different people want different things. Of course, one of the most obvious employee benefits is a decent salary, which all applicants look for before applying for jobs. Many organizations and businesses these days use various compensation structures to determine a fair salary for employees.

Thus, employers need to focus on a variety of benefits for employees in order to supply correct appreciation to each employee. Hence, we brought a huge list of employee benefits to simplify your work and eliminate the confusion of providing accurate benefits.

1. Exclusive Rewards and Discounts

Employees, especially millennials and Generation Z, love perks that give a sense of a particular lifestyle. Indeed, 80 per cent of workers prefer those kinds of benefits over a pay raise. Such as using non-cash incentives or gift voucher rewards that motivate and encourage performance by providing a memorable experience. During the pandemic, it is even more significant to have perks that allow employees digital access via online catalogues.

2. Affordable Health Plans

Health matters, and today, human well-being is a hot topic, which is why you should offer a generous health insurance plan and reduced prescription drug costs for your employees. This benefit has become one of the crucial employee benefits since the outbreak of COVID-19.

3. Support for Remote Work

These days, more of us are working from home than ever before, and it's not just a temporary shift. Many companies are recognizing the value of offering remote work support as a key employee benefit.

Remote work support is all about helping employees thrive while they work from home or any remote location. This benefit can include a stipend for setting up a home office, reimbursements for internet costs, or even flexible hours that fit personal schedules. 

Companies also often provide tech tools and software to keep everyone connected and productive. It's about making sure you have everything you need to succeed, no matter where you're working from!

4. Mental Health Support

Taking care of mental health is just as important as physical health, and more companies are realising this. That's why many now offer mental health support as a key employee benefit. This can include access to counselling services, stress management programs, and resources for mental wellness. It's all about providing a supportive environment where employees feel they can seek help without judgment.

5. Professional Growth Opportunities

Most people dream of starting from low positions and later climbing the ladders due to their exceptional skills and hard work. Offer training programs that can make that dream a reality and nurture in-house employee development that can also save you from hiring costs and additional onboarding training. You can also provide AI coaching sessions with Marlee to develop leadership skills

6. Access to Free eBooks

Since the early days of the pandemic, many people have found comfort in reading and escaping from an uncertain reality to a fantasy realm. Whether your employees are avid readers or you want to entice their reading skills and knowledge, collaborate with bookstores to allow free book delivery and e-book downloads. 

7. Employee Appreciation Initiatives

Employees need to feel that their work is cherished and recognized more than ever. The virtual setting can make them feel disconnected and unimportant. Offer a virtual appreciation program to express gratitude and value for your team members.

8. Team Gatherings

Employee benefits can be achieved by gathering all. Although complying with the social distancing measures is preventing us from close human contact and interactions, you can still ensure that employees get together by organizing online team buildings, coffee time, and entertaining ice-breakers.

9. Enhanced Equipment Support

No matter the job description, remote work may require amenities that not every employee has. Show your understanding and care by providing all your staff with the necessary free equipment and delivery. Thus, consider reimbursing their connectivity charges to alleviate their finances.

10. Learning Opportunities

Having to spend most of the time at home where their private and work life collides can be tiring and depressing for the employees. Introduce joy and novelty into their lives by providing them with free online courses and workshops on a topic of their choice.

11. Wellness Programs

As stated earlier, well-being and wellness are this year's top priorities, and your employee benefits shouldn't overlook that fact. Ensure that your workers can lead healthy lifestyles by creating an online hire wellness platform that assigns various health challenges and tasks to the users to boost their physical activity. Thus, you can gift them with yoga and massage coupons or a wellness swag bag once the situation allows.

12. Gym Membership

Although going to the gym might not go well with the current restrictive measures, consider early New Year gifts that will ensure your employees have a free gym membership in the new year.

13. Childcare and Family Member's Benefits

No matter how much they love their work, family and kids are probably on top of the list of your staff. Show that you care too and extend the perks or fringe benefits to their family members by allowing additional free days for spending time with them or paying for online classes for the kids.

14. Entertainment Subscriptions

No, it is not silly to gift your employees with free access to Netflix or Amazon. It is not enough to only cover the health and learning perks; make sure that your staff can have fun too through a monthly subscription to entertainment platforms.

15. Convenient Home Services

Work-life balance is endangered as remote work interferes with private time. Make it easier for them by providing them with free services, such as grocery delivery, cleaning, or laundry. According to Maid Sailors NYC Office Cleaning "There's sudden growth for companies availing personal cleaning services for their employees working at home. Many organizations believe that providing employees with a hand to have a clean workspace at home can help them be more productive and efficient."

16. Guaranteed Paid Sick Leave

Employees often fear getting sick because they might lose work, or their boss might perceive them as weak or avoidant. That fear is especially present with a widespread virus. Hence, implement paid sick days that also cover mental distress. In addition, it would be easier for employees to manage their paid sick days if you use a PTO tracking software to streamline the application, approval status, and tracking of PTO, vacation, or sick leave balance.

17. Retirement Plans

Many employees, especially the young ones, fear the future due to uncertain pensions and finances. By introducing precise and transparent retirement plans, you will help them have peace of mind and plan their future with more ease.

18. Flexible Working Hours

Telework can be confusing as it is hard to draw a clear line between playtime and work time. Hires might feel guilty if they are not working all the time. Consider allowing employees to choose their schedules and tailor them to their personal lives, which can boost productivity.

19. Tuition Assistance Programs

Many hard-working young professionals work and study at the same time. Applaud their ambition and goals by introducing tuition reimbursement.

20. Diversity and Inclusion Programs

Diversity and inclusion programs are all about creating a workplace where everyone feels valued and respected, no matter their background. These programs offer training, resources, and support to help foster an inclusive environment. They encourage teamwork and understanding among diverse groups, making sure everyone has an equal opportunity to succeed. It's not just about doing the right thing; it's about making our company stronger and more connected.

Final Thought about Employee Benefits

And there you have it! We've explored 20 different types of employee benefits that can seriously level up your work game. From health insurance to flexible working hours, these perks aren't just nice-to-haves—they're game-changers.

So, next time you're eyeing a new job or evaluating your current gig, don't just zero in on the salary. Take a good, hard look at the employee benefits on the table. After all, it's these extras that can make your 9-to-5 feel a whole lot more rewarding.

Remember, you deserve a workplace that values you not just as an employee but as a whole person.

So, go ahead and seek out those benefits that align with your lifestyle and goals. Trust us, your future self will thank you!