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Employee Perks and Benefits to Retain and Attract Talent

Updated on :

February 28, 2024
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Employee Perks and Benefits to Retain and Attract Talent

In an increasingly remote and competitive job market, the significance of employee benefits can't be overstated. Companies worldwide recognize that to attract and retain top talent, they need to offer more than just a competitive salary. To secure the best tech talent, businesses are offering innovative and enticing employee perks and benefits.

Understanding Employee Benefits and Perks

Employee benefits constitute a form of compensation paid by employers to their workers over and above regular salary or wages. These benefits can be mandatory (like social security in the U.S.) or voluntary, depending on the employer and the regulatory environment.

On the other hand, employee perks, while similar to benefits, are additional privileges provided by employers to enhance employee satisfaction. These perks, which can range from flexible working hours to employee discounts, are usually not mandated by law but are integral to an employee's work experience.

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Key Employee Benefits and Perks

The landscape of employee benefits and perks has evolved drastically, particularly for the remote tech talent. Companies now recognize that to attract and retain the best, they need to offer benefits and perks that address not just their professional needs, but their personal ones too.

Comprehensive Health Insurance

One of the most valued employee benefits is wide-ranging health insurance. Amid a global health crisis, this benefit has been underscored as a necessity rather than a luxury. It's not just about covering medical costs; a solid health insurance plan can help alleviate potential financial stress and prompt employees to seek preventative care, ensuring they stay healthy and productive.

For remote tech professionals, health insurance often extends to mental health services. Companies that cover therapy sessions, mindfulness apps, or mental wellness programs demonstrate a holistic understanding of health, catering to their employees' overall well-being in a stressful, always-on work environment.

Retirement Benefits

Retirement benefits are another crucial employee benefit that can have a significant impact on talent acquisition and retention. These benefits show a company's commitment to their employees' futures. They send a powerful message: the organization is invested in the long-term well-being of their employees, not just their immediate output.

Retirement benefits can include 401(k) plans, pension plans, or other retirement savings programs. For remote tech professionals, who often navigate a volatile job market, such financial stability can be incredibly appealing.

Perks Promoting Work-Life Balance

In a remote work environment, where professional and personal boundaries often blur, perks promoting work-life balance have become increasingly important. Companies that provide these perks show they value their employees' time and acknowledge the importance of rest and rejuvenation for long-term productivity.

Such perks could include flexible work schedules, allowing employees to work during their most productive hours, or manage other commitments. Paid time off, including vacation days, personal days, and sick leave, is another crucial perk. Some companies even offer sabbatical leaves to allow employees to take extended breaks for personal growth or rest.

Employee Discounts and More as Company Benefits

Company benefits often include employee discounts - a perk that might seem minor but can significantly boost an employee's satisfaction. These could range from savings on the company's products or services to discounts on external services like gym memberships or software subscriptions. For remote tech talent, a discount on a popular coding course or a subscription to a project management tool can be a valuable perk.

Custom-Tailored Company Benefits and Perks

As companies strive to stand out in a competitive market, offering unique, tailored benefits and perks can set them apart. For instance, an EOR service can significantly improve the global employee experience. This service allows remote workers to access benefits relevant to their geographical location, making a company more attractive to a diverse talent pool.

Health and Wellness Programs

In addition to traditional health insurance, many companies are now offering wellness programs as part of their employee benefits package. These programs might include activities like virtual yoga classes, mindfulness sessions, or even allowances for fitness equipment. It's a proactive approach that not only supports employees' physical health but also promotes mental well-being, essential in today's remote work environment.

Learning and Development Opportunities

The tech industry evolves rapidly, and the best tech professionals are those who keep learning and developing their skills. That's why many companies offer learning and development opportunities as a significant perk. This could take the form of covering the costs for online courses or certifications, providing access to industry conferences, or allocating time for employees to pursue professional development activities.

Expanded Leave Options

Beyond the typical sick leave and vacation days, some companies are expanding their leave options. For example, they might offer paid parental leave, bereavement leave, or even sabbaticals for long-term employees. These expanded leave options show that the company values its employees' personal lives and commitments outside of work.

Financial Advice and Resources

Financial wellness is another area that companies are beginning to address in their benefits packages. They might offer resources for financial planning and education, access to financial advisors, or even services like student loan assistance or help with housing costs. For remote tech professionals, who may be navigating the complexities of taxes and cost of living in different regions, these resources can be incredibly beneficial.

Social and Recreational Perks

Even in a remote work environment, social connections matter. That's why many companies are offering social and recreational perks. These might include virtual team-building activities, online game nights, or even stipends for home entertainment or hobbies. These perks can help employees feel more connected and engaged, even when they're working from home.

Additionally, companies are offering benefits like remote work stipends for home office setup or internet service, professional development funds for continued learning, and wellness stipends for anything from fitness classes to meditation apps - all tailored to the specific needs of remote tech professionals.

The Impact on Employee Satisfaction

Offering a comprehensive suite of benefits and perks can significantly boost employee satisfaction. In fact, according to The U.S. Bureau of Labor Statistics, employees who are satisfied with their benefits are more likely to report higher job satisfaction overall. Therefore, it's no surprise that businesses are upping their game when it comes to providing employee perks and benefits.

As the remote work landscape continues to evolve, it's essential for employers to keep up with the changing needs of their workforce. Offering a mix of mandatory and voluntary benefits, along with unique perks, can help companies attract and retain the best tech talent globally. The perks and benefits provided should, in the end, aim to improve the overall employee experience, ensuring a happy, healthy, and productive workforce.

How to Choose the Right Employee Benefits and Perks

Selecting the right employee benefits and perks is a crucial aspect of talent attraction and retention. These benefits can play a significant role in influencing job satisfaction and company loyalty among employees. Here are some steps to help you choose the right benefits and perks for your employees:

  1. Understand Your Employees' Needs: Every workforce is different. What appeals to one demographic may not be as valuable to another. Conduct employee surveys or have open discussions to understand what benefits and perks your employees value the most. For remote tech talent, this could be a flexible work schedule or access to cutting-edge tech equipment.
  2. Consider Your Company Culture: The benefits and perks you offer should align with your company's culture and values. For instance, if your company prides itself on promoting a healthy work-life balance, offering benefits such as flexible working hours or paid time off can reinforce this.
  3. Look at the Competition: Research what benefits and perks your competitors are offering. You'll want to offer a package that's at least on par with industry standards, if not better.
  4. Consider the Cost: While you want to provide attractive benefits, it's also essential to consider what's financially feasible for the company. You may need to balance offering high-cost benefits like comprehensive health insurance with lower-cost perks such as employee discounts.
  5. Legal Obligations: Ensure you're aware of the legal obligations in your country when it comes to employee benefits. Some benefits may be mandatory, while others are discretionary.
  6. Global Considerations: If you have remote employees in different countries, consider their unique needs and local regulations. Using an EOR service can help ensure you're providing appropriate benefits and adhering to local laws.
  7. Communication: Once you've selected your benefits and perks, communicate them clearly to your employees. Make sure they understand what's available and how to access these benefits.

By carefully considering these factors, you can create an attractive package of employee perks and benefits that will help you retain your existing talent and attract new talent. Remember, the ultimate goal is to enhance employee satisfaction and foster a positive and productive work environment.

Provide the best benefits for your global team with Skuad

Providing employees with a comprehensive benefits package is one of the easiest ways to attract the best international talent and improve employee retention.

However, building a compliant and comprehensive benefits package across all global markets is a near-impossible task without partnering with a global employment and payroll platform that can provide your company with local expertise on mandatory and supplemental benefits in the countries you wish to hire.

Skuad's global employment and payroll platform can help you provide your international employees with the best benefits packages, allowing you to focus on growing your global team.

Offer Comprehensive and Attractive Employee Benefits and Perks

In today's competitive job market, offering attractive and comprehensive employee perks and benefits is more than just a nice-to-have; it's a strategic necessity. From boosting employee satisfaction and retention to promoting a healthy work-life balance, the impact of these perks and benefits is profound.

But how can organizations ensure they are providing these comprehensive benefit packages, especially when managing remote teams across different countries? This is where Skuad, a leading Employer of Record (EOR), comes into play.

Skuad enables businesses to extend country-specific benefits packages to their teams, regardless of where they are located. By tailoring benefits to the specific needs and regulations of over 160 countries, Skuad can help keep your global team healthy, motivated, and highly productive.

In addition, Skuad can handle the complexities of international employment laws, taxes, and regulations, allowing businesses to focus on what they do best. With Skuad's support, companies can ensure their team is taken care of, fostering a positive work environment that attracts and retains top talent.

Ready to take your employee benefits game to the next level? Schedule a demo with Skuad today and explore how you can provide exceptional benefits and perks to your global team.

FAQs

What kinds of benefits and perks do remote tech workers value most?

While this can vary, common benefits and perks valued by remote tech workers include flexible working hours, comprehensive health insurance, retirement benefits, and access to cutting-edge technology.

How can companies choose the right benefits and perks?

Companies can choose the right benefits and perks by understanding their employees' needs, considering their company culture, researching industry standards, and considering legal obligations. Balancing cost-effectiveness with attractiveness is also crucial.

Why are employee benefits and perks important?

Employee benefits and perks play a crucial role in attracting and retaining talent. They can significantly influence job satisfaction and company loyalty. Offering a comprehensive suite of benefits and perks can help improve the overall employee experience and productivity.

About the author

Catalina Wang is a Human Resource Consultant. She manages recruitment, onboarding, and contract administration staffing for many organizations and remote teams. She’s passionate about efficient HR management and the impact of tech on hiring practices.

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