What are the Most Common Benefits Offered to Employees in 2023?
Years after COVID-19, have Filipino workers' needs and preferences changed? The answer is crucial, especially if you want to retain and acquire top talent to help your business survive and thrive. Aside from knowing the most common benefits offered to employees, it pays to know the employees' deal-breakers when applying for and holding onto a job.
Top 5 most common benefits offered to employees
Inflation, economic uncertainties, and geopolitical conflicts are all challenges for your company's growth. However, these factors also shape your employees' and applicants' priorities, making them consider other options. To ensure that your best team members remain part of your company while appealing to excellent candidates, consider the benefits they want. According to the Salary Report 2023, here are the top privileges modern employees are looking for in a job.
1. Financial compensation
While a competitive salary helps secure an employee's monetary needs, it also signifies how much you value your workers' contributions. Today's workforce is more proactive, often comparing their pay to industry standards and colleagues. When you pay employees less than they deserve, expect them to look for better treatment elsewhere. Aside from financial stress, less-than-fair pay leads to weakened motivation and morale.
2. Work-life balance
JobStreet's survey participants show that work-life balance is a critical consideration for 28% of Filipino workers. This comes as no surprise as this sense of harmony directly impacts employee wellness and quality of life. Being overworked can result in burnout, heightened stress, and poor health. Jobseekers, in particular, are looking for companies with policies that support work-life balance, especially with today's increased awareness of mental wellness.
3. Flexible work arrangements
A crucial finding of JobStreet's The Future of Recruitment report conducted in partnership with the Boston Consulting Group and The Network is that more Filipinos (28%) prefer remote work than the global average of 11%. This pandemic-driven development has proven that work-from-home setups can maintain and improve work efficiency. As a result, employees look for flexible hours, telecommuting, compressed workweeks and other job options.
4. Retirement and insurance benefits
Such benefits display your commitment to your employees' long-term welfare and security. Pension plans and sponsored health insurance give your workforce peace of mind while providing a safety net for them and their families during emergencies. These benefits also improve their financial wellness while enhancing your company branding.
5. Job security
The pandemic has proven that things can change fast in weeks, even days. Businesses folded, employees were let go, and hospitals were flooded. With all this uncertainty, it's understandable why workers are looking for security. When employees are confident about their job stability, they're more likely to exert more effort. As you help your workers attain basic needs and support their families, you also gain their trust and loyalty.
Why employees leave
After discussing what can inspire your employees to stay in your company, here are some top reasons why employees leave.
No-work, no-pay policy
Employees without paid time off will likely experience burnout, affecting their physical and mental health. With sick and vacation leaves, your staff members can recharge, address personal matters, and attend to their needs outside of work. Companies that offer paid time off packages contribute to their workers' job satisfaction and engagement, boosting morale and employee retention and recruitment.
The absence of family support
Some employees consider family support solutions as a deal-breaker because these highlight your commitment to work-life balance and family welfare. Some strategies you can offer are flexible work setups, childcare support and family leaves. This way, your employees can better fulfill their family duties by improving work productivity, managing stress, and achieving career goals.
Lack of work perks
Job perks such as meals and sports-related benefits can significantly impact your employees' quality of life. While free and subsidized meals save them time and money, fitness programs and complimentary access to nearby gyms aid stress relief and management, contributing to overall health. These extras also show an employee-centric culture, which improves your relationship with your staff while making you attractive to jobseekers.
Being taken for granted
Recognition is a valuable motivation for most employees, giving them a sense of value. Workers who receive validation for their hard work and accomplishments will likely have better self-esteem and job satisfaction. Try cultivating a positive and encouraging environment that lets everyone have a voice. This is a surefire way to boost morale, motivating employees to achieve more and be committed to the company.
Failure to meet career development needs
Engaged employees see a clear path toward career advancement by taking advantage of skill-development opportunities and support for professional targets. Why would your workers be inspired to stay when your company fails to offer career growth? Investing in your employees' improvement boosts their confidence and desire to learn. Again, this is an essential component of employee loyalty and your business success.
How to curate your employees' benefits
After realizing the importance of giving employee incentives, here are some tips for choosing the right benefits for your workforce.
Learn what your employees need
Read JobStreet's signature reports to dig deep into your employees' preferences, but you can also conduct your own surveys and focus group discussions. These steps can help enlighten you on your workers' values and demographics. This way, you can customize benefits according to their particular needs.
Because your employees are in different life stages and situations, it helps to implement flexible benefit options they can choose from. Examples include choices in health insurance, the freedom to decide how they want to use their paid time off, and educational assistance for family members. These accommodate diverse needs that help your employees function better in and outside the office.
Make the process clear and easy
Offer benefits in ways that are clear and accessible. What's the point of providing incentives when it takes a ton of paperwork and legwork to avail of them? Ensure that these are within the employees' reach. If your workers have questions and concerns, your HR should be equipped to answer. It would also help to hold regular sessions to educate employees on their benefit options and how to leverage and maximize them.
Conduct regular reviews and updates
Regularly examine the efficiency and effectiveness of your incentives scheme by checking in with your employees. Are they happy with the benefits? Do these fulfill their needs? Workers' priorities change over time, so revising your program can help you better target them. Also, it helps to be informed about industry trends and legal mandates. These keep your incentives compliant and attractive.
Ensure that all employees can benefit by embodying cultural sensitivity in your programs. Consider different family structures and health programs that support diverse needs. Highlight anti-discrimination policies and sensitivity training to promote equity and inclusivity while providing incentives.
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