The Most Popular Benefits (and a fistful of perks) offered by employers today.
In 1964 when Sergio Leone released A Fistful of Dollars, it was a ground-breaking film that introduced a new genre—the spaghetti western—and catapulted newcomer Clint Eastwood into movie stardom. 1964 was also ‘the wild west’ for employers as health benefits and other modern concepts were just being introduced. People may have been lured to a job by a fistful of dollars in the sixties, but that no longer applies in a wildly different twenty-first century.
Consider the talented mosaic that makes up your company today. Many of your employees have spent years in school, training for the jobs they now hold. Others may have spent decades perfecting their craft in other companies before joining your organization. There are numerous companies at which they could work, but they’ve chosen yours. Culture is a big reason why people choose to work with a company, but you may be surprised to know it’s also the thoughtful extras and sometimes just the little things that make an organization feel like a perfect fit.
A recent study by Robert Half, involving 500 HR Managers throughout North America, determined the five most common benefits and the top five most common perks provided by employers. Although the two terms are often used interchangeably, for the purpose of this study, benefits were defined as compensations that addressed basic needs.
Top Five Benefits
Not surprisingly, the most common benefit was extended health insurance. Even before the pandemic, this was a highly-valued feature by employees and their families. Over two thirds of employers in the study offered comprehensive health insurance to their staff. “Before accepting a job, prospective employees will often ask about specific details in the company’s health insurance plan,” shares Earl Shindruk, President of Optimax Benefits. “A plan that can be tailored to the needs of the employee can be quite an attractive feature.”
Paid time off was the second most popular benefit. Beyond the expected vacation time, employers set themselves apart by providing paid sick time, bereavement time or time to pursue personal interests. “I think a lot of people assume that paid time off is a given,” said Larry McGale, a retired machinist. “As a young man choosing a vocation, I thought the salary outweighed benefits like paid sick time. But, throughout my career, I often dragged myself to work when I was so sick I could barely stand. If I could go back and do it again, the lack of benefits in the machining industry would have likely persuaded me to choose a totally different direction with my life.”
In the number three position, sits dental benefits. “It may not be the most glamourous benefit a company can offer, but it is one of the most appreciated because without it, seeing the dentist can become a major expenditure,” says Barb Penney, a freelance Career and HR Professional. “When I left my former company to start consulting, I began paying over three hundred dollars a month to cover health and dental insurance for my husband and me, and the coverage wasn’t as good as what I had through work.”
Retirement savings plans show up in the number four position of most common benefits. Getting involved through payroll deduction makes it an easy and painless experience for employees. Some organizations also demonstrate their appreciation by contributing to employee plans. “Planning for the future may not always be top of mind for young professionals when they join a company,” said Lisa Savill, an Associate Director with Rupertsland Institute. “A good pension plan shows an extraordinary amount of caring on behalf of the organization and an investment in the future of their employees.”
The fifth most common benefit is life insurance. “It’s knowing that your family is looked after if something happens to you,” says Earl, “but it’s more than that. It’s knowing that your company is there to help your family when dealing with the insurance provider. It’s how a company tells its employees… We’ve got your back.”
A Fistful of Popular Perks
Perks may not have the same concrete value as financial benefits, but they give the employer a chance to demonstrate the personality and character of the company. Plus, perks are something that employees might utilize every day, as compared to annual visits to the dentist, so they’re still perceived to have a high value.
The most common perk provided by North American employers is a flexible work schedule which could mean an employee starts earlier or later in the day, or even concentrates five days of work into four longer days. “Flexible hours not only provide freedom for the employee, they demonstrate trust from the employer by focusing on a results-only work environment,” according to Candice Jay Platt, an Associate, Workplace Fundraising with United Way of the Alberta Capital Region. Rhonda From, a Marketing Manager from Red Deer, agrees. “Everyone’s lives and family situations are different. Being able to structure your work hours around other obligations relieves a lot of stress.”
During Covid-19, working offsite became a necessity for many businesses. With little or no travelling time and a greater work/life balance, employees expressed an interest in continuing to have this option after the pandemic. “Employers have seen a benefit as well,” Earl says. “They’re finding they can restructure and get by with a smaller footprint, thus saving money. It’s a great perk and a true win-win.”
Many companies are able to offer employee discounts to their staff. It could be something as simple as discounts from a nearby coffee shop or substantial discounts from corporate partners including vehicles, health club memberships or electronics.
Paid volunteer time is another perk that works for employees and employers. “When a company wants to be known for giving back to their community, this is a great opportunity to do just that,” says Earl Shindruk. “It’s one thing for employees to hear that their company supports the community but it means more when the employees are hands on, working with a charity they care about and being paid to do that work by their company.”
For several decades, job satisfaction has continued to be a key component to attracting and keeping engaged employees. Today’s brightest and best young professionals entering the workforce are looking for more flexibility, they want to know they are appreciated and they value authenticity. In conversation with Edmontonians, other valued considerations included: time off between Christmas and New Years, approachability in leadership, a positive workplace focused on employee development, and honest timely feedback that inspires growth. With thoughtful benefits and perks, employers have a chance to engage new and existing staff members on a meaningful level for years to come.
