6 Things You Should Provide Your Employees Other Than Salaries

It’s no secret that employees play a crucial role in any business’s success, whether a startup or an established one. With them on your side, your company will be able to reach its goals and become successful in no time. However, just like ordinary humans, your employees can also feel tired and demotivated every now and then. That said, as a startup chief executive officer (CEO) or employer, it’s important for you to constantly encourage them and make them happy.

Typically, motivated employees can help improve productivity within your business, thus achieving high output levels. But, how can you motivate your employees aside from giving their salaries?  This is where a good benefits package enters the picture. Benefits refer to any perks provided by an employer to their employees in addition to wages and salary.

Thus, if you want your workforce to be happy and motivated, below are the six things you should provide your employees other than salaries:

1. Stipends

As an employer, you should never stop looking for ways to make your employees happier and more productive. This is where stipends enter the picture. In addition to their salaries and wages, giving your employees stipends can go a long way in keeping them motivated. Ideally, stipends can come in the form of cash or reimbursement for their travel and lodging expenses.

For instance, if you want your workers to take some time off from work to relax and rejuvenate, offering them a vacation stipend can be a perfect benefit solution. You may check out reliable resource websites to know some examples of stipends provided by leading organizations worldwide.

2. Paid Time Off Benefits

In most cases, time off from work is a necessity. It’s the only time when you can prevent the risk of burnout and ensure a productive work performance going forward. Because of this, every employer needs to offer paid time off benefits to their employees. These can include:

• Holiday Pay – This is an additional payment of the employee’s basic wage on a holiday even if they don’t work.
• Sick Leave – This is paid time off from work, which your workers can avail due to significant health needs and issues.
• Vacation Leave – This is paid time off from work that your employees can use to relax and attend personal affairs. Unlike a vacation stipend, it’s in the form of leave credits given to your employees annually.

3. Medical Insurance Benefits

It’s essential for employees to have optimal health. When they’re healthy, they’re able to perform their duties and responsibilities efficiently. Employers like you need to take care of your workers’ wellbeing by offering medical insurance benefits aside from their salaries.

Medical insurance is primarily intended to cover medical expenses, such as hospital fees, prescription drugs, and physician fees. In other words, it can be used by employees who’ll get sick and hospitalized for a specific period. Also, depending on the type of coverage you choose, the employees’ family members can avail of the said benefits.

Since these benefits are given to your employees on top of their salaries and wages, you have the option to pay a part or all of the premium for the insurance benefits. In some cases, the employees share a percentage of the total monthly premium of the insurance.

4. Disability Insurance

It’s inevitable that your employees will get sick or injured at some point in time, making them unable to perform their job for a certain period. For this reason, you can offer disability insurance benefits to your employees to cover these unfortunate situations. Although this type of benefit isn’t commonly offered, you should still consider giving one to assure and support your employees in these trying times.

The two main types of disability insurance include:

Short-Term Disability – It benefits an employee who has been sick, injured, or sustained temporary disability within a few weeks of accident or illness.

Long-Term Disability – It provides benefits to an employee who has sustained long-term and permanent illness or injury.

5. Retirement Benefits

One of the most essential benefits an employer can give to their employees is the retirement benefits. These refer to funds set aside by an employee to provide them with an adequate amount of income even after the end of their career. In other words, retirement benefits can be used to ensure the employee’s financial future once they retire from the company.

Generally, retirement benefits are divided into two categories. These can include:

• Pension Plans – Under this retirement program, the employer is the one who’ll shoulder the risk of investment. The amount to be set aside is pre-determined based on the employee’s salary and their years of service.
• 401k Plans – Under this retirement program, the contributions of either the employee or employer are specified. Unlike the pension plans, 401k plans provide the employee control over their contributions, and the employer isn’t required to contribute to the plan.

Whatever plan they choose, most employees nowadays usually ask for retirement plans into their benefits package.

6. Fringe Benefits

If you’re looking to retain top talents and reduce employee turnover, you shouldn’t hesitate to provide them with fringe benefits. These benefits are composed of several non-cash payments, which can be used by the employees for personal purposes. These can include tuition assistance, child-care benefits, and even non-production bonuses or bonuses that have nothing to do with their performance.

For example, if some of your employees plan to take some classes in their free time to advance their careers in your company, you can offer tuition reimbursement as part of the fringe benefits. This can be a great way to make them feel valued with their job duties.

Wrapping Up

As you’ve gleaned from the above discussion, salaries and wages aren’t the only forms of compensation you can give to your employees. If you wish them to stick around, treat this list of benefits packages as recruitment and retention tools. That way, you’re not only offering your employees a work environment wherein they feel safe, but also something that values them more than anything else.