5 Intangible Employee Benefits Your Team Will Love
Until recently, employee benefits didn’t really vary from employer to employer. Standard benefits such as health, dental, and 401K have been the bread and butter of virtually every industry for decades. Nowadays, employees are not only looking for these practical benefits, but for them to be coupled with intangible employee benefits that give their work lives an extra perk.
Luckily for businesses, many intangible employee benefits are inexpensive and easy to incorporate into your workforce. With so many options at hand and an increasingly multigenerational workforce, it can be tough to decide which perks will be the best for your employees.
Here are 4 of the most popular intangible employee benefits you can add into your benefits packages:
1. Ability to work from home: Life is unpredictable, and having the option to work from the comfort of your home can help make the whirlwind of life a little easier. Giving your employees the ability to work remotely promotes a healthy work-life balance, and can even save employees with families money on childcare every year.
Remote work capabilities don’t just benefit employee; it can also increase productivity in your workforce. Ctrip, a Chinese travel website gave its call center staff the option to work from home over a time span of nine months. They saw a 13.5% increase in calls per shift, giving Ctrip an extra day’s worth of productivity per employee, per week.
2. Free coffee in the office: This perk may sound silly, but it’s the little things in life that mean the most. According to Acorns Money Matters, 2,000 millennials admitted to spending more on coffee than contributing to their retirement plan. Offering your team a hot cup of joe in the morning can save them over $1,000 a year, while giving them an extra boost of energy in the morning.
3. Team lunches: One perk of working for big companies like Google and Facebook is that they offer free lunch to their employees. While this may not be realistic for smaller businesses, you can still hold team lunches in your office every week. Just getting the team together to bond, talk, and unwind during the way is a great way to encourage teamwork and collaboration.
4. Casual dress code: Being able to dress comfortably for work can make a huge difference in the morale of your employees. “Professional” attire can be uncomfortable, scratchy, and expensive to buy. A casual dress code creates a relaxed atmosphere in your workplace, as well as letting your employees know you care about their comfort.
5. Gym membership reimbursement: Physical wellbeing is important not only for your employees’ overall health but it can also help limit the number of sick days they take. Regular exercise is proven to help enhance your immune system and leave you feeling refreshed with more energy. Allowing a gym reimbursement stipend is a great intangible employee benefit that turns out as a win-win for employee and company.
Incorporating intangible employee benefits into your benefits packages not only help to attract and maintain top talent, but also make the difference between just another job, and one that your employees love. If you need help creating an employee benefits package that’ll work for your business and employees, we’d love to help. Reach out to us here, or take our Milliman’s Benefits Benchmarking Survey for a custom report on how your health, dental, PTO days, and 401K benefits stack up against your competitors.