Anything offered to employees other than their paychecks and salaries from their employers classifies as employee benefits. These include insurance, leaves, in-office perks and facilities, and outside office perks. These are offered for the following reasons:
To recruit new employees
To get a competitive edge over other competitors
To incentivize employees
To retain existing employees
What are Some Examples of Employee Benefits?
Some examples of employee benefits may include:
1. Leaves
PTOs
Sick leaves
Parental leaves
Bereavement leaves
2. In-office Perks
Snacks and meals
In-door games
Team building exercises
Tours and retreats
Relaxing options
3. Financial
Insurances: dental, disability, medical
Childcare
Educational fundings
Besides these, there are a lot of other perks employers may offer employees.
FAQ
1. How are Employee Benefits Funded?
While some benefits are given by adjusting salaries, most of these benefits are calculated and set while determining salaries. That being said, some benefits are strictly funded by the employers to create incentives for the employees and give them a better working experience.
2. Why do Employers Offer Benefits?
Employers offer benefits to attract employees and incentivize them to work for them. Offering a wide range of benefits show employees that they are cared for and their needs are addressed. Furthermore, when employees feel cared for, it automatically translates to better performance and increased productivity.
