Employee Benefits Worth Investing In

Only 17% of employers  in Africa believe that their benefits strategy is effective. Traditional benefits include onsite medical services and chronic disease management. Some newer trends are also emerging in Africa.

One-third of businesses are increasingly contemplating stress management and resilience training. A quarter of companies want to implement mental health and substance addiction assistance services. Health coaching is in consideration by 23% of organizations as a benefit.

The African Economy

African economies will keep growing  in the long term. The growing urban population and the expanding workforce make it an attractive business destination. This economic expansion is driving demands for benefits plans that will protect employees.

The Nigerian government has put in place mandatory pension and life cover benefits. As multinational companies increase their presence in Africa, the demand for comprehensive benefits packages will increase. 

What Are Employee Benefits?

Employee benefits are compensations offered to employees outside of their annual salary or wages. They can help offset daily living expenses, keep employees healthy, help prevent burnout and improve quality of life. 

When employers offer job benefits, it can dramatically impact employee engagement and retention of staff. It can improve employee dedication and loyalty. Many employees may prefer work benefits to a pay raise. 

A good benefits package might include paid leave, health insurance, free lunches, online coaching, mental health services, and free gym membership. But which employee benefits are worth investing in as a company?

Investing In Your Employees

If you want to attract and retain the top talent and build up a solid reputation in the community, you may consider offering the following benefits. 

1. Financial Benefits

Company equity means that employers offer a financial stake to their employees in the company. This share helps employees feel that they are an integral part of a team and invested in what happens to the company in the long term. They have a financial incentive in seeing the company succeed.

Offering paid time off can help your employees improve their  work-life balance,  mental health, and quality of life. Ultimately this is going to lead to better work performance. Time off could include some sick leave and some vacation time. You could also offer more paid time off if employees have worked more hours or been at the company for longer. This rest period for the employee could improve company loyalty and work productivity. 

Consider offering employee discounts and rewards as a way of reducing living costs as well as recognizing hard work. Offer your own company’s services or products for free or at a discounted rate. Team up with other businesses to offer their services to your employees or even offer performance-based rewards. 

In the US, a standard work retirement plan is called a 401k. Companies can choose to match employee contributions towards their retirement fund. When they choose a 401k provider, they can watch their retirement fund grow. A retirement plan could be one of the best  investments in providing security for your employees. This plan gives them a sense of well-being and works satisfaction. 

2. Education and Career Benefits

A valuable benefit could be offering your employees support with their tuition fees which will help offset their education expenses. It may give them a chance to increase their skillset and provide them with tools that will help them to improve their work performance. 

If employees don’t see a clear career path, they become unmotivated. Sitting down and helping them map out their future within your company could help to boost their morale and give them hope. 

You could even offer training that will help with their career development. If you make this training available during working hours and provide full pay, employees won’t have to take time out of their personal lives. This way, they can learn new skills and stay motivated. 

3. Wellness Benefits

Healthy employees are likely to have fewer absences and be more productive. You can help employees stay healthy by offering insurance with free health check-ups and discounted healthcare. 

Offering free lunch during workdays could be a great way to retain employees. Being well-fed is going to keep your employees sharp and focused. They won’t need to think about the logistics of bringing their lunch or going out to eat. 

Providing mental health services could be essential to having a healthy workforce. Such services may include therapy, coaching, or mentorship. These mental health clinical services will ensure that your crew is in the best mental condition.

4. Employee Recognition

Programs tailored to recognize outstanding employee efforts, such as employee of the year awards and employee of the month awards, go a long way to boost internal competition and employee motivation. Other effort-rewarding methods could include gift cards and cash bonuses.

One of the best ways to encourage a healthy work-life balance is to offer flexible working hours. Flexible working could mean incorporating a hybrid system of working where the employees have the option of working mornings, afternoons, evenings, or shorter working days.

5. Family Care

Child care costs can add up. Some employees cannot return to work after having children. You could consider offering child care assistance or reimbursements to help parents stay at work, such as paid parental leave for a fixed amount of time. This type of benefit will be desirable to the best employees. 

In Summary

Providing comprehensive benefits is essential if you want to attract top talent. It will help reduce employee turnover and create a loyal and engaged workforce. The best job benefits continue to change for employees during different stages of their life and career. 

When considering employee benefits, you can consider financial benefits, including company equity, paid leave, employee discounts, and retirement plans. Education and career benefits could help with tuition fees, work training, and setting career goals within the company. 

Wellness benefits can include  health insurance,  free work lunches, and mental health services. Employee recognition could mean offering bonuses for excellent work performance and flexible work hours. You can also help with child care so that parents can continue to work.