Tested working conditions that keep our retention and productivity high

What your current and potential customers think of your products/services is not the only thing that matters. You should also consider your employer brand, i.e. what current and potential employees think of your workplace.

A big part of having a positive employer brand is providing the benefits employees want. I’m talking about the tangible and intangible workplace benefits that get them out of bed each morning and linger during periods like The Great Resignation.

My company, Patriot software, strives for first class employee benefits. And thanks to our all-star People Ops Team, we are always researching and analyzing benefits that align our company’s goals with employee needs.

This is what we found.

6 Employee benefits employees want

Of course everyone wants a competitive salary and excellent fringe benefits. But what are “excellent” benefits? And are they actually “excellent”… or just average?

Every person is different. The benefits one person wants and needs may differ greatly from what another person wants and needs. That’s why variety (and knowing the usage rate of each benefit) is so important.

Currently, these are some of the well-performing benefits that contribute to our high application rate and low turnover.

1. Generous reward

OK, this isn’t really an advantage. It is the real wage for work. But I think it’s worth mentioning here since pay and benefits go hand in hand.

If you want to attract and retain employees, offering fair pay is a must. That’s why we pay at the top of the national pay scales.

To find out if your pay is fair, you can use tools such as the BLS payroll data And Pay rate. Consider important factors, such as those of the employee or applicant:

• Experience
• Education
• Skills
• Place

2. Paid time off

Who doesn’t love paid time off to go on vacation? Just under 80% of private sector workers have access to paid vacation time, according to the latest data. Suffice it to say that paid time off is a much sought-after perk.

So, how much should you bid? The BLS found that full-time employees receive an average of 10 days of paid vacation after a year of service.

For us, 10 days just weren’t enough. We know that our colleagues work hard every day. That’s why we offer a generous paid time off (PTO) policy that gives employees PTO from the first day of the month after hiring.

In addition to increasing retention, paid time off can help prevent burnout, increase engagement, and increase productivity. It’s a win-win-win.

3. Remote work

When COVID-19 hit, we went remote – and stayed that way. And now my colleagues can enjoy working from the comfort and convenience of their rural home. They are also welcome to work from our Ohio office (about 5%, including myself, are happy to go to work part or all of the time).

Sixty-eight percent of Americans want to work at home. It’s an advantage that has gone from a luxury to the norm during the pandemic. Like Patriot, many companies kept their distance or moved to a hybrid working model.

Working remotely is of course a beautiful thing. But we also know how important it is to stay connected. Despite working from home in 28 states, we like to keep in touch through various Slack channels, wellness programs, and an annual multi-day.

4. Ownership

Ownership may not be the first thing that comes to mind when you think of “employee benefits.” But I learned firsthand what it was like to be a gear on a wheel, clocking in and out in a factory. And I never wanted that again – for myself or my colleagues.

That’s why I think it’s so important to you to let employees take ownership of their work and take pride in what they do. As they say, if you do what you like, you never work a day in your life. And how can you love what you do if you have no pride or ownership in it?

Because we started as a small company with a small team, it was easy for everyone to take ownership. And even though we have grown to more than 200 employees, we strive to pass on that same mentality.

If you want to provide this kind of benefit, you have to commit to it. That means throwing micromanagement out the window, growing leaders, and showing employees how their role serves your business mission.

Ownership of work goes hand in hand with recognition. You can recognize employees by company-wide callouts (we use 15Five) and gift cards, just to name a few.

5. Health Benefits and 401(k) Company Match

Back to basic. We provide comprehensive health benefits (e.g., medical, visual, and dental) and make them available to full-time employees on the first of the month after hiring. And we offer 401(k) plans (complete with a business match).

These benefits are popular not only in our workplace, but also in most companies across the country. According to the BLS70% of private sector employees have access to health benefits and 69% have access to retirement plans.

But for small businesses, it can be challenging to offer these kinds of benefits. After all, they are expensive and time-consuming for an employer wearing a million-and-a-hat.

There are several health insurance for small businesses options from which to choose, including a QSEHRA (Qualified Small Employer Health Reimbursement Arrangement) available only to small businesses. And if you’re a small business owner and want to offer a traditional health plan, you may qualify for a small business tax credit. The credit is worth up to 50% of the cost you pay for employee premiums.

And if you want to offer retirement plans for your employees, your train has just arrived. The government approved it at the end of 2022 SECURE 2.0, expanding tax credits for small business owners who want to offer retirement plans. Now employers with 50 or fewer employees can claim a 100% tax credit to cover the administrative costs of setting up a retirement plan.

6. Tuition Reimbursement

We love that our colleagues love to learn. To encourage that, we provide education assistance up to the IRS’s tax-exempt limit ($5,250).

Here’s what we found: Helping someone continue their education has a whole host of benefits for them And us, as increased:

• Involvement
• conservation
• Skills
• Business operations

And we are not alone. Companies like Amazon, Chipotle and UPS also offer this type of employee benefits. In fact, 47% of US employers tuition reimbursement offered in 2019.

Tips for improving your employee benefits

Do you want to take your benefits package to the next level? Whether you are a small, medium or large company, here are some tips to make improvements:

1. Look at your budget: Always make sure you have it in the budget to add or change fees. You don’t want to go bankrupt by offering expensive benefits (that’s no use to anyone!).
2. Keep up with the times: It seems that benefits trends change almost yearly, so make sure you offer benefits that apply (for example, working from home when the pandemic hit).
3. Do your research: Don’t assume your benefits and pay are fair. Use tools like PayScale to find out.
4. Know what’s happening in the news: New laws and regulations may require you to offer certain benefits (eg. states with paid family leave) or encourage (e.g. SECURE Act 2.0).
5. When in doubt, just ask: Why not get it straight from the horse’s mouth? Conduct employee surveys to get feedback on current and future benefits.