Types of Fringe Benefits that Boost Employee Morale
Is your workforce experiencing a sudden downturn in their morale? Do they not appear motivated as before? Well, it might have something to do with business involvement. Your employees are the working wheel of your business. Without a capable and fully operational workforce, you might not be able to achieve the desired level of success in your respective field.
While there are many different ways of motivating your employees, fringe benefits carry a particular significance for employees. Fringe benefits are based on employee rank, performance, reliability, and goodwill. Here’s what makes fringe benefits so attractive to employees in nearly every business.
Whether boosting productivity or making sure that your employees stay loyal to your business, these fringe benefits can help you encourage your employees and keep them motivated.
Types of Fringe Benefits
Health Insurance (Private)
Health insurances are a common fringe benefit, especially in large organizations that offer high-level job offers. As a part of remuneration packages, many professional companies equip their employees with private health insurance. Providing healthcare of high standards through your business’s private health insurance policy adds many advantages.
While it is a great outcome for overall health for employees, there may be greater productivity and lower absenteeism. Private health insurance fringe benefits offer some of the following services to employees:
24-Hour Service (telemedicine)
- Off-Hour Appointments
- Choice of Healthcare Provider
- Mental Health Treatment Options
- Short Appointment Waiting Times
Mental Health Benefits
Mental health is of paramount importance, especially due to the global pandemic that has left everyone confined to their houses. Moreover, while many people spend their time at home and others work remotely, there has been a rise in mental health issues, including anxiety, depression, boredom, and other similar effects.
Some businesses have begun providing upgraded remuneration packages that involve mental health services for personalized care. While it is a necessity during the COVID-19 pandemic, it is essential to notice that mental health fringe benefits should continue after the pandemic is over.
For employees, the more health benefits and options that their company provides, the better. Therefore, some of the best mental health and wellness benefits could include:
- Gym Memberships
- Yoga Class Subscriptions
- Counseling Services
- Nutrition Counseling
- Smoking Cessation
- Weight-Loss Programs
Sabbaticals are an important aspect, especially if it concerns a laissez-faire working environment. Paid or unpaid holidays are a great way to subsidize your employees’ overall health. Vacations and off-days help employees take their minds off work and enjoy their lives in the best way possible.
Often, companies offer vacations that extend over long periods. Do bear in mind that these types of fringe benefits help motivate employees rather than make them realize that they are exhausting themselves through work.
Further, sabbaticals also improve employee morale by allowing them to tend to major life changes, decisions, etc. In addition, having off-time helps reduce work attrition that may affect the productivity of the employees in the long run.
Fringe benefits depend on the level of affordability of the company and the performance of their employees. There is an endless list of fringe benefit options that you can provide to your workers, including childcare, free education, training programs, development incentives, paid holidays, etc.