Corporate benefits: guide with examples for 2023

by | Glossary

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In today’s fast-paced business world, companies are constantly looking for ways to attract and retain the best talent. One option is to offer a comprehensive package of company social benefits. From health insurance and pensions to flexible working arrangements and career development opportunities, these benefits can have a major impact on employees’ overall job satisfaction and wellbeing. In this article, we take a closer look at some of the most popular employee benefits and how they can benefit both employees and employers.

What are corporate benefits?

Corporate benefits are non-wage-related benefits that an employer grants its employees. These benefits aim to improve the overall well-being and job satisfaction of employees and may include a wide range of benefits and services, such as health insurance, retirement plans, paid time off, professional development opportunities, flexible work arrangements and employee assistance programs. Corporate benefits are intended to supplement an employee’s salary and can also be used as a means of attracting and retaining employees.

10 examples of corporate benefits

  1. Home office: Already widespread in some cases and integrated as standard in most companies. It is therefore debatable whether this still counts as a corporate benefit in this day and age. I have included this point anyway, as in most cases it is still a special case for SMEs that their employees are allowed to enjoy the luxury of working from home.
  2. Company car: A well-known corporate benefit that is still appreciated. Sales representatives and salespeople in particular are very grateful for a company car. However, the new trend is currently more towards company bikes or e-scooters.
  3. Meal subsidies: Companies can offer their employees a low-cost lunch not only with their own canteen. With digitalization, there are ways to use apps to scan meal vouchers so that employees can save up to 50%.
  4. Care allowance¹: The employer supports its employees in caring for children or relatives in need of care. This takes the pressure off employees and improves their work-life balance. You can find an interview with a start-up that specializes in exactly this here.
  5. Professional development: This may include the opportunity to attend conferences, courses or other training opportunities.
  6. Flexible working arrangements: This can include options such as teleworking, flexible working hours or job sharing.
  7. Employee assistance programs: These can provide employees with access to counseling services, financial advice or legal assistance.
  8. Bonus or profit sharing: Some companies offer bonuses or profit-sharing schemes, which are additional payments or shares in the company’s profits for employees.
  9. Childcare facilities: Some companies offer their employees childcare facilities in or near the company.
  10. Wellness programs: Some companies offer wellness programs such as gym memberships, healthy snacks or stress management classes.

Exceptional operational performance

Here are some examples of exceptional social benefits that some companies offer:

  • Unlimited vacation: Some companies offer their employees unlimited vacation, giving them the freedom to take time off as needed.
  • Parental leave: Some companies offer generous parental leave arrangements, including extended paid leave for new parents.
  • Telecommuting: Some companies offer their employees the opportunity to work full-time from home or create a hybrid work schedule.
  • Flexible working hours: Some companies offer flexible work schedules that allow employees to work outside of the traditional 9-5 workday.
  • Share options: Some companies offer their employees the opportunity to purchase shares in the company at a discounted price, which can represent a significant financial advantage.
  • Pet-friendly offices: Some companies offer pet-friendly offices where employees can bring their pets to work.
  • Free meals or snacks: Some companies offer free meals or snacks in the office, which can save employees money and make their working day more enjoyable.
  • Professional mentoring: Some companies offer mentoring programs where employees can work with experienced professionals in their field.
  • Training budget: Some companies provide their employees with a budget that they can use to further their professional development, e.g. by attending conferences or courses.
  • Time off for voluntary work: Some companies offer their employees paid time off for voluntary work.

Advantages of corporate benefits

Company social benefits can offer both employees and employers a range of advantages. Some of the advantages of company social benefits are

  1. Improved morale and job satisfaction: Employee benefits can help employees feel valued and recognized, which can lead to higher job satisfaction and a more positive work environment.
  2. Better employee retention: Employee benefits can be used as a recruitment and retention tool, helping employers to attract and retain the best talent.
  3. Better physical and mental health: Health insurance and wellness programs can help employees stay healthy and manage stress, which can lead to higher productivity and fewer sick days.
  4. Financial security: Pension plans and other financial benefits can help employees plan for their future and feel more financially secure.
  5. Increased flexibility: Flexible work schedules and paid vacation days can help employees better balance their work and personal lives, which can lead to higher productivity and job satisfaction.
  6. Career development opportunities: Career development opportunities can help employees to progress in their careers and improve their earning potential.
  7. Cost savings: Some company benefits can help employees save money, e.g. travel allowances, parking fees or health accounts.
  8. Legal advice: Some company benefits offer employees access to legal advice, which can be very helpful in the event of personal legal problems.
  9. Childcare support: Childcare services can help employees to achieve a work-life balance and increase their productivity.

Overall, employee benefits can be a valuable addition to an employee’s compensation package and can help attract and retain top talent. Employers can benefit from the positive impact of employee benefits on employee satisfaction, retention and productivity.

Benefits of exceptional or unique company performance

By offering exceptional or unique operational services, a company can set itself apart from its competitors in a number of ways:

  • Attracting top talent: By offering exceptional or unique benefits, a company can set itself apart from its competitors and increase its attractiveness to potential employees. This can help the company attract top talent and build a strong workforce.
  • Better employee retention: Offering unique and valuable benefits can help increase employee satisfaction and loyalty, which in turn can reduce turnover rates and improve employee retention.
  • Improving company culture: Offering unique benefits can also help create a positive company culture, which can be important for employee engagement and productivity.
  • Improving brand reputation: By offering exceptional or unique benefits, a company can improve its reputation as an employer of choice, which can lead to positive word of mouth and attract more customers.
  • Cost-effectiveness: Some exceptional benefits can be cost-effective for the company, e.g. teleworking, flexible working hours and some forms of professional development that can be delivered online, saving on office space and other expenses.
  • Compliance with legal or social standards: Some exceptional benefits can help the company comply with legal or social standards, such as parental leave, diversity and inclusion policies or environmental sustainability.

Overall, offering exceptional or unique company benefits can help a company stand out from its competitors and create a competitive advantage in the labor market. It can also help build a positive reputation, attract top talent and improve employee retention, engagement and productivity.

Conclusion

In summary, company benefits can play an important role in creating a positive work environment and improving overall employee job satisfaction. From health insurance and pensions to flexible working arrangements and career development opportunities, these benefits can make a big difference to employees’ overall wellbeing and financial security. Employers who invest in a comprehensive benefits package can also benefit from higher employee retention and productivity. If you’re an employer looking to attract and retain the best talent, or an employee looking for better benefits, it’s important to know the different types of employee benefits and understand how they can benefit you. We hope this article has helped you learn more about the importance of employee benefits and the many ways they can improve the lives of employees.

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