In today’s competitive market, it is not enough for businesses to offer competitive salaries to attract and retain top talent. Employees are looking for more than just a paycheck – they want to work for companies providing comprehensive employee benefits packages. Let’s take a look at David’s business.
David runs a successful startup and has a close-knit team of employees who work hard and are dedicated to the company’s success. However, David observed that a few of his staff were constantly stressed, which caused a drop in their productivity as work was not moving at the pace it used to. At this point, David knew he needed to do more to support his employees, so he looked into employee benefits and discovered that many options could help his team. Are you, like David looking into employee benefits options for your employees? I have the best recommendation for you. Keep reading.
According to teamstage, 58% of companies offer health benefits, making it the most common of all perks; 83% of companies are looking to increase their wellness benefits in the future, and 13% more have invested in benefit plans over the last 5 years, 49% of employees have will leave their job in the next 12 months over a lack of benefits and 51% of employees say benefits will play a significant role in talent retention.
These statistics affirm the need for comprehensive employee benefits in the workplace.
What are employee benefits?
Employee benefits refer to any additional perks or forms of compensation given to employees in addition to their wages or salary.
Some examples of employee benefits business owners can provide to their employees are;
1. Health Insurance
Health insurance is a legal requirement and a critical component of an employee benefits package. It helps employees manage the cost of healthcare and provides peace of mind for those worried about unexpected health issues.
2. Paid time off
Providing paid time off, such as vacation, personal, and sick days, is essential for employees to take time off when needed. This not only helps employees recharge but helps reduces stress and burnout.
3. Wellness programs
By providing wellness programs for your employees, you can support your employees’ overall health and well-being. Examples include health screenings and fitness programs.
4. Parental leave
This is a type of employee benefit that provides time off from work for new parents following the birth, adoption, or foster care placement of a child, and this can be delivered to both mothers and fathers to bond with a new child, adjust to new family dynamics, and manage the demands of parenting.
5. On-demand pay
An on-demand payroll system ensures timely payment for employees, allowing them to receive their wages as soon as they are earned.
Importance of including an on-demand pay option to your employees’ benefits
Traditional payroll systems often pay employees on a set schedule, such as biweekly or monthly; however, this can be challenging for employees who may need access to their earnings, especially when there’s an urgent need for it but with the on-demand pay solution, employees can access their earned salaries, rather than waiting for the next scheduled payday.
Importance of using the on-demand pay solution as an employer
This solution can help reduce the administrative burden on you as an employer, and this is because, with a traditional pay system where there is a 28-day wait cycle, you may need to field requests from employees for advances or off-cycle payments, which can be time-consuming and create additional paperwork but with on-demand pay, employees can access their earnings without needing to request special attention from their employers, and this will save so much time, reduce errors, improve efficiency and reduce costs.
How does Earnipay’s on-demand pay work?
Employees who work their scheduled hours and earn salaries can have their earnings automatically calculated and request payment on the Earnipay mobile app, web app, or USSD, typically via direct deposit, allowing the employee to access their earnings immediately.
What role does Earnipay have to play in Employee benefits?
As a provider of on-demand pay solutions, Earnipay plays a significant role in providing employee benefits in the workplace, and here are a few ways we could do that:
- By providing a safety net for expenses and urgent payments, Earnipay ensures financial security.
- Our flexible pay feature allows users to seize investment opportunities without resorting to unnecessary borrowing or becoming vulnerable to predatory payday lenders.
- With Earnipay, your employees can conveniently access their earned salaries through the web, mobile apps, or our USSD code.
The best thing for you as an employer is that the Earnipay on-demand pay solution comes at zero cost to your business – it’s completely free. However, employees pay a flat fee to access their earned salary. There are no hidden costs or registration fees to worry about
To learn more about how to provide this fantastic workplace benefit to your team, book a demo here.