10 Nov Wellness Benefits
Offering wellness benefits can give you an edge as an employer and increase employee satisfaction.
Part of being a good business owner means taking initiative to ensure employee satisfaction and well-being. Offering competitive healthcare benefits is one way to do this, but implementing wellness benefits into your company can have a positive impact as well. Here are some methods to offer wellness benefits to your employees that you might consider discussing with your accountant or financial advisor.
Paid Time Off
Employees highly value paid time off (PTO). It’s important to offer your employees sick time, vacation time, and to give them select holidays off. Paid time off can be structured in an accrued or time-granted way. Keep in mind that vacation time or untitled PTO may need to be paid out upon termination in the state of Massachusetts, so it matters what you call it and that you track it.
Performance bonuses tied to measurable metrics can be a great incentive, and can be customized to the specific goals for each employee. Make sure that these are measurable. You have to be able to determine whether or not an employee has actually earned a bonus. Some ideas are:
- Have they helped increase company profits?
- Has their attendance at work been exemplary?
- Do they make minimal errors?
- Do they get great customer feedback?
- Is their work turned in on time regularly?
If you don’t have concrete evidence as to why or why not an employee deserves a bonus, then this could end up being more of a hassle than a good thing.
Providing continued training for employees can be a tax free benefit to them and a deduction for you. More importantly, it can be an investment in the growth of people on your team. It’s easier to help your team learn and grow than it is to find new talent. Seminars, online classes, subscriptions to industry publications, coaching, and degree program classes through a certificate program are all valuable to employees looking to expand their education and knowledge.
Certain wellness incentives can be valuable perks. You could start by offering your employees $50 a month to use toward an activity of their choice (yoga class, massage, gym membership, meditation app, etc). Or you might try buying your team a subscription to an app that encourages physical activity and healthy habits. Some apps offer discounted subscriptions to companies, and some are built specifically for businesses and their employees. Not everyone on your team would have to use a wellness incentive, but those who do could end up feeling happier in life and work.
Aflac offers vision, dental, disability, accident, life insurance, and cancer coverage premiums. These premiums are paid mostly pre-tax by the employee, with a few dollars from each paycheck. You can offer a variety of options without each of your employees having to participate, and employees pay the premiums.
Wellness benefits aren’t the same as health insurance, but they can improve the quality of life of your employees. A happy and healthy workplace is often higher-functioning, your employees will know they’re valued as whole people, and offering health benefits will make you stand out in the recruiting process. It’s a win-win!