In these challenging times employers play a pivotal role in supporting their employees by offering comprehensive packages that go beyond the salary. Providing a competitive salary is fundamental to any employee. However, it's equally crucial to offer a range of benefits that address various aspects of living expenses.
Let's delve into some effective solutions to alleviate the burden of the high cost of living through various employee package options.
Contributions to life or pension insurance
Employers who offer contributions to pension insurance help employees secure better financial stability in retirement. In Slovakia, contributions to pension insurance up to a certain amount are exempt from income tax. This means employees can take advantage of tax benefits that increase net income or reduce tax liability.
Transportation allowance
In urban areas where commuting costs are significant, employers can provide transportation allowances for employees commuting from distant locations. Collaborating with companies offering car-sharing services (e.g., Sharecar) or public bike-sharing systems (e.g., Rekola, Zelený Bicykel) can not only reduce employees' financial burden but also support eco-friendly commuting options, contributing to a sustainable corporate culture.
Premium healthcare
Even though we have a universal healthcare system, investing in employee health is crucial for the long-term prosperity of companies. Implementing this benefit leads to overall increased employee satisfaction and productivity while reducing illness and absenteeism. Companies can offer employees premium healthcare benefits, allowing them to consult specialists or schedule necessary medical examinations easily (e.g., pentahospitals.sk, ulekara.sk).
Mental health and employee wellbeing
Initiatives to support mental and psychological health contribute to employees' overall well-being. At Cpl, employees have year-round access to free psychological consultations. This benefit was introduced during the Covid-19 pandemic and remains very popular among employees. By prioritizing employee health, companies not only create a positive work environment but also improve productivity.
Additional paid time off
The opportunity for additional paid time off provides employees with necessary rest and valuable time with their families. This can be particularly useful for parents with young children during summer holidays when schools are closed. Increasingly, companies are also offering additional days off for years of service, volunteer activities, sick days, or a day off for birthdays—benefits that are particularly popular among employees at Cpl.
Workation
Workation is certainly a modern trend. It is a creative form of work that combines remote work with the opportunity to travel and relax. Employees can work from anywhere in the world, combining their professional duties with exploring new places and cultures. Employers can offer workation as an additional benefit to enhance employee satisfaction and engagement. This benefit can include financial contributions to accommodation, travel expenses, or additional vacation days to be used during the work trip. Such initiatives not only motivate employees but can also contribute to improved efficiency and creativity at work.
Leisure benefits
Tickets to cultural and sporting events, shopping vouchers, wellness programs, and other discounts on leisure activities offer employees additional advantages beyond their salary. These benefits not only help employees save on everyday expenses but also improve their quality of life outside of work.
Workplace meal support
Supporting employee meals is a traditional benefit that is very popular and in demand. Most companies offer meal vouchers, but there are other options in this area. For instance, occasionally providing a communal breakfast at work can help team bonding while saving employees valuable time during the morning rush, especially for those who have to drop off children at school. Employers can also supply fresh fruit and vegetables a few times a week to support a healthy lifestyle. Additionally, food delivery services to companies, which are increasingly offered by various organizations, can be utilized.
Support for education and career development
Investing in your employees by enabling them to obtain further education increases their qualifications and value to the company while also improving their career prospects. As part of this benefit, you can offer your employees training, courses, and contributions to further education, allowing them to grow and develop professionally.
Financial literacy programs
Helping employees better manage their finances can also be very beneficial. Offering financial literacy courses, counseling, or access to financial tools and applications can help employees manage their expenses and savings more effectively.
By creating benefits packages that include competitive rewards, various perks, and support programs, employers can effectively alleviate the financial burden on their employees. Investing in employees' well-being and health not only boosts organizational performance but also strengthens corporate culture, trust, loyalty, and the achievement of mutual goals.
How to ensure you offer benefits that employees really want?
Continuously assess employees' needs and preferences regarding benefits.
Monitor labor market trends and adapt your benefits to current needs.
Focus on a balanced combination of traditional and modern benefits that appeal to a wide range of employees.
Don’t forget an individual approach. Every employee has different preferences. By responding flexibly to individual needs and expectations regarding benefits, you strengthen corporate culture and engagement.