Best employee benefits your company should offer in 2024

When you send a job offer to a potential new hire, they’re looking for more than a good salary. Although a generous paycheck might capture their attention, job seekers fielding multiple offers and independent contractors deciding to go full-time are ultimately swayed by extraordinary benefits. 

A well-crafted employee benefits package does more than attract top talent. It supports your existing team, improving employee engagement, loyalty, and retention.

An outstanding benefits package goes beyond two weeks’ vacation time. Today’s workforce wants to dedicate their time and expertise to companies that promote strong work-life balance and make them feel like valuable team members. 

The best employee benefits give a company a competitive edge in the job market. So, what benefits do employees value the most? Hint: It’s not a free lunch and ping-pong table. 

What are employee benefits, and why are they important?

Employee benefits are part of the compensation employers provide to their employees within a total rewards package. They can be indirect perks (like wellness programs), non-cash benefits (such as health insurance), or cash incentives (like year-end bonuses) that supplement regular annual salary or wages.

Top-tier company benefits come with steep costs, but their impact extends beyond happy employees. A competitive benefits package boosts a company’s reputation, making it more attractive to skilled workers and aiding in retention. It also reflects a healthy company culture that prioritizes the professional development and well-being of all types of employees. Fulfilled, engaged employees tend to be more productive and collaborative with their teams, improving overall productivity.

All those good vibes pay off for the organization. Low turnover rates allow businesses to budget for growth rather than continually recruiting, hiring, and onboarding new staff. 

12 best employee benefits to offer 

From unlimited PTO to remote work setups, these are the best employee perks to keep your workforce excited and engaged:

Top monetary benefits for employees

Every employee likes a little extra cash in their pockets. Bonuses, stipends, and other cash benefits offer tangible and immediate financial incentives that drive productivity. 

1. Equity

Equity incentive plans offer employees shares of their company, typically through stock options, bonds, or warrants. This can be an attractive addition to compensation packages for start-ups or small companies that can’t afford large salaries. By offering equity, companies can save cash while attracting top talent, as shares often appreciate over time.

In addition, equity perks align employees’ interests with the company’s long-term success, fostering a shared commitment to organizational goals. 

2. Bonuses

Bonuses are additional compensation awarded to employees based on individual, team, or company performance metrics. They recognize and reward exceptional contributions. Bonuses benefit companies who want to motivate their workforce without permanently raising base salaries. By tying monetary perks to specific achievements, bonuses incentivize employees to strive for productivity, efficiency, and teamwork. 

3. Work-from-home stipends

Remote and hybrid work arrangements require financial investment from employees, including ergonomic furniture, high-speed internet, and productivity software. Work-from-home stipends or reimbursements are allowances that support workers in setting up productive home offices. Beyond lightening a worker’s financial burden, stipends show you care about their efficiency and comfort.

Similar stipends exist to benefit your in-office workers. Commuter benefits (including stipends for transit passes, ride-sharing, and parking fees) are a small gesture that makes your workforce feel supported. 

Most important wellness programs and health benefits

Employees are more than numbers on a payroll sheet. They have lives outside of work that require careful attention to their health, well-being, and work-life balance. Employer-sponsored benefits can encourage healthy habits outside of the office.

4. Health insurance

The United States requires businesses with 50 or more full-time employees to offer employer-sponsored health insurance. However, companies that fall outside of those parameters can still do so.

Workers have peace of mind when they don’t need to worry about covering medical expenses. A comprehensive health insurance plan shows you care about your employees, and research indicates they will perform better and stronger because of it.

5. Wellness support

Workers frequently experience burnout due to the demands of their jobs and other life stresses. Job seekers increasingly gravitate toward employers who offer support and care. Benefits like wellness coaching, employee assistance programs, and gym memberships help employees develop healthy habits and tools to manage workplace pressure. Consider offering paid time off or flexible work schedules so your team can recharge and handle mental health concerns.

6. Health savings account & flexible spending account

Employees enrolled in high-deductible health plans can benefit from Health Savings Accounts (HSA) or Flexible Spending Accounts (FSA). These accounts provide tax advantages for money saved specifically for qualified medical expenses. Funds roll over annually and grow tax-free, promoting financial planning and peace of mind for future medical needs.

Best career development benefits

Employees who enjoy access to professional development tools will feel more motivated to engage with their work and set long-term goals. From mentorships to retreats, there are numerous ways to put your workers on the path to success.

7. Learning and development

Nobody wants to feel stuck in their routine. Employees value opportunities to learn new skills and fine-tune old ones. Mentorships, stipends for conferences, or flexible work schedules to pursue continued education are just a few ways to invest in your workforce’s present and future. You’ll also benefit from engaged, increasingly skilled workers.

8. Company-wide meetups and retreats

Your team wants to feel like their work is meaningful. Company-wide retreats and meetups connect workers and instill a sense of belonging. They offer hybrid or remote teams a valuable opportunity to bridge distances and build solidarity.

9. Employee growth plan

An employee growth plan details current skills alongside short-term and long-term professional goals. It helps team members with self-assessment while enabling employers to cultivate talent.

Team members and HR can collaborate to develop plans, gaining insights into employees’ aspirations for acquiring new skills and tackling fresh challenges. The approach empowers the workforce to strive for personal growth. Similarly, long-term financial planning, like building retirement savings plans, ensures financial security and reinforces your investment in employees’ well-being. 

Key personal and family care benefits

Work is just a small part of your colleagues’ lives. Quality time with family, friends, and hobbies is essential for their well-being and life satisfaction. 

10. Flexible work hours

The traditional 9-to-5 work schedule isn’t written in stone. If workers don’t need to collaborate simultaneously, try an asynchronous work model that includes centralized hours when everyone can work together.

Flexible work schedules give workers more autonomy and the ability to manage their personal and professional lives according to their unique needs. These kinds of flexible schedule changes have been shown to increase worker satisfaction by up to 62%.

11. Flexible leave

Flexible time off (FTO) is a paid time off policy that gives employees unlimited leave. Workers don’t need to accrue or earn this time off. They can use it for holidays, leaves of absence, sick days, or even to attend jury duty. Flexible time off is an attractive employee benefit, but organizations need to have strict FTO approval policies to ensure the policy isn’t abused and avoid staffing shortages.

12. Parental leave

Paid parental leave allows new moms and dads to bond with their little ones. This can be a big plus in an employee benefits package for growing families who are stressed about juggling work and childcare.

Today, workers and companies recognize that paternity leave is just as important as maternity leave. Organizations that uphold this new norm foster inclusivity and gender equality.

Offering unique employee benefits

You can leverage many more unique employee perks to create a more engaging work environment. Here are some of Oyster’s favorite unique employee benefits:

• Juno points: This service allocates Juno points to your team members, which they can save up and spend on pottery classes, gym memberships, massage sessions, and more.
• “Furternity” leave: Pet parents will appreciate the chance to stay home and snuggle with a new kitten or puppy.
• Monthly subscriptions: Many people use Audible, Netflix, and Spotify but don’t love paying for them. Why not cover the costs for them?
• Perkbox: With this program, you can send rewards to anyone, anywhere. Offer employees discounts and perks worldwide for everything from Uber to guided meditations.
• Home office equipment: If your team works from home, make sure they’re comfortable with home office goods, such as ergonomic chairs and keyboards.

If you’re still struggling to figure out benefits for employees, let Oyster help.

Master global employee benefits with Oyster

Different countries have different employee benefits requirements. Before you pull out your translation app, let Oyster’s benefits advisor break down country-specific statutes worldwide. Our handy tool will help you better understand statutory and competitive benefits so you can attract top talent in any region.

Oyster uses insights from local employers and experts to help create your global benefits strategy. Enroll your team directly through Oyster Total Rewards to maintain a centralized hub for budgeting, documentation, and benefits administration. Let Oyster handle the paperwork so you can focus on finding the best talent.

About Oyster‍

Oyster is a global employment platform designed to enable visionary HR leaders to find, engage, pay, manage, develop, and take care of a thriving distributed workforce. Oyster lets growing companies give valued international team members the experience they deserve, without the usual headaches and expense.

Oyster enables hiring anywhere in the world—with reliable, compliant payroll, and great local benefits and perks.