James has been working for Lev IT, LIT for short, for about 7 years now; during his time at the company, he has received four salary increases and has been promoted twice. He has enjoyed his work, but he feels stressed. Aside from public holidays and Christmas breaks, he has not had any leave or time off since he joined the company, and the two times he fell ill, he had to turn in a written reason for his absence alongside a copy of his doctor’s report. He out-earns people in his line of work and at his skill level.
Does this sound toxic to you? The truth is that many workers go through similar conditions and are pretty satisfied as long as they are getting paid well enough. While money is a good example of employee benefits, there are many types of employee benefit options aside from salary increments.
There are many things to consider when examining employee benefits, but while examining employee benefits might be a broad endeavor, we will look at some types/examples that you can set in motion to keep your employees motivated, engaged, and fulfilled.
Five types of benefits for your employees.
There are many types of employee benefits that a company can provide for employees, but today, we’ll look at 5 benefit types or examples your company can immediately implement to boost your working environment and provide better incentives for your employees.
Overtime Compensation
The first example we’ll look at is overtime compensation. As the name implies, it refers to compensating employees for work over time. Before employees can enjoy this compensation, they should be aware of their working hours. Employers should define working hours and provide a framework for tracking employees’ work time. This ties into the work schedule arrangement you have with your employees. If you have a fixed schedule arrangement, you should provide financial remuneration when employees work beyond their allotted time.
This benefit keeps employees motivated and can help employers get more work done quickly. The rules can vary on how much you ought to pay, but having a company-wide standard will remove the guesswork from this. Overtime compensation falls under the financial type of benefits and, in many cases, is a very common benefit option in various work environments across the globe, including Nigeria.
Maternity Leave
Let’s move away from money for a moment and look at a benefit type that fits a certain class of people. Being a mother is one of the most beautiful experiences women go through in their lives. It can be both beautiful and extremely painful. You definitely do not want your employee thinking of you negatively as she brings a new life into the world. It goes without saying that every company ought to have written policies that make room for maternity leave for their female employees.
In Nigeria, maternity leave should last at least twelve weeks, six weeks before and six weeks after birth, as section 54 of the Labour Act provides. It can extend beyond this period, depending on individual policies. The worker must get at least half of their pay while they are on maternity leave. So, even though it’s not a fully paid leave, each company can decide what works best for them, as long as they don’t go below what’s required.
Paid training and skill developmental funds.
Every employee wants to know that their company is interested in their development, and every employer needs competent employees. Providing paid training opportunities, skill development funds, and other skill-upgrading seminars and events is a great way to align employee and employer interests.
This type of benefit is often seen as an expense for companies, but it can make workers more loyal. A LinkedIn report shows that 94% of employees prefer staying at companies where their growth is prioritized through training and paid resources. According to SurveyMonkey research, it also boosts employee productivity, as 59% of employees stated that company training helped improve their overall job performance. It also gives your business a good name. Any company invested in caring for their employees’ growth will have a great brand attracting top talents and potential.
Health Insurance
If James had a functioning health insurance plan, he might not have had to spend so much on medical bills when he fell sick. Health insurance is an employee benefit often ignored by many traditional business organizations and employers. Many companies in the tech space are beginning to include this perk by partnering with health facilities and insurance companies. Many state and federal workers also have a health insurance scheme that covers basic health challenges.
Companies and organizations that provide this benefit show that they care about the health of their employees. It is also a vital benefit when considering current economic realities.
Mental Health Coverage
According to the World Health Organization, more than a trillion dollars is lost in the workplace every year as a result of depression and anxiety. The mental health of your employees is a big deal and should be treated as such. The first step is essentially creating a safe space for your workers to ensure open communication. From then on, you can fund mental health insurance plans for your employees, hire an in-house mental health expert, provide employee resource groups for mental health, and more. This benefit aims to ensure your employees are well-rounded, and their tasks are not taking a toll on their general well-being.
Conclusion: Prioritize Employee Benefits for Long-Term Success
Employee benefits go beyond financial compensation. While a competitive salary is important, it’s clear that the real key to fostering a motivated, engaged, and loyal workforce lies in the thoughtful implementation of a range of benefits. As we’ve seen, overtime compensation, maternity leave, paid training, health insurance, and mental health coverage are powerful tools to help employees feel supported and valued. James’ experience is a reminder that while salary hikes and promotions may seem like enough, a comprehensive benefits package addressing well-being, growth, and work-life balance is essential for both productivity and retention.
HR professionals and business owners, the time to act is now. Evaluate your current benefits package. Is it offering more than just a paycheck? Does it address the needs of your workforce? Ensuring you have these benefits in place will not only boost morale but also improve your employer brand, attracting top talent.
For more tips on how to design and implement effective employee benefits packages, visit SalarioPay, where you can find more insights on HR, payroll trends, and how to optimize your workplace for success. Your employees deserve it—and your business will thank you for it!