What is the best employee benefit?

Employee benefits are playing a crucial role in the attraction, retention and motivation of employees. The workforce of today expects more than just a steady paycheck; employees are looking for benefits that support their financial stability, work/life balance and professional development.

Businesses that are offering a well-rounded and comprehensive benefits package are witnessing reduced attrition rates, increased employee productivity and a more engaged workforce. The best effective benefit offerings you have in your arsenal will be the ones that address the key challenges that employees face on a daily basis; financial security/wellbeing, professional growth, physical/mental wellness and, interestingly, the impact of commuting.

Are commuter benefits a game changer for employee satisfaction?

Long, expensive and stressful commutes run the risk of negatively impacting your employees productivity, well-being and overall morale. In fact, studies have shown that commuting stress can be one of the leading contributors of job dissatisfaction. Businesses that recognise this as a problem are investing in commuter benefits or “transport as a benefit” to better support reduced stress, improved punctuality and enhanced retention.

So what kind of commuter benefits are up for grabs?

Employer sponsored corporate shuttles are providing a reliable, cost-effective transportation service for employees, particularly those working in areas with limited public transit connectivity. Fully managed services, like those provided by Zeelo, help employees save time, reduce travel expenses and remove the stress associated with an unreliable or unpredictable commute. 

Public transit subsidies allow businesses to cover (or partially reimburse) the cost of a bus, train or metro pass. Transit subsidies can promote social equity; creating equal opportunities for cost-effective and reliable transport can make employment opportunities more accessible. Employers, in some areas, can also receive tax advantages for providing transit subsidies.

Carpooling, or ride-sharing incentives promote an eco-friendly and community-focused alternative by reducing traffic congestion and lowering individual commuting expenses. Employers can support this by offering designated carpool matching services or financial incentives, making it easier for colleagues to coordinate shared rides and collectively reduce their environmental footprint.

Cycle-to-work schemes encourage employees to commute to work via bike; with employers offering purchase discounts on equipment, alongside secure storage and changing facilities. From an environmental standpoint, this is one of the greener ways to get to and from work, with huge gains in carbon reduction made from transitioning from car to bike usage. 

Parking assistance can support one of the most stressful parts of a daily commute; the cost and logistics of parking itself. While free or subsidized parking for employees who drive to work can reduce out of pocket expenses, the ever increasing cost of building and maintaining parking infrastructure makes it a costly endeavour whichever way you look at it. In the US, the average cost to produce a single parking space is $27,900 - now imagine what it would cost to ensure every employee had a space. By capping the total number of spaces required, companies can target parking assistance to employees who have no other option than to drive, ensuring that the solution remains both financially sustainable and effective for those who need it most.

Commuter benefits, or leveraging transport as a benefit, is a win-win for employees and employers alike. Employees save time and money, in addition to experiencing a less stressful daily commute. In return, employers benefit from reduced absenteeism, increased productivity and a retained (and happier) workforce.

Can financial benefits provide security and stability for employees?

Financial stability is one of the most pressing concerns for employees, with financial benefits often the most sought after of perks in the workplace. Businesses providing financial incentives support employees looking to plan for the future and reduce the stresses of money management.

Company equity & stock options foster loyalty, engagement and long-term commitment by providing employees with a financial stake in the business.

Retirement plans, like an employer matched 401(k) can provide a strong foundation of financial security, allowing employees to plan for their future without undue stress.

Employee discounts help employees save money on everyday expenses, such as groceries, utilities, and leisure activities, thereby stretching their income further and reducing financial stress. For employers, compared to salary increases, discount programs offer significant value to employees at a relatively low cost to the employer.

The provision of a robust package of financial benefits not only alleviates daily monetary pressures for your employees but also lays the groundwork for long-term security and stability. By offering options like equity programs, retirement plans, and everyday discounts, employers can help employees feel valued and empowered to plan confidently for the future, turning financial support into a cornerstone of workplace well-being.

How can I invest in my employees' wellbeing?

It should really go without saying that a healthy workforce is a productive workforce. And that doesn’t just mean physical wellbeing - it’s important to consider mental wellness and its impact on job satisfaction and long-term retention.

Consider perks like comprehensive health insurance, critical illness cover and wellness programs as valuable tools to ensure the physical, emotional, mental and financial wellbeing of your employees. Access to on site fitness facilities, meditation apps, and self care workshops are another way that you can show your employees you care about their wellness. 

When employees feel genuinely supported in every aspect of their wellbeing, they’re empowered to bring their best selves to work every day.

Are professional development benefits an investment in career growth?

Providing continuous opportunities for learning, development and career advancement demonstrates an incalculable commitment to long term employee success. The provision of L&D benefits, alongside personal development plans will not only help your team develop new skillsets (bringing further value to the business, I might add), but also increase employee engagement, retention and productivity. What can this look like?

Training and development programs/budgets - offering mentorships, upskilling opportunities and development workshops ensure that your employees have the tools and resources they need to thrive within their roles and stay ahead in their careers. 

Tuition/training reimbursement - supporting further education by covering part of or all of the costs associated with a course or program of study, and encouraging employees to grow within the business, without shouldering the financial burden of study alongside the pressures of work.

By investing in professional development benefits, companies not only equip their employees with the skills they need to advance but also foster a culture of continuous growth that directly benefits the organization. In this way, professional development is a clear investment in career growth, creating a win-win scenario for both the workforce and the business.

Why are leading businesses prioritizing a strong EVP?

Industry leading businesses like Google, Amazon, JLR and Microsoft are investing heavily in their employees; understanding the importance of employee satisfaction and its impact on engagement, productivity and (ultimately) profitability. Businesses that focus on meaningful and tangible benefits like commuting assistance, financial security, or work life balance, will be the ones creating a workplace where employees feel supported and valued.

By designing an EVP that prioritizes the needs of your employees, you will find attracting top talent, reducing turnover and fostering a thriving work culture to be easily within your reach.

Investing in the right benefits is not only good for your employees, it’s just good business! Are you offering the right benefits? Are you taking the time to address the real needs of your employees? You can be sure that your competitors are taking the time to think about, so why aren’t you?
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We understand that commuting can be incredibly stressful for employees, which is why at Zeelo, we approach challenges with a goals-oriented perspective. In addition to easing the unpredictability of daily commuting, our fully managed corporate shuttle services are designed to enhance the overall financial well-being, work and life balance, as well as professional growth of employees. As a result, commuters arrive to work more energized which in turn reinforces the company's commitment to the well-being of its employees.