25 Types Of Employee Benefits To Consider In 2024

When you choose the employee benefits you offer your company in 2023, you’ll want to consider monetary benefits, psychological benefits, lifestyle benefits, and medical benefits. Especially with what young employees are expecting now, you’ll need to draw them in by treating them well.

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If you’re a new business or if you’re simply reevaluating your benefits package, you won’t want to miss these 25 types of employee benefits Pacific Prime has pulled together. Our list draws from our experience helping companies craft their employee benefits packages all around the world.

Our state-of-the-art employee benefits solutions are sure to help you shape a plan that meets your needs and the needs of your employees, and if you ever have any questions, we invite you to learn more about our employee benefits consulting services so we can partner with you.

In this article, you’ll learn about 25 different benefits worth offering your employees, and by the end, you might be interested in learning some more tips and strategies for choosing your employee benefits.

25 Employee Benefits For Your Business In 2023

Your business needs these 25 employee benefits in 2023. Our list ranges from living stipends, mental health education, and gym passes to healthy eating initiatives, international health coverage, and vision insurance. Considering financial, mental, work-life balance, and health benefits is crucial.

Women Discussing Employee Benefits

We also include quite a few non-monetary benefits and employee benefits for small businesses.

The next several sections will introduce each benefit and how it might provide value to your employees.

Monetary Benefits

A few monetary benefits companies may choose to offer in their employee benefits package include pension retirement plans, company equity, living stipends, and student loan repayment. These can be particularly incentivizing because it removes another load of the financial burden off the employee.

1. Pension Retirement Plans

A pension retirement plan guarantees a retirement income or a deferral of income to the employee after they have ended employment with the employer and/or their organization. This is usually funded by the employer.

2. Company Equity

Sometimes employers offer their employees company equity, or a share in the company’s ownership. This could come in the form of restricted stock or performance shares. This can foster loyalty and commitment in the employees to the company.

3. Living Stipends

Employees can get living stipends in the form of one-time, monthly, or annual stipends for expenses like moving fees, home office supplies, utility coverage, and rent.

4. Student Loan Repayment

An employer can offer to pay back an employee’s student loans. This can be done by trading in PTO or vacation time, the employer matching the employee’s contributions, signing bonuses, or recurring payments, to name a few.

Psychological Benefits

Employers crafting employee benefits will want to consider offering these psychological benefits: mental health coverage, psychologist network benefits, mental health education, mental health wellness programs, and an Employee Assistance Program.

Collaborative Creatives Discussing Benefits

1. Mental Health Coverage

As mental health becomes a prevalent topic in society, it is wise to offer mental health coverage as an employee benefit. This could cover behavioral health treatment like psychotherapy and counseling, inpatient services, and substance abuse treatment.

2. Psychologist Network

Offering access to a network of psychologists can make it easier for your employees to get treatment.

3. Mental Health Education

Educating your employees on mental health care and strategies brings greater unity and success to your workplace. This could look like scheduling small breaks, encouraging lunch away from work, having meetings while walking, and holding mental health training sessions.

4. Wellness Programs

When creating a Wellness Program, whether geared to mental or general health, you’ll want to be aware of what employees want from Wellness Programs. Some initiatives you may include could encourage healthy eating, regular exercise, or consistent medical checkups.

5. Employee Assistance Program

An Employee Assistance Program (EAP) offers support to help employees cope with personal and work-related concerns that may hinder their health and well-being. A few services an EAP may offer includes a 24/7 counseling hotline, therapeutic counseling, or critical incident services.

Lifestyle Benefits

A few lifestyle benefits worth including in your employee benefits are flexible working arrangements, gym passes, childcare, domestic helper coverage, healthy eating initiatives, preventative health, life insurance, an annual leave policy, a temporary switch to part-time, and disability benefits.

Coffee Shop Pals Discussing Work Perks

1. Flexible Working Arrangements

This could include one work-from-home day a week, flexible working hours, the option to work remotely either part-time or full-time, the option to have a standing desk in the office, and many more.

2. Gym Passes or Exercise Classes

It’s becoming more popular to pay for a gym membership for your employees. Not only does this take that financial burden off of them, but it encourages them to exercise more which will improve their quality of life, retroactively improving their quality of work.

3. Childcare Support

You can offer childcare support by offering subsidized daycare, partnering with certain daycare facilities to get a company deal, or running your own daycare within your workplace.

4. Domestic Helper Coverage

A domestic helper is someone who works in your home and helps with cooking, cleaning, and childcare. Domestic helper coverage is when an employer offers health insurance, liability coverage, accident insurance, and compensation insurance, as a few examples, for the domestic helper of their employee.

5. Healthy Eating Initiatives

A healthy eating initiative could teach about food resources and nutrition, offer healthy foods around the workplace, provide incentives for meeting nutritional goals, or include the employee’s families in nutritional campaigns.

6. Preventative Health

To provide preventative healthcare to your employees, you can make preventative services easier to access, such as being flexible around doctor appointments and providing recommendations for valued physicians in the area. You can also help reduce healthcare costs.

7. Life Insurance

Offering life insurance as a benefit can provide security and confidence to your employees and their dependents, which can increase their productivity in the workplace.

8. Annual Leave Policy

An annual leave policy can grant employees benefits like paid time off, sabbatical leave, parental paid time off, paid family sick time, extended bereavement leave, marriage leave, volunteer day off, and unlimited annual leave.

9. Temporary Switch to Part Time

This family friendly policy can give employees the option to still work in the same position but switch to part-time for a defined period of time, such as for mothers who have recently given birth and are transitioning back to work.

10. Disability Benefits

Disability insurance will provide partial income for an employee if they were to contract a serious illness or disability, making them unable to continue working. This benefit can grant employees peace of mind in the event of their losing the ability to continue in their position.

Medical Benefits

Employers reworking their employee benefits will want to take special care with which medical benefits they offer their employees. A few ideas worth considering are health insurance, maternity insurance, dental and vision insurance, family coverage, and international coverage.

Team Discussing 2023 Employee Benefits

1. Health Insurance (Inpatient and Outpatient)

Health insurance for employees is very important. You’ll want to consider offering customizable plans to each employee’s needs. You may include inpatient and outpatient care, pre-existing conditions coverage, and insurance for a variety of significant accidents and illnesses.

2. Maternity Insurance

A great way to support your female employees is to offer maternity and fertility coverage. That way, in the event they choose to have a child, you show that you still value their work and contributions and will support them through their pregnancy and recovery the entire time.

3. Dental Insurance

You can offer dental insurance for your employees’ routine exams, cleanings, x-rays, and basic procedures such as root canals, cavity fillings, and surgeries.

4. Vision Insurance

Vision insurance can cover services like routine eye exams, glasses, ocular procedures, and contacts.

5. Family Coverage

It’s important to offer health coverage not only for your employee but for their entire family. This can be a big draw if they are choosing between your position and a comparable one at a different company that doesn’t offer family coverage.

6. International and Regional Coverage

If your employees frequently travel internationally for your company, it is a great idea to offer international and regional coverage so their healthcare can be insured no matter where they are on the globe.

Corporate Consulting with Pacific Prime

Pacific Prime offers corporate consulting for employee benefits, group life and disability insurance, corporate insurance, and a benefits administration portal. If you have any questions about these, or wellness programs and packages, visit Pacific Prime’s website today!

Men Discussing 2023 Employee Benefits

Here are a few of our corporate insurance solutions:

Property insurance
Worker’s compensation and employer’s liability insurance
Director and officers’ liability insurance
Group travel and accident insurance
Public liability insurance
Business interruption insurance
Professional indemnity insurance
Cyber insurance
Erection/construction insurance
Machinery breakdown insurance

We also encourage you to read our article about employee benefits consulting to learn more for yourself about the best way to create your employee benefits plan.

Frequently Asked Questions

What are the main types of employee benefits?

Employee benefits can be broken down into several times: monetary benefits, psychological benefits, lifestyle benefits, and medical benefits.

What is employee benefits consulting?

Employee benefits consulting is when a consultant investigates the needs, requirements, and goals of your company to offer advice about the best group insurance plans and employee benefits for your business.

What makes a good employee benefits consultant?

A strong employee benefits consultant has market intelligence, industry knowledge, familiarity with risk assessment, claims analysis, good legality, and knows how to design a plan for the specific needs of your company.

What are the most important employee benefits in 2023?

In 2023, the most important employee benefits should be what your specific employees want and need, thus making any list subjective. That being said, some of the most popular include health, dental, and vision insurance, gym passes, health initiatives, and flexible working arrangements.

Conclusion

We’ve now looked at 25 types of employee benefits you should consider adding to your benefits package. We also have more great tips about which employee benefits small businesses should include in their plans for you to read.

If you want an even more in-depth guide, download a free copy of our Structuring an Employee Benefits Plan PDF.

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Jantra Jacobs

Senior Copywriter at Pacific Prime

Jantra Jacobs is a Senior Copywriter at Pacific Prime with over 10 years of writing and editing experience. She writes and edits a diverse variety of online and offline copy, including sales and marketing materials ranging from articles and advertising copy to reports, guides, RFPs, and more.

Jantra curates and reports on the results of Pacific Prime’s monthly newsletters, as well as manages Pacific Prime’s Deputy Global CEO’s LinkedIn posts. Complemented by her background in business writing, Jantra’s passion for health, insurance, and employee benefits helps her create engaging content - no matter how complex the subject is.

Growing up as a third-culture kid has given her a multicultural perspective that helps her relate to expats and their families while 8 years of working remotely have given her unique insight into hybrid work arrangements and enthusiasm for employee benefits.