Every Company Needs an Exceptional Employee Benefits Package to Attract Top Talent
Offering a comprehensive employee benefits package is one of the most important strategies for attracting and retaining high-quality employees in today's competitive job market.
In the following post, we cover the key benefits and perks that employers in New Zealand should consider as part of their overall compensation package.
What Exactly Are Employee Benefits?
Employee benefits refer to any form of non-wage compensation provided to employees in addition to their regular pay. These can include things like health insurance, life insurance, paid leave, retirement plans, discounts on products and services, and much more. 1Team offers an Employee Benefits Program, with access to over 50 exclusive discounts through the app, ensuring they receive maximum value and satisfaction.
Essentially, employee benefits are an important part of the total compensation package employers use to attract, motivate, and retain their workforce.
Why Are Employee Benefits So Important for Attracting and Retaining Employees?
In today's ultra-competitive job market, salary alone is often not enough for employers to attract and keep top talent. Employees, especially high-performers, are looking for total compensation packages that meet their unique needs and priorities. A robust employee benefits program shows employees that their employer values them and cares about their overall well-being, not just their job performance. This can significantly improve employee engagement, satisfaction, and retention rates.
Common Employee Benefits to Consider for Your Team
The most popular employee benefits that companies in New Zealand provide to their employees typically include:
Health insurance plans
Life insurance
Paid leave (holiday, sick, parental, bereavement)
Retirement plans (e.g. KiwiSaver employer contributions)
Health/Wellness programs (e.g. gym memberships, employee assistance programs)
Employers may also offer unique benefits like professional development opportunities, employee discounts, flexible work arrangements, and more.
How Can Benefits Help Improve Employee Retention?
High employee turnover can be incredibly costly and disruptive for organisations. Providing valuable employee benefits is one of the most effective ways to improve retention rates and reduce turnover. Benefits help employees feel valued, engaged, and invested in their job and their employer. A few key ways benefits drive retention:
They show you care about employee wellbeing and work-life balance (e.g. health insurance, paid leave)
They provide financial security (e.g. life insurance, retirement plans)
They enable professional growth (e.g. education/training assistance)
They improve job satisfaction and engagement
They make your total compensation package more attractive
What Types of Insurance Benefits Should Employers Offer?
Insurance benefits are some of the most highly valued and sought-after perks by employees. At a minimum, many employers in New Zealand provide discounted group health insurance coverage. However, top employers go further by offering additional insurance benefits like:
Life insurance
Dental insurance
Vision insurance
Disability insurance
Accidental death & dismemberment insurance
These insurance plans help protect employees and their families financially in case of major medical events, accidents, or other emergencies.
