Employee benefits are any additional benefits given to workers besides their base earnings and salaries. It comes in a variety of options.
A complete employee benefits package can include health insurance, life insurance, paid leave, profit sharing, retirement plans, and other perks.
Benefits are essential as they are vital factors that applicants consider when searching for a job. Understanding the significance of employee benefits will help you offer a more comprehensive package to retain or find the best employees in the industry.
If you are considering offering some benefits packages to your workers, here are the top ten options you should include.
Why Should You Give Employee Benefits?
Employee benefits are a crucial part of an organization’s standards. It not only safeguards the lives of people working in the organization.
But only a bare minimum of employee benefits isn’t enough. Robust employee benefit packages translate into different advantages for employees and organizations.
1. Attracting Talents:
When potential talents are looking for jobs, they look at different aspects. Two jobs may offer the same salaries, but employees would always consider the one with additional benefits.
A study suggests that 88% of job seekers opt for jobs that consider health, dental, and vision insurance. They also look for flexible working hours and several similar benefits. So, with employee benefits, it’s easier to attract potential talents.
2. Improving Employee Retention:
Different organizations have different employee benefits. Most employers try to adjust their employee benefits according to their employees’ needs.
Employees stay in one organization when the work environment is healthy, the salary is sufficient, and employee benefits are relevant. Employee benefits often work in the company’s favor, helping them retain many employees.
3. Fostering Inclusion at Work:
Implementation of the right employee benefits allows companies to promote inclusion at work. It showcases their dedication to helping their employees in difficult circumstances. Some examples of inclusive benefits include floating holidays, flexible scheduling, and domestic partnerships.
4. Promoting a Healthy Workplace:
By supporting the health and well-being of employees, organizations retain the culture of a healthy workplace.
Access to different medical care and career enhancement programs keeps employees happy and nurtures a healthy workplace. Plus, such workplaces also have a high productivity level.
Companies can ensure employee satisfaction with employee benefits and investment in their well-being. Satisfied employees are likelier to stay with an organization and faithfully contribute to the workplace.
10 CRUCIAL Benefits You Should Give Your Employees To Retain Them!
While there is more than one good reason behind giving your employees certain benefits, retention is perhaps the most crucial. So, it’s best to consider employee retention and find out the most vital benefits you must give your employees.
1. Health Insurance Benefits
As an entrepreneur, offering your employees health insurance benefits is a must. It’s like an unwritten rule set for every business owner. Applicants and employees consider medical coverage to be one of the vital factors in employment benefits.
It would be best if you remembered that even though no law requires an employer (from small businesses) to offer health insurance to their employees.
However, penalties are imposed by the Affordable Health Act on large companies that don’t provide health insurance to their employees.
2. Life Insurance Benefits:
Aside from health insurance, you should also provide life insurance coverage for your employees. This benefit ensures that your employee’s immediate family will benefit from it when something bad happens to the policyholder.
You might face an option of whole life vs term life insurance when shopping for insurance for your employees. However, it would be best to remember that most employees offer group-term life insurance, so you might want to look into that option.
3. Dental Insurance Benefits:
The next benefit you should provide your employees is dental insurance. Although this type of insurance isn’t as common as health and life benefits, it is still best to provide one to your workers.
Dental insurance has been shown to improve your employees’ overall health. Since your workers won’t worry about getting their dental health checked by using the company’s insurance policy, they will surely have healthy dental health, resulting in often missing work due to oral and dental health issues.
4. Retirement Account Benefits:
Another common benefit that employers should offer their employees is retirement accounts. It would be best if you offered your employees a 401(k) retirement plan that you, as an employee, should sponsor where your employees can contribute.
In this plan, the employer should match the employee’s contribution. If the plan is based on profits, it will boost employees’ motivation and productivity.
5. Paid Time Off:
Aside from insurance, your employees should also offer paid time off. These days, most employees offer their employees paid time off.; if you list down benefits to offer your employees, you should not forget about this particular benefit.
A paid time off doesn’t only provide benefits to the employee. It could be good for your company as well. If you take care of your employees, they will also value their jobs and ensure they provide the best service for your company.
Your workers run your business, and if you don’t take care of them, they won’t perform their best.
6. Paid Holidays (Privilege Leaves):
Major organizations select various paid holidays. For example, Labor Day and Memorial Day are generally accepted times off, but business days beyond that are at the employer’s sole discretion.
As an employer, you should give your employees a paid holiday by giving them a day off with pay during specific holidays. However, these holidays should be recognized by the federal government.
Paid holidays are a standard component of company benefits and compensation packages to entice and keep workers. These holidays are typically listed in a job offer letter and an employee handbook.
7. Paid Medical Leave:
As stated by the law, these next benefits could sometimes be necessary. For example, if your business employs 50 or more full-time workers, you must provide medical leave under the Family Medical Leave Act.
It includes recovery leave if the worker undergoes surgery, maternity or paternity leave, or time off to care for a sick family member.
8. Disability Insurance Benefits:
Alongside health insurance, numerous companies give their staff the option of purchasing disability insurance. In a nutshell, disability insurance provides wage protection.
In addition, it safeguards the employee and the employer against unexpected events that may hinder the worker from working for a prolonged time.
9. Wellness Programs:
Workers spend more time working than anything else. Therefore, more and more businesses are putting money into corporate wellness programs.
Examples of corporate wellness programs include assistance programs for workers, obtaining access to counseling and crisis advisors, psychiatric assistance, access to nutrition experts, discounted fitness classes, and other benefits.
10. Commute Benefits:
Businesses in cities with extensive public transportation systems are providing tax-free commuter perks.
Workers can acquire pre-tax transportation funds straight from their organization under this program. It helps employees save money on commuting expenses like train or Metra tickets, rideshare apps, and work-related parking.
To Sum it Up
There are many benefits you can provide to your workers. Although most of it isn’t required by law, it is one way to take care of your employees. You can check out the ones mentioned in this article to better understand what’s essential to your employees.
Remember, your workers run your business; if you don’t care for them, they won’t perform their best, which could put your business operations at risk. Did this article help? Share your feedback through the comment section.
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