Employee benefits are any additional benefits given to workers in addition to 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 thinking of offering some benefits packages to your workers, here are the top ten options that you should include in the package.
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 as one of the vital factors in employment benefits.
It would be best if you also 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
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 if you remembered that most employees offer group-term life insurance, so you might want to look into that option.
3. Dental Insurance
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 that you 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, which results in having to miss work often due to oral and dental health issues.
4. Retirement Accounts
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 are listing 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 job 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
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 employee 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 take care of a sick family member.
8. Disability Insurance
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 Program
Workers spend more time working than anything else. Therefore more and more businesses are putting money into corporate wellness programs.
Assistance programs for workers, obtaining access to counseling and crisis advisors, psychiatric assistance, access to nutrition experts, discounted fitness classes, and other benefits are examples of corporate wellness programs.
10. Commuter 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.
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.
Remember, your workers run your business, and if you don’t take care of them, they won’t perform their best, which could put your business operations at risk.