Providing your employees with different benefits can be key in attracting top talent. Employee benefits can help you better communicate your company values. Offering employees benefits is also very critical for long term employee retention. People don’t only want to be compensated on the basis of salaries but also want to have other benefits that include parental leave, tuition reimbursements among others.
Employee benefits entail all non-salary compensation including employee contract, health insurance a retirement plan, paid vacations among others. All these benefits are included with the aim of providing a more comprehensive and competitive package for your employees. These benefits are crucial for attracting and retaining top talent and can help in showing the values of a company. To ensure you are offering employees the right benefits that can spark up their motivation, here are some of the things you need.
Employees report health insurance to be one of the most important benefits they receive from an employer. To make your employees happy, it is important that you offer them a good health insurance. Offering insurance can also help your employees save a lot when it comes to taxes. If you are working for a large company which has more than 50 employees, it is very important you provide them with medical cover. What you need is to benchmark your health coverage against that of your competitors in the industry. You can speak with a broker to ensure you have a proper coverage of administrative and payroll deductions.
Dental insurance is another common benefit that is required, even by law. There are three common dental insurance plans you can think of. These include a fully funded employer plan, a partially funded employer plan and a fully funded employee plan. On the last one, employee pays the entire cost, but the employer will cover administrative costs and well as payroll deductions.
One of the most traditional plans as far as retirement is concerned is 401 (k). 94 percent of small businesses in the states offer their employees this plan. As a small business you should not think you are too small to participate. Additionally, it doesn’t mean you have to match your employees 401-k needs. There is a lot of flexibility when it comes to the type of plan you can set. Alternatively, you can consider offering an annual profit share that is based on business performance, and offer a match for your employees.
Flexible schedules continue to become much more common these days and this is happening for a good reason. Flexible schedules allow employees to work whenever they are most productive and take breaks at times they are less productive. Additionally, these schedules enable employees to find good work-life balance and get time to prioritize with their family and avoid busy morning routines. You make a choice if flexible schedules are conducive to your office environment or not, but it is commonly becoming the norm in many industries.