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7 Benefits to Offer Your Employees

 

Becoming an employer brings many challenges, but one of the most common is trying to attract and retain the best people to ensure the business moves forward. There are lots of techniques that employers can use to become a workplace of choice, including putting together a benefits package that outshines the competition. There are some benefits that all employers are required to offer by law, such as social security taxes, worker’s compensation, and unemployment insurance. However, there are other benefits to consider that, depending on your budget, could also be worth including. Here are 7 of the most common benefits currently offered by American employers to their staff.

  1. Flexible working

Increasingly employers are offering their staff flexible working options such as letting them arrange their hours around childcare and other commitments or working from home on particular days of the week. This does not cost the employer anything, and in many cases, results in improved morale and productivity.

  1. Health insurance

Health insurance is one of the most attractive benefits that an employer can offer, and it is difficult to find one that does not. It can be complicated to work out which type and level of cover you should offer, which is why it is usually best to speak to an insurance broker, as you will want to be competitive and compliant with the law, but also within budget.

  1. Retirement plans

Your employees want to feel that they have a secure future, which is why many employers offer a 401k retirement plan (or a 403(b) depending on the type of business you run). Some will match 50% of the employee’s contributions for the first 6% of their salary, while others will match 100% up to a specified limit. In other cases, the employer will only contribute through sharing profits.

  1. Life Insurance

Some employers offer life insurance for their employees to be paid to their families should they die while working for them, often in the same amount as their annual salary. Employers can choose to pay the entire policy or ask the employee to contribute.

  1. Dental insurance

Many employers offer dental insurance as it is not as costly as health insurance but it is very popular with employees. Often, the employer will pay for 80% of the plan, with the employee making up the difference.

  1. Paid leave

It would be very rare for a business not to offer their employees some paid time during which they can take a break from work. Some companies will give employees extra days to use when they have worked there for a certain length of time. It is also common for businesses to offer paid leave for employees to attend medical appointments, to recover from surgery, to care for family members, and a limited number of sick days. Click here for more on family and medical leave.

  1. Paid public holidays

In addition to paid leave, an employer might choose to pay their staff but let them take off particular holidays such as Memorial Day or Labor Day. Some public sector organizations might also offer Veteran’s Day, Martin Luther King Jr Day, or President’s Day.

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