8 Types of Employee Benefits
Employee benefits are a big deal. If you’re an employer, offering employee benefits demonstrates the type of business you run and can be the differentiator that garners more interest from potential employees. As an employee, well… good benefits are essential too. In fact, not having the right benefits can have a negative effect on your overall quality of life. Here is a list of 8 types of employee benefits to get you started.
1. Health Insurance
Health insurance is a must-have for many job seekers, and most employers offer it as part of their benefits package. The majority of civilian companies and private firms provide medical insurance to workers.
The good news for employers is that there are plenty of options for health insurance, including high or low deductibles, limited or comprehensive coverage, and even partial or full reimbursement for vision and dental care. The bad news? In some locations, health insurance can be pricey for companies. This type of coverage is often seen as a necessary cost, but it doesn’t have to break the bank if you shop around for the best deal.
2. Life Insurance
Providing a life insurance benefit to your employees can help you attract and retain talent, protect your staff and their families, and ease the burden of an employee’s death or disability. These are important issues that businesses must consider, especially in today’s competitive marketplace.
3. Dental Insurance
If you find that offering health insurance to your employees is too expensive dental insurance is a great alternative. It is often cheaper than many health insurances plans for not only you but your employees as well.
4. Retirement Accounts
Many young workers may not think that a retirement account is truly a benefit for them. Making many employees less than thrilled to hear that they will have to contribute money toward their own retirement accounts. But, if you choose to match your employees’ contributions, they will be more likely to participate in the program.
If you choose not to match their contributions, you can still encourage participation by hiring someone specializing in creating and managing retirement plans for small businesses. They can help make sure that your employees are getting the most out of their plans, which means more savings.
Retirement accounts are also great for employers because it takes the responsibility off of them when it comes to paying out pensions, which can be costly and challenging to manage over time.
5. Paid Vacation and Sick Days
While PTO is standard and expected, it’s still a good idea to emphasize the benefit in your job description. You want to ensure your employees know they can take time off without getting fired or reprimanded.
If you offer paid sick days, this is another thing that should be included in your benefits package. Companies have varying policies on sick days, but many offer around 5-10 days per year.
If you don’t offer paid sick days or simply want to make it clear that employees who are calling in sick will have their pay docked, include a line like this “Unpaid sick leave may be granted at the discretion of management, but only in cases of rare and serious illness.”
6. Paid Holidays
Offering paid holidays as an employee benefit can be an excellent way for your business to attract and retain quality employees. Paid holidays are typically given in addition to the number of vacation days that employees earn. Many companies have established an employee benefits package that includes paid holidays, but it is often at the employer’s discretion to offer particular holiday pay.
You may want to consider offering it as an employee benefit. By doing so, you could improve employee morale, encourage teamwork, and potentially increase productivity.
7. Flexible Schedule
So, what are some ways a flexible schedule can benefit your employees? One of the most significant benefits is that it helps them manage their lives better. Maybe they need to take their kids to school or pick them up in the afternoon and don’t want to put them in after-school care or pay for a babysitter.
Perhaps they need to attend school themselves and have a class in the middle of the day. Or maybe they simply want to work when they work best, whether that means coming in earlier or later than most people.
If you offer flexible schedules, your employees will appreciate it and be more productive. It’s an easy way to increase productivity at minimal cost to you.
8. Education Assistance
For business owners, the idea of offering educational assistance as a type of employee benefit seems like a great idea. However, there are some things to keep in mind before jumping right into it.
For instance, what is the return on investment? Will this benefit you and your employees? Are your assets being put to good use?
It is essential to ensure that the people who are taking advantage of this opportunity are those who need it and will use it. Suppose you do not have a good understanding of the demographics of your workforce and how they feel about the education programs offered. In that case, it may be best to start with a smaller program to get a better idea of what is working and what needs improvement within your organization.
There are also ways for companies to provide educational assistance without providing funding directly from their own pockets. For example, many companies offer tuition reimbursement programs through partnerships or arrangements with local colleges or universities. By setting up these arrangements, businesses can help ensure that their employees have access to an affordable education while at work.
Types of Employee Benefits: Conclusion
The ‘right’ benefits package for your Edgewater business is going to depend on what works for you, your goals, and the needs of your employees. There are many great options out there, from health insurance and disability coverage to retirement plans and life insurance. But you know best what type of employee benefits package will work best for your company. If you are looking for expert advice on employee benefits, contact our team at Vision HR today!
