The Employee Benefits package is one of the most critical components of any position. If you’re a business owner, you need to provide a well-rounded benefits package to attract and retain the best employees.
Your benefits package should be designed to attract and retain the best employees possible. A competitive benefit package will help you with that efficiently. You may be surprised that there are employees who would accept lower pay in exchange for a comprehensive benefits package. You can read the Forbes article about it here.
With this in mind, how can you entice applicants to choose your company considering your employee benefits? Some essential benefits that your business should offer are:
Paid Time Off
Paid time off is a benefit that helps employees balance their work and personal lives. It is also a perk that helps employers attract and retain the best talent. Having paid time off also helps specific employee groups. The best example of this is the solo parents. Solo parents find it hard to balance their work and home lives. Taking care of your kids alone is a different task. Not to mention how difficult it is to make decisions on leaving your children while you’re at work. Busy employees like working students and others who have part-time jobs can benefit from this. That’s why paid time off can be the deciding factor in accepting a position.
You should offer at least ten days of paid vacation for every employee. Additional days can be awarded based on tenure or position. For example, you can offer three extra days for every year an employee has been with the company.
It is one of the most significant employee benefits. Employees want to know that their health insurance needs are taken care of. Offering a good health insurance plan will make your company more attractive to job seekers.
It’s also vital that your health insurance is comprehensive. One thing that you can consider is sexual health coverage like dysfunction treatments and regular HPV testing. You can also find a provider that has expanded dependent coverage. This will allow your employees to add their spouses and children to their health insurance plans without worrying about additional costs.
Flexible Work Schedule
A flexible work schedule is a benefit that allows employees to have a better work-life balance. It is also a perk that helps employers attract and retain the best talent. There are many ways for you to execute a flexible work schedule for those who need it.
You can start by offering an option where employees can choose their own hours as long as they meet the required number of hours per week. You can also offer a compressed workweek. This is where employees work fewer days but put in longer hours.
Another way to execute a flexible work schedule is by allowing employees to work from home. This is a great perk for employees who have long commutes or need to care for their children. These options can definitely attract applicants to your company.
Retirement Savings Plan
Retirement savings plans are another key benefit that businesses should offer. Employees want to know that they can retire comfortably, and a retirement savings plan will help them achieve that goal.
Some studies say most millennials may not be seeing the point of saving for retirement. But that should not hold you back from offering a retirement savings plan. This could be an opportunity for you to educate younger generations of employees about the importance of saving for your future.
There are different types of retirement savings plans that you can offer your employees. You can choose from a 401k, Roth IRA, and SEP IRA. You can also provide a defined benefit plan or a 403b plan. It’s essential to do your research and find the best retirement savings plan for your employees.
Employee Assistance Program
An employee assistance program is a benefit that provides support to employees who are experiencing personal or professional problems. It is a valuable benefit that can help employees stay productive and engaged in their work.
Your employee assistance program should offer confidential counseling, financial advice, and legal services. You can also provide access to online resources like support groups and educational materials.
An employee assistance program is a great way to show your employees that you care about them. It can help them deal with personal problems and improve their work performance.
These are just some things you need to know about employee benefits. Offering a comprehensive benefits package is a great way to attract and retain the best talent. It’s also a way to show that you care about your employees’ welfare. If you offer an excellent benefits package, your employees will be more productive and engaged in their work.