If you’re working or running an office then you’d be aware of employee benefits. As an employer, you’d be aware that providing benefits to employees increases their output and keeps them happy.
In fact, 60% of job searchers have admitted that job perks and benefits were the main reasons for selecting a job. Giving benefits to your employees has its own perks too.
You get increased output, as we’ve already mentioned, and also longer employee retention.
Employees expect not just a salary hike but also that their company would have their backs when they need it and this is where benefits come in.
What are the benefits that every employer and employee must strive to be a part of?
1. Health insurance
A good health insurance package makes the top of the benefits list. According to a survey conducted by Glassdoor, most employees state that health insurance is one of the major reasons they join a company.
Besides providing health insurance to your employees also helps you save on taxes. It is mandatory to provide health insurance to employees if your company employs more than 50.
Sam Hayden from Towergate Health and Protection says that looking for the best health insurance and employee benefits can be an easy process, especially when you use a professional service.
Professional companies like Towergate can also advise you about the best package deals that give you an edge over your competitors.
2. Dental insurance
Dental insurance benefits are not mandatory by law, but it’s an additional benefit that you can give your employees to make them happy and secure. You can choose from 3 plans to provide
- Fully funded employer plan
- Partially funded employer plan
- Full funded employee plan ( the employer covers payroll and administrative costs
3. Life insurance
While providing life insurance isn’t as common as health insurance, it’s still a benefit that most employees look for.
You can pay a portion of the insurance policy and ask the employee to pay the remaining if the employee is interested.
Providing life insurance secures employees with respect to money matters and the additional benefit won’t go unnoticed either.
4. Paid time off and flexibility
As more people are embracing the concept of maintaining a good work-life balance, it is imperative that you add this in your benefits.
People have different peak times for working. Giving them the flexibility to work at they please not only increases their productivity but also keeps them happy.
A year is a long time and your employees may have personal commitments or may simply want to rewind.
Including a provision for paid time-off (PTO) in your employee benefit plans insulates your employees against burnouts and frustration.
You may choose to increase PTO with each consecutive year. Some employees may choose to use their PTO to travel with friends and family, and some may schedule doctors’ appointments.
Employee benefits are a very important part of an organization. Without these, the employees would lose their will to work and consider moving on to better pastures.
A high employee turn-over rate does not speak very well about your organization and does a great deal of damage to the company too.
You’d have to train and recruit new employees every now and then which is a huge cost to the company.