The modern business world has changed significantly over the past decade. Companies are competing for talent with their peers, and employees are more discerning about which companies they want to work for. One of the best ways to attract and retain top talent is by offering an employee benefits package that includes everything from health insurance and 401(k)s to vacation time and benefits programs.
Here's everything a modern business needs in its employee benefits package.
Insurance as Part of the Employee Benefits Package
Health insurance is, without a doubt, the most vital part of the employee benefits package. If you have employees and do not offer some form of health insurance to them and their families, you are missing out on a powerful opportunity to attract and retain talent.
Health insurance is expensive, and it's only getting more expensive. The cost of health care has increased by 37 percent since 2008. So, you must offer your employees an attractive package with regards to their healthcare coverage. At the same time, due to the rising costs, it's equally important that you shop around for the best price possible when shopping for this coverage.
Health insurance isn't just for employees. Many employers also provide dependent coverage as part of their benefits packages. In addition to covering yourself through your employer-sponsored health plan, you'll also have access to other forms of medical assistance like dental care and vision services through these plans.
Dental, Vision, Life, and Disability Coverage
Many businesses offer dental, vision, life, and disability coverage in addition to health insurance. These policies can help reduce stress on your budget while also providing peace of mind for you as a business owner.
Dental plans cover routine procedures such as checkups and cleanings, but they often do not cover more expensive procedures like crowns or root canals unless you have additional insurance. Vision plans typically cover exams and corrective lenses such as glasses or contacts. However, some plans do not cover contacts at all or only offer them through certain providers.
Vacations are important. They provide an opportunity for employees to refresh, relax, and recharge their batteries.
Studies have shown that offering a generous vacation package can help attract and retain the best talent in your industry. A study conducted at Stanford University found that people who took vacations were more productive than those who did not take time off from work. They even outperformed co-workers who didn't take any vacations at all.
A well-rounded employee benefits package can be a great way to attract and retain top talent, which is why many companies are offering wellness programs. These programs are designed to help employees maintain good health, as well as reduce healthcare costs for the employer. Wellness programs can include things like biometric screenings, smoking cessation classes, and onsite flu shots. They may also provide reimbursement for gym memberships or dietitian consultations.
Work from Home Options
While working from home may not be for everyone, it's a great option for employees who want to be at home with their kids or need to care for an elderly parent. Working remotely allows you to spend more time with your family while still being productive and efficient. Plus, with the rise of technology, many tools can help you stay connected with your team members and clients while remaining in the comfort of your own home.
Working from home also has financial benefits. Allowing employees to save on commuting costs and reducing absenteeism due to illness or other reasons. One study found that call center agents were able to increase productivity by up-to-50% when they worked remotely compared to those who were in an office environment.
A retirement plan is a great way to help your employees save for their future. You can provide a company match on employee contributions, which will encourage them to invest in their own financial security. This can go a long way in helping ensure that you have motivated and loyal employees who remain with your company for many years.
Retirement plans also allow employees to manage their own retirement savings accounts through online portals or apps, which makes it easier for them to use the money they've saved.
Commuter benefits can help you save money in a variety of ways. For example, if your company offers a subsidy to employees who use public transportation or carpool, it costs less money to get to work. If your employer provides parking permits and subsidizes the cost of parking (either at the office or onsite), this also helps with your commute costs. If they offer fuel cards that allow employees to fill up their cars for free at any participating gas station, all the better. You won't have to spend any cash on gas either.
Paid Parental Leave
Employer-paid parental leave is an important benefit to include in your employee benefits package as it allows parents to stay connected with their families. It also helps them maintain a sense of normalcy, which can be especially beneficial for mothers who may experience postpartum depression.
Parental leave is becoming more common among employers. It is usually offered as part of a maternity or paternity policy, although some companies offer paid family leave that covers both parents as well as other relatives such as grandparents who are taking care of children full-time. It will ultimately come down to the budget at hand for you to decide what to include in this benefit.
It's important to remember that your company isn't a charity; it's a business. For it to succeed, you need to provide the best possible benefits and incentives for your employees. An employee benefits package helps you attract and retain top talent, which in turn keeps your company competitive in today's marketplace.