These days, there’s a range of benefits that employees expect and deserve from their employers. It is no longer enough to just offer a competitive salary, in order to hire and retain the best talent, businesses need to make sure that they are fully looked after through the benefits offered to them. This shows employees that they are valued and also ensures that they and their families are in a secure position in terms of health, wealth, and future opportunities.
Whether you are an employee who is considering a job offer or you are a business owner who is looking to reward your employees, it is very important that you understand which benefits should be provided. Here are the most common employee benefits you should be aware of.
Employee Health Insurance:
The first and arguably most important benefit which all businesses should offer is employee health insurance. In the US, in particular, where the cost of healthcare is so high, without health insurance, employees can be left in a seriously precarious position financially and health-wise. The advisors at www.zenefits.com/benefits explain that the best employee health plans are the ones where there are no deductibles for the employee when they need medical treatment.
The size of deductibles in US health insurance plans is a huge issue, and there are many people with health insurance who find themselves unable to access medical care because they cannot afford to pay these deductibles. One way for businesses to reduce the cost of their employee health insurance is to purchase a group plan which is tax-deductible and which spreads the risk for the insurance company across a group of healthy, work age people, thereby reducing the cost of the plan.
Dependents’ Health Insurance:
As well as their own health and wellbeing, employees want to know that their family’s health is being looked after and so dependents’ health insurance is often provided by employers. These days, coverage for family members usually comes as standard in employee health insurance plans, and under the rules of the ACA, this includes spouses and children up to the age of twenty-six. Ensuring that employees’ families are protected is one of the best ways in which companies can create good morale amongst their employees and guarantee future loyalty and dedication to the business.
Life and Insurance:
Life insurance is particularly important as an employee benefit because the employee may be the sole or main source of income for the family, so if anything was to happen to them, it could have major financial repercussions for their loved ones. Through an employee life insurance plan, the family of a deceased worker can receive the money they need to cover funeral expenses as well as further payments into the future.
If the employee died or was dismembered due to an accident at work, both the upfront lump sum and future payments can be extensive in order to help their family deal with the financial burden which the unfortunate accident has caused.
Disability Insurance:
Disability insurance helps employees in both the short- and long-term if they are injured or sick and so are unable to work and earn a living. Short-term disability insurance covers employees who are out for a couple of weeks. This may be the case if they receive minor surgery for a hernia or to remove their appendix, or if they have a particularly nasty flu. Long-term disability insurance covers them for more extended periods of time out of work due to a more permanent illness or injury.
Retirement Benefits:
The importance of retirement benefits is increasing all the time with the average life expectancy around the world growing year on year. Along with healthcare, a great retirement plan is what employees think about the most in terms of benefits. With many retirement plans, employees choose to set aside part of their salary each month to put into a pension savings plan. The employer then matches this payment (or a percentage of it), so when the employee stops working they have a comfortable nest egg to live off.
Great employees work hard for their companies and the success of businesses is built on the dedication and commitment of their teams. Along with a fair salary, the best way to motivate employees and reward them for their loyalty and efforts is with a great salary package. If you are an employee who is looking for a new job or a business owner who wants to support your employees, make sure you keep these common benefits in mind.
