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Employers who are trying to formulate the ideal employee benefits package should take advantage of professional benefits consulting to give them ideas and to guide them through the legal and HR details of turning such ideas into successful realities.
You'd be surprised how often business owners and managers are lacking some of the key benefits that are most popular with their own employees. Only by offering a superior benefits package can businesses stay competitive and retain top talent long term.
Here are 7 benefits ideas all employees should consider adding to their repertoire:
1. A Pension Plan
Around half of medium to large sized businesses offer a pension plan. And there's no doubt this is one of the surest ways to ensure valuable employees stay with you for the long run - provided it's a truly attractive pension plan.
Giving employees options as to how much to contribute to their pension so they can increase contributions after a few years - once they are sure they will be staying with you, is also a good idea.
2. A Fixed Annuity Fund
Even small businesses can afford to offer a fixed annuity program for their employees, which can help them prepare for eventual retirement. Fixed annuities are much more stable than variable rate annuities and involve much less risk.
They are a perfect way to invest safely for the long term to boost cash flow come retirement time.
3. Health Insurance
Around three-quarters of employers offer health insurance benefits to their workers. For those employing 50 or more people, this is mandatory under the Affordable Care Act, but even businesses with less than 50 employees can qualify for special discounts that make employer-based health insurance practical.
Health insurance is the first benefit most people ask about when seeking a new job, so almost no benefits package can afford to be without it.
4. Dental & Vision Insurance
For a smaller price tag to the employer, a dental and/or vision insurance plan can be offered for free or on a highly discounted basis. Many people go without seeing a dentist or an eye doctor for years because they can't afford it. Thus, make it a part of your employees' non-cash compensation, and they will greatly appreciate it.
5. Life Insurance
Many people know they really should buy life insurance but never get around to it. One thing you learn from benefits consulting services is that you want to offer benefits that employees love, that are affordable to the employer, and creates an incentive to stay with your company. A term life insurance policy does all of that.
6. Paid Vacation Days
Around 9 or 10 days of paid time off for holidays or an annual vacation is the national average according to the Bureau of Labor Statistics. Give employees the flexibility to use their paid days off to cover sick days, medical emergencies, family vacation, or other needs and they will appreciate it.
You have to require prior notice and approval process, of course, but remember that being able to get off work when you need to (especially with pay!) is almost as important to workers as having a job they love to do.
7. Miscellaneous Benefits
Fitness center membership, free daycare, carpooling opportunities, tuition reimbursement, employee discounts on products/services, and recognition awards are among the many other "miscellaneous" benefits you could offer.
For more ideas on how to form a full-orbed, balanced employee benefits package, use our benefits consulting services at Summerlin Benefits Consulting today!