When you get a job, you often have some guarantee of employee benefits. You might be able to have health coverage, savings plans and other benefits.
The way companies determine benefits is often based on a combination of law and personal preference. If you are a business owner, consider the different ways you can offer employee benefits.
Follow the Law
The law requires many employers to offer certain types of benefits. If you employ more than a certain number of people, you might have to offer employee health insurance. Certain industries may have to offer different levels of benefits.
Considering What Benefits to Offer
Consider the different types of benefit packages that can protect your employees. No two businesses are alike, so benefit packages often vary.
· Health Insurance: Health insurance is one of the most important benefits that employees look for. Most businesses cover their employees on group health care plans. While the business covers certain costs of the plan, prices are often lower because there is a large pool of enrollees.
- Extra health benefits: Besides standard health insurance, some employers offer special health coverage. These are elements of insurance that the standard plan may not ordinarily cover. Coverage may include dental and vision insurance. These are valuable services that show concern for the needs of employees.
- Savings plans: Most employers encourage workers to save for retirement. Some establish savings plans to help. Examples of these plans include 401(k) plans that allow employees to direct small amounts of their pay into investments that multiply over time. When the employee retires, he or she can then use the money from those investments as income.
- Workers’ compensation: If an employee gets sick or hurt on the job, a company might have to compensate that person while they recover. Workers’ compensation packages are the law in many states. In case of employee injury or illness, workers’ comp can help the employee get back to work as good as new.
How Benefits Help Companies
Employers have to balance significant costs when it comes to benefits packages. However, strong benefits serve as good examples of employment incentives.
By offering good benefits, you show employees that you have their best interests at heart. Benefits provide outlets for employees to take care of themselves outside of work. Therefore, this attention to wellness translates back into the company.
Companies with good benefits often see lower turnover levels and higher employee retention. This is for a variety of reasons. However, having healthy employees clearly links itself to better production. Therefore, benefits serve not only the interests of the employee, but also the company.
Loftis & Wetzel Corporation can help you determine an employee benefits package to meet your needs. Call us at (855) 360-0466 for more information.