In general, Labor Day and Memorial Day are accepted days off, but beyond that, working days are at the discretion of the employer. As with any other employee benefit, you must weigh your options and make this decision based upon what is best for you and your staff.
If your company has 50 or more full-time equivalents, you are required to offer medical leave through the Family Medical Leave Act. This includes maternity leave, time off work for employees to recover from surgery, and time off work to care for ailing family members.
However, many companies especially large ones offer at least some compensation in these situations. In the case of maternity leave, specifically, it is recommended by doctors that women take at least six weeks off work after the birth of a child, so most companies use this as a guide. Others offer the six weeks in full and then another six weeks at half-pay.
Flexible working schedules are a cost effective employee benefit in many ways. Companies like Home Depot and Starbucks offer tuition assistance to employees looking to earn a degree. From a tax perspective, there are some advantages to doing so, but more importantly, employees that feel as though their company has invested in them are more likely to invest back into a company. Sometimes, business owners get nervous that employees will leave the company when their education is complete and they will not get to reap the educational rewards.
In order to avoid these situations, some businesses require that an employee stay with the company for a certain amount of time after the completion of a degree. This list of common employee benefits is by no means exhaustive. There are many others which remain very popular, including vision coverage, long term and short term disability, long term care, accident, critical illness, and hospital indemnity insurance. These more traditional benefits now share the stage with others that are trending in popularity, such as pet insurance, financial wellness programs, online identity protection and prepaid professional legal services, just to name a few.
Assembling a robust benefits portfolio while still keeping an eye on the bottom line is both a science and an art form. Did we leave something off this list that your company offers? Your employees face many common challenges created by the competing priorities of work and life.
An Employee Assistance Program or a Best Doctors Program can provide outside resources, tools and support they need— and helping employees stay focused at work. A well-designed group benefits package can help to make your business more competitive, recruit top talent, retain employees and boost employee satisfaction and maintain productivity. After all, providing employee benefits will help your employees feel you care about their personal needs.
That, in turn, can improve employee loyalty and satisfaction. As an added bonus, that makes your job as a business owner and boss much more satisfying. And that, in turn, can create a good cycle for you. Happy, loyal employees will speak highly of your business, making it easier for you to attract talent when you have job openings. Need help getting a new benefit package off the ground?
Of course, you can tailor your benefits program to your business. Some companies, for example, choose to offer not just a k retirement plan, but also matching contributions to that retirement plan. Or some businesses will choose to offer unlimited paid time off, while other businesses will stick to a set number of sick leave days and vacation days.
And you can always choose to offer more and create a super competitive employee benefits program. Aside from the basic benefits mentioned above, the best employee benefits packages often offer perks like these:. The sky's the limit. While offering employee benefits may cost a bit more initially, the long-term advantages can greatly outweigh those costs and contribute to your overall success.
Your benefits will attract better employees and keep them around for the long haul. Put simply, an employee benefits plan is worth the cost. Your small business can always start off with essential benefits like medical insurance and expand the employee benefits program as your workforce grows. If you're hoping to attract better talent with your new benefits, it might be time to update your hiring process too.
Make sure all your workers get off on the right foot with the best employee onboarding software. At Business. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services. Sources 1. Accessed February 17, By signing up, you agree to our Terms of Use and Privacy Policy.
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In general, employers have two different ways to structure, contribute, and offer employee benefits:. Organizational-oriented benefits are the kind of benefits that are employer-owned and employer-selected. You offer your employees a specific or defined benefit of your choosing, and employees simply choose whether they want to opt in or out. Consumer-oriented benefits are the kind of benefits that are employer-funded, but employee-selected. This empowers employees to make their own healthcare decisions that make sense for them and their families.
While health insurance is traditionally offered as an organizational-oriented benefit, more and more employers are putting healthcare decisions back into the hands of their employees by offering HRAs. Through an HRA, you can reimburse your employees, tax-free, for their individual health insurance premiums and over qualifying medical expenses.
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