Top 7 Employee Benefits That Will Make Your Company More Competitive - Newslibre

Top 7 Employee Benefits That Will Make Your Company More Competitive

The difficulty to bring in new employees has increased. Though much of this has been related to uncontrollable circumstances, the rest comes from employer incentives. To some prospects, the lack of benefits isn’t worth the effort.

To prevent this, consider these seven employee benefits to help your hiring process.

1. Worker’s Compensation

Depending on the state, most brick-and-mortar businesses require worker’s compensation insurance. This protects both the employee and the employer should the latter be injured. To make things more convenient for employers, quotes can be acquired online for workers compensation insurance.

Worker’s compensation covers medical bills and lost income while out of work. Meanwhile, the employer is protected if the employee sues for additional monetary awards. If it comes to this, the compensation insurance also covers the company’s legal fees.

2. Health Savings Account

A health savings account (HSA) covers medical payments not included in medical insurance. Automatic pre-tax deductions are made to an HSA through an employee’s pay. Not only does this help save them money throughout the year but also reduces their gross pay for tax filings.

3. Flexible Work Options

Many organizations have moved toward a remote-only operation. On the other hand, some are reopening their physical locations. If this is your scenario, look into flexible work options. For instance, allow employees to spend part of their week in the office and the rest at home. If they have a difficult time coming in early, consider plans that permit individuals to work different shifts.

4. Abundant Time Off

A week’s worth of vacation and five personal days is no longer sufficient for employees. With hectic family schedules and the need to decompress, and abundant personal time off (PTO) program is needed for in-house and online workers. A significant amount of PTO should be provided when hired. From there, include extra days as a retention incentive.

5. Health and Wellness Options

Top 7 Employee Benefits That Will Make Your Company More Competitive - Newslibre
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In a study of over 1,000 U.S. employees in 2021, 76% experienced some degree of burnout. While some of this has been connected with the COVID-19 pandemic the rest is related to the overwhelming responsibilities put on them. This results in a reduction of proper health and wellness.

Prevent this through free or low-cost options to minimize burnout. Some businesses have areas within their offices to offer massages and places to perform meditation & yoga. If this isn’t feasible within your organization then work with local gyms and wellness studios to get inexpensive memberships.

6. Comprehensive Health Insurance

Health insurance is extremely important in a post-pandemic world. So, you can’t provide basic plans to your employees. Comprehensive policies help draw in and keep workers.

Of course, the goal is to work with insurers that don’t have exorbitant premiums. Offer your workers a variety of medical, eye, and dental policy options. Rather than sticking them with one selection for each, give them the ability to select policies that fits their needs and budget.

7. Life Insurance

Life insurance is a program that many people don’t take advantage of outside of the workplace. However, they’ll sign onto a policy if it’s offered by their company. Normally, this happens thanks to the low payments.

Furthermore, businesses provide options to cover the employee’s salary or higher should they die while employed. Thus, their family is guaranteed some form of protection to cover funeral costs and remaining payments.

Wrap-Up

The seven benefits mentioned above are the basics a company of any size should offer the employees. These alone provide workers with a sense they mean something to your organization. Therefore, their happiness and productivity increase along with retention. If these aren’t part of your incentive package, then start considering them.

 

Check out: Workplace Health and Safety Hazards Every Employee Needs to Know

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Author: Amy Sloane

Amy Sloane is an alum of Oregon State University where she studied marketing and business. She spends her free time writing and is a knitting enthusiast. Amy loves reading, cooking and spending time with her dog, Molly. You can follow Amy on Twitter to read her latest blogs!

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