Additionally, employee benefits can enable you to communicate your company's values. For instance, Reebok's benefits include an on-site gym as well as an employee CrossFit discount, demonstrating the company's focus on health and wellness for all its employees. To ensure you're offering employee benefits that will delight your employees and motivate them to grow with your company long-term, take a look at our comprehensive list of employee benefits. Employee Benefits Employee benefits entail any non-salary compensation included in an employee's contract, including health insurance, a retirement plan, or paid vacation time. Health Insurance According to a Glassdoor survey, employees report health insurance to be the most important benefit they receive from their employer. To make your employees happy, it's critical you offer a good health insurance package. It's important to note, if you work for a larger company with more than 50 employees, you are required to provide health insurance. While not as common as health insurance, it's still a good benefit you should consider providing. A national survey of small businesses found 94 percent of small business owners say offering a 401(k) drives their employee recruitment and retention. Despite this, you should consider offering paid parental leave at your company (if you're able to do so) to allow employees time to rest and focus on their families before returning to work.
Providing employee benefits will help you attract top talent — a Glassdoor survey found around 60% of people report benefits and perks being among their top considerations before accepting a job.
Additionally, employee benefits can enable you to communicate your company’s values. For instance, Reebok’s benefits include an on-site gym as well as an employee CrossFit discount, demonstrating the company’s focus on health and wellness for all its employees.
Offering good employee benefits is also critical for long-term employee retention. People don’t just want their salary to increase over time — they also want to know they’ll have paid parental leave when the time comes, or tuition reimbursement if they decide to go back to school.
To ensure you’re offering employee benefits that will delight your employees and motivate them to grow with your company long-term, take a look at our comprehensive list of employee benefits.
Employee Benefits
Employee benefits entail any non-salary compensation included in an employee’s contract, including health insurance, a retirement plan, or paid vacation time. Typically, benefits are included to create a more competitive package for an employee. Benefits will attract and retain top talent, and can help communicate your company’s top priorities and values.
1. Health Insurance
According to a Glassdoor survey, employees report health insurance to be the most important benefit they receive from their employer. To make your employees happy, it’s critical you offer a good health insurance package. Plus, offering health insurance to your employees can save you money on taxes.
It’s important to note, if you work for a larger company with more than 50 employees, you are required to provide health insurance.
To figure out what type of health insurance coverage you should offer, you’ll want to benchmark your health coverage against competitors in the industry. Additionally, speak with a broker to ensure you’re remaining compliant with regulations.
2. Dental Insurance
Dental insurance is another common benefit, although not required by law. There are three different dental insurance plans you might offer — a fully-funded employer plan, a partially-funded employer plan, or a fully-funded employee plan (in which the employee pays the entire cost, but the employer covers administrative costs and payroll deductions).
3. Life Insurance
According to the Bureau of Labor Statistics (BLS), 59 percent of civilian companies and 55 percent of private firms offered life insurance in 2018. While not as common as health insurance, it’s still a good benefit you should consider providing. You might offer the employee’s salary, in full, as part of your life insurance policy, or offer to pay part of the full cost and ask the employee to pay the rest if the employee wants to participate.
4. Retirement Plans
The most traditional employer-offered retirement account is a 401(k). A national survey of small businesses found 94 percent of small business owners say offering a 401(k) drives their employee recruitment and retention. If you think you’re too small…
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