Business owners may think that employee benefits are just another expense that eats into their profits. However, smart business owners know that offering the right benefits package can actually save them money in the long run, since it gives them more control over their workforce and gives them an advantage over the competition. With the right benefits, your employees will stay happy and productive, which can boost your company’s bottom line in no time at all. Here are seven employee benefits every employee really wants to make sure your company has on offer.
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Family and medical leave (FMLA)
One of many federal families and medical leave laws in existence, FMLA guarantees that an employee can take up to 12 weeks off in a 12-month period without jeopardizing their job. Employees are also eligible for FMLA if they’re an immediate family member who’s taking care of someone who’s seriously ill. Employers must follow certain guidelines when it comes to creating leave policies; for example, employers must provide an employee with 50 percent of their salary during leaves. You can take time off to care for yourself under FMLA (such as when you’re dealing with an illness), but it’s limited to your own serious health conditions (such as surgery). If you have a workplace disability, some disabilities might qualify you for a Disability Insurance Benefits Program.
Health insurance is an essential benefit. Finding a balance between coverage and cost can be difficult, but your employees want and need to be able to see a doctor when they’re sick or injured and ensure that their health isn’t negatively impacted by what they do at work. Healthcare can also include preventative care: providing services like blood pressure monitoring, flu shots, and cholesterol screenings can not only improve worker health but increase productivity—and is especially important for older workers. Although employer-paid health insurance may be dwindling in popularity due to rising costs, employee-funded options such as flexible spending accounts (FSAs) and health savings accounts (HSAs) are on the rise.
Disability insurance pays out when you can’t work due to an illness or injury. This insurance is designed to replace your income, meaning it won’t be much use if you’re just looking for help paying off past-due medical bills—but if your job is critical to paying your mortgage and getting groceries, it could be a lifesaver. Although employer-paid disability insurance isn’t common, some employers do provide it as part of an employee benefits package.
Stock options have become a popular employee benefit in recent years, allowing workers to buy shares of their employer’s stock at a set price. The thought is that if their employer does well and stock prices rise, they can make money selling those shares; alternatively, if their employer does poorly and stock prices drop, they could lose money.
It’s not too early to start thinking about retirement, and one of your best moves is to set up a retirement savings plan like a 401(k) or an IRA (Individual Retirement Account). Some companies offer such plans as an employee benefit, so check with your human resources department. Even if you don’t have access to a retirement savings plan, you can open an IRA yourself. Just choose a brokerage firm that offers low-cost investments for beginning investors.
Research shows that most employees want life insurance as a part of their benefits package. If they’re laid off or die, coverage helps protect their loved ones and gives them peace of mind. Life insurance can also help your company attract top talent by showing you are willing to invest in your employees’ well-being. There are many affordable options for life insurance if you know where to look—and plenty of employee benefits consultants who can guide you through it all. Here are some tips on how to offer life insurance as an employee benefit.
Workers’ compensation insurance
Your employees count on you to provide them with some pretty valuable benefits, like healthcare and retirement plans. You also need to make sure they’re covered if something goes wrong—like an injury at work. Workers’ compensation insurance is a mandatory employee benefit that covers medical expenses and lost wages resulting from a work-related injury or illness. It may seem expensive, but it’s worth it in case an accident happens. Note: If you have a business where your employees serve alcohol, they’re also likely required to have liquor liability insurance as well.
Most employees are happy with their benefits package, but if you want to go above and beyond to create a competitive workplace, there are several extra employee benefits that are sure to win them over. By switching to benefits administration software by which it can become easy to manage employee benefits for your employees and there is no miss-out.