As a business owner who employs others, benefits are an important consideration. You are required to offer some benefits by federal and state law in certain situations, but others are perks that can improve employee satisfaction and help you to attract talent.
Benefits are listed as one of the top considerations for employees when job hunting and choosing whether or not to accept a job. With an excellent benefits package, you are not only covering your bases as an employer, you are also proving that your business is a great place to work.
Here are 9 of the top benefits you should offer your employees.
1. Health, Dental, and Vision Insurance
At the very least, health insurance benefits for employees should be offered to anyone working full time. Health insurance for part time employees is something many employers offer as well as an added perk. Providing your employees with health insurance allows them to see a doctor when they aren’t feeling well and have minor medical issues treated before they become major issues. A healthy employee can help you more than one who is not well from lack of affordable healthcare.
Dental and vision insurance are not as commonly offered as employee medical insurance, but there are many benefits to doing so. Studies have been conducted that show a direct correlation between dental health and overall health. Dental health issues have been linked to cardiovascular disease, diabetes, lung disease, and different types of cancer. Making it affordable for your employees to get proper dental care can reduce their health insurance cost.
Vision insurance allows employees to get the corrective lenses they need in order to do their job. Vision problems and eye strain can cause severe headaches and other medical issues that could be prevented with the proper care.
2. Disability and Workers Compensation
These are actually two different types of insurance. Workers Compensation insurance covers injuries or illnesses sustained while on the job. If an employee is injured at work, workers compensation covers a portion of the medical expenses and lost wages when that employee is unable to work. This type of insurance protects both the employee and the employer.
Disability insurance helps an employee who is injured or becomes ill outside of work. It compensates the employee for a portion of their income while they are unable to work. Disability insurance benefits the employee more than the employer, but it is still a worthwhile benefit to offer because the employee will hopefully be able to recover and return to work. There is long-term disability and short-term disability. Short-term disability is offered by more employers as it covers a few weeks up to a year of absence from work. Long-term disability can go beyond a year, and not as many employers offer it as a standard benefit.
3. Life Insurance
Life insurance is something everyone should have, whether or not they are the primary source of income for the family. Many employers offer life insurance as part of a standard benefits package or as an optional add-on. Life insurance helps to cover a person’s final expenses and provide financial assistance for the loved ones left behind.
Employers can offer employee-only life insurance or optional coverage for spouses and dependents. Affordable life insurance is a valuable benefit to offer employees and their families to help them plan for the unthinkable.
4. Identity Theft Protection
This type of coverage has unfortunately become increasingly necessary in recent years. Identity theft is always on the rise, and one of the most common types is people accessing other people’s health insurance benefits. Identity thieves are also after people’s social security benefits, tax refunds, and bank account information.
Offering identity theft protection not only benefits the employee, but also the employer. Employers have to obtain a lot of personal information in order to provide health insurance benefits and payroll for their employees, and that information must be carefully and discreetly handled. If information were to be leaked or stolen, the employer may be held responsible. Identity theft protection helps to prevent or clear up an incident.
5. Retirement Savings Options (401K)
Another major benefit job hunters are looking for is retirement savings options, typically in the form of a 401K. Many employers will match what their employees put in their 401K up to a certain percentage. This gives employees an incentive to save for retirement and an extra boost towards their savings. Offering some sort of retirement benefit to employees is practically standard for most businesses.
6. Performance Bonuses
Offering performance bonuses gives your employees an incentive to work hard and do their best at their job. Job hunters are looking for these opportunities to earn more if they excel at their job requirements. By providing performance bonuses you will attract employees that will rise to a challenge.
7. Flexible Schedule
One of the most valuable benefits you can offer employees is flexible scheduling. Allow them to work different hours from the normal 8:00-5:00 office hours. Make it possible to work extra hours some days and take those hours off when they need them on other days. Lately, as more people are working from home, flexible hours are a must in order to balance work and family.
8. Paid Time Off
Nearly every job includes paid time off, otherwise called vacation time. Some employers roll vacation days and sick leave into one lump sum of paid time off, so that if employees are not sick, they can still use their paid time off for other reasons. Some employers will even offer more than average paid time off to offset other less appealing qualities, such as lower salaries.
9. Wellness Programs and/or Gym Memberships
Employee wellness programs are extremely beneficial to both employees and employers. They often include educational opportunities about physical health, nutrition, mental health, exercise, and other helpful topics that can encourage employees to live healthier lives. Offering gym memberships to employees is another wellness incentive. These programs also benefit employers by reducing health insurance costs.
Get Affordable Insurance Packages from Norgard Insurance Group
If you’re looking for insurance benefits to offer your employees, Norgard Insurance Group offers affordable group packages as well as individual insurance. Whether you own a small, medium, or large business, Norgard can provide health insurance for part time employees as well as full time employees. Coverage options include employee medical insurance, dental, vision, life, workers compensation, disability, identity theft protection, and more.
Call (813) 454-5072 or contact us for a free quote. We look forward to providing you with the benefits you need to support your employees.