Benefits have become the key to a competitive advantage in our current job market. Individuals looking for jobs want to know they will be cared for by the company, which can be shown through benefits. Beyond that, your current employees will be more likely to stay loyal to your organization if you offer benefits they want.
What are Employee Benefits?
Employee benefits are any kind of compensation that is offered outside of regular pay. This can include things like PTO and sick leave as well as health insurance plans.
Types of Employee Benefits
Required benefits
Some types of employee benefits are required by state or federal laws. The Family Medical Leave Act (FMLA) is one of the required benefits. It requires employers with 50 or more employees within a 75-mile radius to offer 12 weeks of unpaid leave to qualified employees for family illness or medical procedure. The American Disabilities Act (ADA) requires certain employers (typically those with 20 or more employees) to offer reasonable accommodations for qualified employees under the ADA.
Federal required benefits include Medicare, Social Security, unemployment insurance, and workers’ compensation. Most employers are not required to offer health insurance. If your company has 50 or more employees, you must offer health insurance to your employees or pay a penalty due to the Affordable Care Act (ACA). Your state may also have specific benefits required beyond the federal benefits, such as paid medical or family leave. Make sure to check your state laws to ensure you are offering all required employee benefits.
Optional Benefits
Most things people think of when they think of employee benefits fall into the optional benefits category. There are many optional benefits you can choose to offer your employees. Offering optional benefits that employees want will make it easier recruit and hire new employees and increase existing employee loyalty and motivation. Health insurance is typically an optional benefit, but many employers have come to expect their employer to offer health benefits. If your industry is one where companies typically do not offer health insurance, it can be a great competitive advantage to choose to offer them. If you are in an industry that typically does offer health insurance to employees, not offering health insurance may make it difficult to recruit employees. Some additional benefits employers may want to consider are dental insurance, vision insurance, flexible spending accounts, paid time off, holiday pay, 401(k), maternity/paternity leave, and many others. Some programs, like a wellness program, gym memberships, and discount programs may also be considered employee benefits.
Ways to Structure Employee Benefits
Offering a variety of voluntary benefits can help you meet the needs of all of your employees. If you partner with Helpside for your employee benefits, your employees are able to customize their benefits package to meet their budget at their needs. While things like paid time off and paid holidays appeal to all employees, maternity/paternity leave and 401(K) may only hit a certain demographic. Offering a variety of voluntary benefits that employees can choose from makes it easier to find and keep a diverse workforce.
Need Help Managing Employee Benefits?
Managing employee benefits can be a headache for employers. Helpside’s employee benefits services reduce both the cost and administration associated with employee benefits. If you’re interested in learning more about partnering with Helpside for your benefits, you can reach out to us at marketing@helpside.com or by clicking the button below.