Offering benefits is not typically required for businesses; however, it is necessary for retaining the best employees. Here are some benefits that can help make your benefits package more competitive.
Generally, full-time employees who work 30 or more hours a week qualify for an employee’s benefits package. Since employees are spending so many hours a week working for your company, it is important to incentivize them with benefits to keep them motivated.
Basic benefits are benefits that almost all companies offer their employees. At a minimum, companies should at least offer these benefits to keep up with competitors.
- Health insurance
- Dental insurance
- Vision insurance
- Healthcare savings account
- Life insurance
- Paid holidays
- Paid time off
Having a variety of innovative benefits for employees to choose from is what really makes a benefits package become competitive. Unique benefits will not only pique the interest of applicants, but it will also retain current employees. When employees see that their company goes above and beyond to put their employees’ wellbeing first, they are more likely to stay with the company long-term.
The cost of living continues to get more expensive, and it is causing employees financial stress and a decrease in mental health. If employers take the time to look through innovative benefits that can help out their employees, it will create more productivity in the workplace and more loyalty to the company.
Here are some examples of innovative benefits to consider including:
- Education reimbursement
- Wellness program
- On-demand pay
- Remote/hybrid work
- Childcare discounts or on-site childcare
- Long-term and short-term disability insurance
- Causal Fridays
- Fertility benefits
- Mental wellness
- Educational assistance
- Parental and family leave
- Free office drinks and snacks
- Relocation assistance
Employers should consider offering a mix of basic and innovative benefits to help make their benefits package more competitive. When employers offer unique benefits that match modern lifestyles, it makes employees want to stay with the company long-term and it attracts top talent to the company.
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