In today’s highly competitive hiring market, offering a generous benefits package can go a long way toward attracting and retaining top talent. What is considered a good benefits package?
While this can differ depending on who you ask, the standard in most industries consists of health insurance, dental insurance, flexible spending accounts, retirement savings plans, vacation time, and additional paid time off for events like family medical leave, maternity leave, and sabbaticals.
Flexible Phases Of Coverage For Smaller Companies
Most smaller companies do not have the budget of their larger counterparts. This means that they must be more aware of their spending, especially when it comes to expenses like employee benefits. Having access to flexible coverage options allows these small businesses to deliver great benefits to their employees without breaking the bank.
Small businesses must also approach employee benefits with great focus. The benefits program should be centered on concise goals, be as competitive as possible, be financially realistic, and should fit into the company’s complete compensation picture. By taking the time to find the right plans and coverage, you can build a good benefits package for your team.
Characteristics Of A Good Employee Benefits Package
There are certain employee benefits that are mandated by state and federal law, such as minimum wage, overtime, workers’ compensation, and disability insurance. However, if you want to maintain a competitive edge it is important to extend your benefits outside of these required perks.
By building a comprehensive employee benefits package, you can show your staff that you are invested in their health, wellness, and future. Excellent employee benefits can also differentiate your business from your competitors.
Health Insurance Including Dental & Vision
While most employee benefits packages include standard medical coverage, some employers choose not to include dental and vision. There are a number of reasons why companies should include dental and vision in their health coverage offerings. Dental and vision coverage can directly impact an employee’s attitude and overall quality of life.
From preventive dental checkups to regular eye exams, these services are crucial for good health and wellness. Dental and vision benefits are sought after by employees of all ages as tooth decay, dry mouth, gum disease, and vision changes affect adults of all ages.
Reasonable Paid Time Off (PTO)
More and more employers are choosing to add paid time off (PTO) to their employee benefits package and for good reason. Paid time off can offer protection for both employers and employees. With PTO, workers do not have to make up stories about being sick as they have the right to take PTO at their discretion. Employers can stay protected by establishing guidelines designed to maintain productivity. For example, a company may require employees who request PTO to provide at least two days of notice.
There are many types of PTO benefits to consider adding to your package, such as paid holidays, paid sick days, paid vacation days, funeral leave or bereavement, and paid personal days.
Retirement Packages & Other Types Of Insurance To Consider
Retirement benefits are a must-have for modern companies with 401ks being the most popular plan available. Offering retirement plans is a great way to help your employees plan for their future. These plans can also be highly attractive to job candidates, giving businesses a recruiting advantage. They can also provide companies with significant tax advantages. In addition, if your company has high start-up costs or minimal cash on hand, a retirement plan could help supplement your employee compensation package.
While health, dental, vision, PTO, and retirement benefits are some of the most well-known employee benefits, they are far from the only ones. Another benefit to consider adding to your benefits package is life insurance. Life insurance can provide peace of mind to employees who may be concerned about how their families will make it financially in the event of their death. Other excellent employee benefits include health care flexible spending accounts (FSAs), stock options, and fringe benefits like wellness programs, tuition reimbursement, relocation and housing options, and commuter benefits. While it is not necessary to acquire all of these benefits, your package should be well-rounded.
Reach Out To A Professional PEO Consulting Firm
An employee compensation package should consist of more than just salary. There are many key benefits that are not only desired by modern employees, but expected. From perks like health insurance to paid time off and retirement plans, these types of benefits can be highly attractive to top talent and can help ensure that your existing staff sticks around for the long-haul.
As putting together a good employee benefits package can be challenging, it is a good idea to speak with professionals in the field. For more information about what a good benefits package consists of or for assistance putting together the best package, contact the PEO consultants at BenefitCorp by calling 972.737.7875 or by requesting a quote online.