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Important Things To Include In An Employee Benefits Package
Last Updated on: September 20th, 2024
There is a lot for a candidate to consider when choosing where to work. They will think about the salary, the schedule, the work environment, and the culture, but oftentimes, the thing that can make or break the decision is the benefits.
The benefits package offered by an employer can provide a ton of value to candidates, and will be something that factors into any decision they make. If you want an employee benefits package that attracts top talent and keeps employees happy, there are a few things you need to keep in mind.
Health Insurance
The first thing that should be included in your benefits package is health insurance. Health insurance gives your workers some financial assistance when paying healthcare-related costs like doctor visits, procedures, emergency care, and more.
It is an expensive addition to your benefits package, but can have a huge impact on your ability to attract and retain workers, and is even required in some cases. There is general health insurance, but you can also offer things like vision coverage, dental insurance, life insurance, and more.
Whether they visit a walk in orthopedic clinic or need to get a new pair of glasses, your employees will be incredibly happy and grateful for their coverage and how much it was able to save them.
Paid Leave
Another benefit is paid time off (PTO) or leave. Every now and then, an employee will need to take a day or a few days off because they are sick or on vacation, because their child is sick, or they simply need time off for personal reasons.
Paid leave as a part of a benefits package ensures that workers who take days off for these reasons will still be paid. Many companies allow their workers to accrue paid time off as they work, while others will provide X amount of paid days off per year. Either way, not having to worry about missing out on your pay when taking a day off is a great feeling.
There are different types of PTO policies that companies can choose, so make sure you are aware of the differences and benefits/drawbacks, so you can choose the right one.
Related: The Future Of The Employee Retention Credit: What To Expect In 2023 And Beyond
Additional Compensation or Incentives
The existence of additional compensation as a benefit can also be a good choice for beefing up your benefits package to help attract a higher caliber of workers. Additional compensation is basically any type of money offered on top of what they are usually paid.
This could be different types of bonuses, commissions, stock options, awards, gifts, or a variety of other things. These can be built into the contract or given at the boss’s discretion. These incentives are often offered to help workers be as productive as possible and produce better results.
Whatever you choose, make sure to have a transparent policy outlining the additional compensation/incentives, and what workers need to do in order to get them.
In conclusion, these are some of the best inclusions to consider in your employee benefits package.
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