Competitive Employee BenefitsMarch 24, 2016 1:05 pm
Building a successful business means more than just selling more products and services. It means having an impact on the lives of your customers and your employees. Not too many years ago employee benefits meant merely health insurance and retirement packages. Now the business landscape has changed. What other benefits can employers offer their workforce to make a company more competitive and attractive to the highest level employees?
- Dental Insurance – An insurance plan that not many companies offer is a dental plan. Dental insurance is a common benefit though not required by law. Employers have options of choosing Fully-Funded Employer Plans, Partially-Funded Employer Plans or Fully-Funded Employee Plans depending upon the level of funding you plan to give.
- Flexible Spending Accounts– Flexible spending accounts, or FSAs, are a means of helping benefits set aside money on a pre-tax basis in order to cover basic medical expenses. Pre-taxed dollars are taken directly from the employee’s paycheck and deposited into the account to be used for out-of-pocket medical expenses.
- Vacation Time – As an employee accrues seniority their paid vacation time can increase. This is a common practice usually starting at two weeks for new employees.
- Flextime– This attractive benefit is a great option for many parents who find it impossible to work a normal workday and care for children or an elderly parent. Under a flexible work arrangement, an employee can choose to work typical business hours so long as they complete assignments in a timely manner.
- Remote Working– Yet another option that may fall into a benefit category is remote working for employees that need to work at home for part, or all, of the day. Believe it or not, remote workers tend to be efficient and productive unlike the stereotypical “work at home” situations of the past.
- 401K Plans – Competitive base pay, health insurance and a 401(k) plan are usually the must have benefits necessary to attract and keep talent in your company.
- Long/Short Term Disability– This is an insurance policy that protects an employee from loss of income in the event that he or she is unable to work due to illness, injury, or accident for a long/short period of time.
- Vision Insurance– While not a common insurance benefit many companies are now offering a low cost option. Vision insurance pays for employees to have regular vision examinations and pays for a percentage of the cost of corrective equipment.