Companies become attractive employers by offering great remuneration and positive workplace culture. However, employee benefits are crucial for organizations competing for top talent.
Here are the most sought-after perks to offer your employees today.
1. Health Benefits
As healthcare costs keep rising day by day, employers can stand out in the labor market by offering unique health benefits. Most employees value these perks and will stay or leave their current job based on coverage availability.
There are several ways to offer employee benefits insurance plans in your company. These include:
With this approach, you can buy a group health insurance plan or several plans. Your staff can then choose to join the employer-sponsored program.
Instead of purchasing group health insurance, you can let your employees buy their preferred plans and then reimburse the cost. You can also cover their out-of-pocket expenses for eligible care services. A healthcare reimbursement arrangement (HRA) has numerous advantages for both employers and employees. These include:
Small businesses can avoid the high cost of group health insurance while offering a health plan good enough to remain competitive.
With an HRA, an employee isn’t confined to coverage options selected by their employer. Instead, they can shop for a health plan that best satisfies their requirements. The employer would then reimburse the premiums paid to the employee benefits insurance company.
2. Retirement Perks
Everyone hopes for a financially stable life after retirement, which can be a pipedream without adequate savings. This is one area you can leverage to endear your company to existing and prospective employees. When you offer a retirement plan, you let your employees secure their future early on in their careers. All you need to do is deduct allowable contributions from participating employees every year.
A major advantage of qualified retirement plans is that the contributions are tax-deferred. It may also be possible to switch to a different IRA to defer taxes on the contributions.
3. Flexible Workspaces
Workplace flexibility is a great way to show your employees that their physical and mental health is important to the success of everyone in your organization. It entails offering flexible salaries and work schedules to create a healthier work environment. Time off and paid sick leaves are among the most important factors employees value when deciding to stay with an employer.
4. Employee Wellness Programs
It’s no longer enough to advise your employees about going to the gym or exercising. Establishing a culture of health at your workplace requires a deliberate investment in employee wellness programs. Practical ideas include sponsoring gym memberships, wellness training programs, or even smoking cessation interventions. These initiatives can help you build a healthy and productive workforce and boost your attractiveness as an employer.
5. Tuition Reimbursement
Higher learning is a viable way for ambitious employees to advance their careers and attract better pay. On average, college degree holders earn around $48,000 a year. You can help your employees scale the corporate ladder for higher remuneration by offsetting their higher-learning tuition fees.
Consider investing in competitive benefits programs to stand out as an employer with workers’ best interests at heart. If you need help from a reputable employee benefits insurance company in California, contact us at Knight Insurance Services today. Our team of experts will work with you to create the best coverage plan for your budget and employees’ health needs.