Pay in any company is a big motivating factor, but employees must know about the different employee benefits, and that compensation is more than salary and bonuses.
Fremont, CA: Employee wellness is a key factor in the overall growth of the company, hence exercising the employee benefits is crucial. Below are listed some of the essential workplace benefits-
1. Plan for retirement savings
A retirement savings plan is a must-have benefit, employees must be conscious of this benefit and should plan to fund their retirement.
2. Match employee contributions
Employers might incentivize employees to stay with the company longer by implementing a vesting timeline for those employees who match payments up to a particular amount.
3. Health Insurance
Health insurance, along with dental and vision insurance is a must-have in any company if they want to attract and retain key talents.
4.Group Disability Insurance
About 25 percent of 20-year-olds will become disabled before they reach the age of 67 according to the Social Security Administration. This type of coverage can be made accessible to the employees through a group disability insurance plan.
5. FSA and/or HSA
Flexible Spending Accounts or Health Savings Accounts are other important benefits where employees can save money for future health care. HSAs have higher annual contribution limits than FSAs and the funds roll over year to year if employees don't spend them.
6. Repayment assistance for student loans
In America, most businesses have employees dealing with financial issues because one out of every five adult Americans carries student loan debt. A future time is highly anticipated when the students and graduates are assisted by the government to pay for their education.
7. Flexible work schedules
Facilitating working remotely from home, and during non-conventional hours is a benefit employee will appreciate and will cost the employers very less.
8. Tuition Reimbursement
Tuition reimbursement is a great initiative for employees who want to earn a degree, take specific classes, earn an industry license or certification, etc. Employers offering tuition reimbursement will cover a specific amount of an employee’s professional development expense.
9. Relaxation and recreation
In inactivity areas, comfortable chairs, or nap pods, companies must make sure there is ample scope for the employees to recharge themselves.
10. Paid parental leave
Paid leave for new parents is one of the most attractive benefits, at least until domestic laws mandate paid family leave.
