With every new hire, you can set your company up for success. And what better way to do that than by offering your team the best possible benefits? As a new employee, you’ll want to know what you’re getting into before you sign on the dotted line, and you must know what those things are.
Employee benefits are a critical part of any company’s culture. They’re the things that make an employee feel valued, and that helps them stay engaged in their role.
Every company wants to hire the best employees, so it’s important to offer benefits that attract and retain them. Here are some of the most common benefits that can help you recruit and keep top talent:
1. Health Insurance
One benefit that every company should offer new hires is health insurance. When you can provide health insurance, like Integrity Life, as part of your benefits package, you’ll find that many more candidates are willing to apply for positions with your company. There are several types of health insurance plans:
- Employee-Only Plans: These cover only the employee, not their spouse or children.
- Family Plans: Family plans cover both employees and their spouses and children.
- Domestic-Partner Plans: These are similar to family plans, except domestic partners, including same-sex couples, can qualify for coverage under these plans.
- Specialty Plan: These plans usually have a specific focus, such as dental or vision coverage, but they aren’t considered comprehensive health insurance policies because they don’t cover other medical needs like prescription drugs or mental health treatment.
Health insurance costs continue to rise, but it’s still a crucial part of any benefits package. It can be expensive for companies, but it’s often cheaper than offering no coverage.
2. Wellness Benefits
One of the most important benefits employers can offer is a wellness program. Wellness programs help employees take control of their over well-being by providing on-site services that can help them unwind or regain their vigor/health after getting sick. Fitness centers, wellness adventures, music or break rooms, and lounge areas are typical inclusions.
Wellness programs benefit both employers and employees because they help keep people healthy and happy in the workplace. In fact, a study by the National Business Group on Health found that companies with a comprehensive employee wellness program and, generally, good employee engagement strategies have lower healthcare costs than those without them.
3. Paid Leaves
Companies will grant paid leaves to employees who complete a probationary period of about 30–90 days, or once they become regular employees. Generally, paid leaves aren’t legally mandatory and typically cover sick time, vacation time, and personal time (for example, childbirth).
Paid time off reduces unscheduled absenteeism and improves employee retention since it aims to lower stress levels and boost employee well-being.
In some states, parental leaves are mandatory. Studies show that paid parental leave can positively impact parents, children, and the company. Parents who receive paid leave are more likely to breastfeed longer, for example, which has been linked to better health outcomes for both mother and child and decreased risk of obesity later in life. In addition, mothers who take paid maternity leave are more likely to return to work after giving birth compared to those who don’t get paid.
4. Employee Assistance Plans
If you’re looking for a way to help your employees with their personal problems, employee assistance plans (EAPs) are the answer. EAPs are a great way to offer your employees peace of mind and support when they need it most.
Companies mainly offer EAPs because they want their employees to be healthy and happy. It’s a win-win situation because you see less employee turnover, your company saves money on health insurance premiums, and your employees are happier in their jobs because they feel supported by their employers.
All companies need to have a good work-life balance so that employees don’t get burned out from working too hard. This often means offering flexible hours or allowing employees to leave early on Fridays if their workload is light that week. But with an EAP, you can provide even more support than just flexible hours because you’ll have access to mental health professionals who can help employees with any issues that may be causing them stress or burnout at work.
5. Retirement Plan
A retirement plan allows employees to save for their future and have financial security when they retire. It also allows them to enjoy long-term financial security because they won’t need to worry about how they’ll afford their expenses once they stop working.
The two most popular retirement plans are defined contribution plans and defined benefit plans. A defined contribution plan provides your employees with contributions from your company and themselves, whereas a defined benefit plan guarantees a certain amount upon retirement based on how much money has been contributed over time.
A 401(k) plan is a defined contribution plan many companies offer their new hires as an employee benefit. A 401(k) allows employees to make contributions before taxes are paid each month, lowering their taxable income. If you make contributions to your company’s 401(k), then these contributions will be matched by your employer up to a certain percentage (usually 50%).
Employee benefits can help a company establish a positive work environment and culture, as well as attract new employees. These five benefits are the foundation of a great employee experience and will only help you attract and retain the best talents and grow your business.