Fifty-seven percent of people report benefits and perks as one of the most important considerations before accepting a job, according to Glassdoor1. Employee perks help create employee satisfaction, productivity and loyalty. Offering the right employee perks could be an important part of your business strategy.
Health insurance is probably the most important employee benefit. Candidates will look closely at health benefits when considering offers of employment. If you can cover the full cost of premiums, or even a significant percentage, you will have a recruiting advantage. The more robust plans offer medical, dental, and vision coverage.
Health insurance can be a substantial cost to employers. Small businesses typically pay a portion of their employees’ monthly premiums. Joining a PEO can help small to mid-sized businesses offer more attractive medical benefits at competitive cost.
Flexible Work Policy
A flexible schedule is the most desirable benefit after health insurance. Telecommuting in becoming more common across industries as technology improves. Working from home increases employee satisfaction, and remote employees can save employers money.
Most companies offer a traditional 401(k) plan as an employee benefit. With this type of plan, companies can match a portion of employees’ contributions. Employers and employees both get tax benefits when they contribute to a 401(k) plan.
Group Life Insurance
Group life insurance is one of the most cost-effective benefits you can offer. Monthly premiums are inexpensive, especially for younger employees. Most larger companies offer it, but including it in your benefits package can distinguish you from other small and mid-sized competitors.
For some employees, paying down student loan debt takes priority over saving for retirement. Employers who consider this benefit will go a long way in retaining and attracting this employee population.
1 Source: Glassdoor’s 5 Job Trends to Watch in 2016, Glassdoor, 2016