Workers get a benefits package from their employers through various discounts and freebies. Often referred to as “nonwage benefits,” these things include a wide range of resources that workers may utilize to care for themselves and their families, create a work-life balance, save money, and more.
Health insurance, for example, may be required by law in certain places, while paid time off is sometimes used as a recruiting tool to entice top talent to work for a specific organization.
Benefits packages: what to offer employees
The professional employer organization (PEO) and the insurance broker can assist you in providing the following advantages to your employees, which are increasingly popular among businesses.
Protective medical coverage that includes:
When considering a new job, an individual's health insurance coverage may be a significant factor. Help your staff and their families get the routine and preventative care they need by providing various options and plans.
Dentist visits, including regular checkups and preventative treatment, are expensive. A good plan allows workers and their families to get preventative and emergency care without breaking the bank.
Millions rely on vision insurance to access low-cost or even free eyeglasses. For many workers, this relieves their financial situation.
Health insurance FSAs allow workers to put away money before taxes to pay for future medical care needs.
Investing in a 529 plan for college:
Introduce a 529 plan to your staff to encourage them to save for their children's future school expenses.
401(k)s and similar retirement savings programs: Facilitate retirement savings for your staff by setting up regular payroll deductions to a retirement account. Additionally, your employer may double or triple your contributions if you've been there for a certain period or have reached a specific salary threshold.
Further coverage (such as life and disability):
If anything terrible happens to an employee or their family, life and disability commercial insurance may be a lifesaver.
To show that you care about your workers' well-being and ability to strike a healthy work-life balance, you must provide them with time off for vacation, illness, and personal matters.
As part of a pretax commuter benefits plan,
This will be especially useful if your business is located in a sizable metropolitan area. For instance, in New York City, every business that employs 20 or more non-union full-timers must have such a program. If you can show your staff that you care about making their workdays more accessible, they will be grateful, even if it isn't required of you.
In the wake of the 2009 COVID-19 outbreak, several companies implemented new policies allowing employees to sometimes or permanently work from home. This choice also helps workers save on transportation expenses and attain a better work-life balance.
Equity compensation in stock options is standard in new companies to reward employees for their long service or for joining at the company's inception. If the firm goes public, the perk allows workers to buy shares at a discounted rate for a certain length of time.
