Why Benefits Administration Could Be More Important Than Your Salary?
Employers Resource helps every business at all stages of growth and development offering Employee Benefits, Payroll Services, Human Resource Compliance, Workers’ Compensation, and Full Service HR Packages! Want to find out more? Call us today at (800) 559-2350! Let’s take some weight off your back.
While attending job interviews, employers often try and attract prospective employees with handsome pay packages. While a high sounding salary is always good, a package that includes Benefits Administration like healthcare and vacation plans would mean a more long-term relationship.
Basic Benefits could be in areas of:
- Workers Compensation
- Performance bonus
- Individual Retirement Account (IRA)
- Vacation and holiday time off
- Social security Taxes
- Workplace perks
Additional benefits could be:
- Financial literacy– Employees who are constantly worried about finances and retirement savings tend to be distracted and unable to be productive at work. Financial counseling would aid them to focus and regain control of their lives.
- Scheduling autonomy– Flexibility in workplaces greatly increases employee satisfaction, and also leads to better engagement. Employees are thus more invested in the outcomes.
- Prepaid legal services– Employees need legal advice regarding wills, real estate planning or closing. Prepaid legal services would alleviate the cost.
- Food– Providing healthy food options like an in-house cafeteria, as part of an over-all wellness program.
- Subsidized child care– On-site childcare during night shifts, childcare subsidies are important factors for working parents who constantly struggle with family obligations.
Benefits Administration packages
Benefits Administration takes into account special needs of particular employees, part-time and temporary recruits and changes in government regulations. By maintaining track of basic employee information like date of recruitment, marital status, dependants, number of working hours and attendance Employee Benefit programs can be customized according to individual needs.
Special need benefits
As an employee taking care of children and ageing parents, employee benefits, which will aid in dependent care like flexible hours, or telecommuting and flexible spending account are an important reason to stay on in a company. Healthcare coverage and sufficient time off ensures employee satisfaction and greater work-life balance.
Often it is these benefits, rather than a higher wage that will retain an employee after they are hired and stop them from taking up the next higher paid job. Employee Benefits ultimately leads to better work habits and reduced employee turnover. They drive employee engagement and provide security, helping them to stay on the job even during tough times.
Selecting the right Benefits Administration Package
Employees have to consider their specific needs and circumstances while choosing appropriate benefits. Often a general approach may not be feasible. Ideally employees should be able to pick and customize part of the package to their requirements. Benefit packages that offer flexibility and choice, and drive participation are a better investment.
Health care, paid vacation, retirement plans, all these benefits give employees a reason the feel happy valued in their present job. They feel like they are valued and it directly affects their outlook and work potential. Any company who incorporates a strong Benefits Administration program stands a better chance of recruiting and retaining talent in a global competitive market.
Making work and life integrate better by relieving employee stress is an important consideration for employee benefit schemes. Employees face challenges everyday and employers who can help solve them will always be a better option when a choice has to be made.
Employers Resource helps every business at all stages with growth and development. Find out more! Call us today at (800) 559-2350.
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