Important Work Benefits for Your Employees
Employers Resource helps every business at all stages with growth and development. Find out why we offer the best Cheap Business Health Insurance and much more! Call us today at (800) 559-2350.
Many employees consider the work benefits plan offered by their employers to be as important as the wages. Some of the most important factors are health insurance for the employee and his/her family. As an employer, offering such benefits can be costly, but it can also help in drawing the best talents and skills. So what are the most important benefits that you should focus your resources on?
This is considered to be the most important among all the work benefits. Studies show that more employees end up being satisfied with their job when they get better health benefits. An organization can offer group health insurance or premium for its employees’ individual health plan. Group health plans are the traditional forms of health cover provided by employers. It is up to the employees to decide if they will be becoming part of the employer-provided health insurance cover or not.
An increasing number of employers are now allowing their employees to take individual health cover. The employer provides work benefits as allowance for the insurance. The company will be bearing the cost on an annual basis. The employee has the freedom to choose the type of cover he or she finds most suitable to his/her condition. The employer may cover the entire cost of premium or may make a contribution to it. The employee will have to purchase the plan, but gets reimbursed up to the amount agreed to.
The next important type of work benefits offered by employers is the retirement benefit. You can also contribute to your employees’ 401(k) retirement plans, where the employee is required to contribute a specific percentage. As an employer, you can determine whether to match the amount to a certain percentage. You may also consider offering pensions in conjunction with 401(k) or as an entirely separate package. If you decide to do so, keep in mind that it will fall under the scrutiny of the Employee Retirement Income Security Act (ERISA) 1974. This law lays down the regulations for all pension plans offered in the private sector.
Family leave is another type of work benefits sought after by many workers. The Family Medical Leave Act (FMLA) allows employees to take up to 12 weeks of unpaid leave during a year. This leave is allowed with job protection and can be taken for a number of purposes including:
- For providing care to a family member with serious medical condition.
- For birth/adoption of child.
- For his/her own serious medical condition.
There are certain conditions that need to be fulfilled before an employee can take leave under the FMLA.
Some employees may also seek additional work benefits such as life insurance cover. It is not mandatory for the employer to provide this cover. The insurance will protect the worker’s family in case of his/her death. The benefits will be paid in lump sum to the beneficiaries.
Workers are allowed to get life insurance cover as part of the group plan sponsored by the employer. Usually, most employees will be covered under such a group insurance. But workers can also consider buying privately, but it could be costlier to them.
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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