Employee benefits are the non-wage compensations offered to employees. Although there are mandatory benefits provided by employers, it’s still important to have an extensive benefits package. These incentives focus on the welfare and well-being of an employee and play an important role in accepting job offers.
Finding out the most important benefits for your employees can help keep them productive and motivated. Plus, it can encourage long-term employment and limit employee turnover for your business.
What To Consider in Choosing Employee Benefits
In choosing which benefits to offer your employees, one of the factors to consider is their demographic. Different people will likely have different preferences when it comes to incentives. For instance, those with families would prefer getting health insurance, while those who are single or starting their career would appreciate paid time off. By knowing what comprises your workforce, you can determine what will be most valued by your employees.
Another factor you can consider is your company’s industry. You can look into similar businesses to know what is being offered and use that information to customize your own. Offering benefits that are not readily available is also another way to bring in employees.
The Most Important Benefits for Employees
Knowing what your people need is crucial in choosing employee benefits. According to the results from a survey conducted by Society for Human Resource Management (SHRM), the most important benefits to most employees are:
- Health Care Benefits – Health care is one of the most important incentives among all generations. Since it can also be quite expensive for an individual, having this benefit increases the chances of applicants being interested in your job posting. There are many options to choose from when it comes to health care benefits. Some of these include health and life insurance, dental or vision insurance, disability insurance, and others.
- Leave Benefits – Having a leave policy that can give your employees a chance to rest and recharge is essential for their overall wellness. This includes paid vacation and sick leaves. You can also opt for a paid time off (PTO) policy wherein vacation, planned leaves, and sick days are combined.
- Retirement Benefits – A 401(k) plan is a retirement plan commonly offered by employers to their employees. It is where both the employer and employee make contributions and help the latter save and grow their retirement funds.
Reach Out to Us for the Best Employee Benefits Packages
Knowing which incentives are most beneficial for your employees can help you decide on the package you should offer. Call us at Midwest Employee Benefits to learn more about employee benefits. We serve clients in Sioux Falls and the Upper Midwest.