what are some employee benefits

Full Answer

Health Insurance

• Health care benefits: 95%
• Retirement benefits: 71%
• Leave benefits: 50%
• Flexible working benefits: 29%
• Professional development benefits: 17%
• Wellness benefits: 11%
• Financial benefits: 6%
• Family-friendly benefits: 3%

Benefit Basics

What are the four major types of employee benefits?

• Insurance. This category includes health insurance (dental, medical, vision), life insurance, and disability insurance.
• Retirement. Retirement benefits help employees feel more secure about their future after retirement. ...
• Time off. ...
• Additional compensation. ...

Legal Matters

Try highlighting the value of benefits.

• Share how your team came to benefits decisions. When an employer makes a big change to its benefits offering, employees deserve to know why. ...
• Give them a peek at industry standards through benchmarking data. ...
• Every benefit has a story behind it. ...
• Don’t underestimate the value of a total compensation statement. ...
• Open enrollment, smopen enrollment. ...

Expensive Errors

Listen to employee concerns and be open to having uncomfortable conversations while being transparent. Giving your employees all the information necessary to make the best decision for themselves and their families can drive engagement, increase retention, and open the door for more communication.

Cost Containment

What benefits do your employees really want?

What are the four major types of employee benefits?

Which benefits do employees value most?

What are the best benefits to offer your employees?

What are some examples of employee benefits?

Examples of benefits within a package may include:Medical insurance.Dental and vision coverage.Profit-sharing.Stock options.Retirement benefits.Wellness benefits such as reimbursement for gym memberships or race registrations, weight loss programs, and smoking cessation.More items...•

What are 5 employee benefits?

Here is a list of the top five types of benefits employers can offer to employees - each can be a valuable tool for recruiting and retaining employees.1) Health Benefits. ... 2) Retirement. ... 3) Workplace Flexibility. ... 4) Wellness Program. ... 5) Tuition Reimbursement.

What are the 4 major types of employee benefits?

There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. Below, we've loosely categorized these types of employee benefits and given a basic definition of each.

What are most common employee benefits?

Here are the most common employee benefits: Health insurance. Disability insurance. Dental and vision insurance.

What is a 5 example of benefits?

The most common benefits are medical, disability, and life insurance; retirement benefits; paid time off; and fringe benefits. Benefits can be quite valuable.

What are good benefits?

Better health, dental, and vision insurance topped the list, with 88% of respondents saying that they would give this benefit “some consideration” (34%) or “heavy consideration” (54%) when choosing a job.

What are 4 benefits?

What are the four major types of employee benefits? These include medical, life, disability, and retirement. Here is a closer look at these employee benefits and why they are often offered by business owners.

What are core benefits for an employee?

Core Benefits means retirement, separation pay, paid time off, medical (excluding retiree medical), dental, vision, life, short-term and long-term disability plans or coverage.

What benefits should employers offer?

Vacation, health insurance, long-term disability coverage, tuition reimbursement, and retirement savings plans are just a few of the many benefits employers may offer employees.

What are employer provided benefits?

Types of Employer-Provided Benefits and Perks. In addition to benefits required by law, other benefits are provided by companies because they feel socially responsible to their employees and opt to offer them beyond the level required by law. Depending on the company, these benefits may include health insurance ...

What is an employee benefits package?

An employee benefits package includes all the non-wage benefits, such as health insurance and paid time off, provided by an employer. There are some types of employee benefits that are mandated by federal or state law, including minimum wage, overtime, leave under the Family Medical Leave Act, unemployment, and workers' compensation ...

How many hours does an employer have to provide health care?

Employers are required to provide health care to employees who work at least 30 hours per week. 4 Some (though not many) part-time workers are covered by employer plans.

How many non-government employers offer health benefits?

Among non-government employers, 87% offered health benefits according to the BLS. Another 67% offered their employees a pension or retirement program. 3. In addition, more employers are using bonuses, perks, and incentives to recruit and retain employees.

What are the minimum standards for health insurance?

Under the Patient Protection and Affordable Care Act (Obamacare), minimum standards are set for health insurance companies regarding services and coverage. Most employers with 50 or more employees are required to offer healthcare plans or pay a fine.

What is the purpose of disability and workers compensation?

The purpose of both workers' compensation and disability is to make sure that an injured or sick employee continues to get paid (usually a portion of their normal pay) until they are well enough to return to work.

What are the benefits of a business?

These perks, also known as "benefits in kind," can include: Bonuses; profit sharing. Medical, disability and life insurance. Paid vacations. Free meals. Use of a company car.

How does employee benefit affect HR?

Employee benefits have a significant impact on the administrative aspect of HR, especially when regulatory issues are involved. But there are ways to manage benefit plans more effectively to save time and reduce the possibility of mistakes. Here are five things to consider:

What is retirement benefit?

Retirement. Retirement benefits help employees feel more secure about their future after retirement. In the U.S., for example, a common benefit is the 401 (k) in which both company and employee make defined contributions to the employee’s account on a regular basis.

Why do employers pay attention to demographics?

Also, some employers pay attention to the demographics of their employee base to give everyone the benefits they need most based on their characteristics. For example, in order to retain and engage millennials, businesses may offer them benefits such as student loan repayment support and co-sign support for auto loans.

What is fringe benefit?

Before we get into the nitty-gritty of employee benefits (or fringe benefits), let’s define the term: Employee benefits are any kind of tangible or intangible compensation given to employees apart from base wages or base salaries. This employee benefits definition points to examples of job benefits such as insurance (including medical, dental, ...

How do employees choose to invest?

Employees choose how to invest contributions, or how much to contribute from their paycheck through pre-tax deductions. Employers may also contribute, in some cases by matching a certain percentage of employees’ contributions. At retirement, employees receive the balance in their account.

How to find the right software for HR?

To find the right software, do your research and make a compelling business case. Measure benefits and costs diligently . This will be the responsibility of the finance department, but it’s important for HR to keep track of rising or plummeting costs and gains.

Does disability insurance cover long term disability?

Disability insurance may cover long-term and short-term disability or illness. For example, if an employee gets sick, they can receive payments for as long as their sickness lasts. In the U.S., some employers may sometimes use short-term disability policies to fund paid maternity leave for female employees.

What are the benefits of working at a company?

1. Unlimited Vacation Time. One of the more appealing employee benefits that any company can offer is unlimited vacation time. Employees must work a certain amount of hours to earn vacation time, but that vacation isn't capped. 2. Healthy Cafeterias and Snack Machines.

How to put together a perks and benefits program?

When putting together a perks and benefits program, make sure you have a clear idea of what behaviors you'd like to influence in your employees, such as better health and well-being, and design it around these goals. Be creative, and don't forget to poll your employees to find new ways to sweeten the compensation.

What to do when employees feel part of something?

When employees feel part of something, they enjoy sporting branded merch andise. Work with a local printer to create low-cost corporate swag like water bottles, t-shirts, and more. Hand them out as incentives, at company events, and to new hires.

What is supplemental insurance?

Supplemental Insurance. There are a number of supplemental insurance programs that can be offered at group rates to employees for pennies on the dollar. Things like spousal life insurance, pet insurance, cancer care, and hospital cash plan can be valuable to employees who need this extra level of coverage. 7.

How to increase employee health and well-being?

Having access to healthy meals, snacks, and beverages can go a long way toward increasing the health and well-being of employees. Find a vendor to bring in healthy snacks at wholesale and ditch the sweets and sodas.

What is flexible working arrangement?

Flexible working arrangements can also support this benefit without cutting down on productivity.

What is the most common benefit for an employee?

The most common type of employee benefit is health insurance. Corporations, small businesses and even non-profit organizations offer health insurance for their employees. The health insurance provider, the details of the policy and the amount of coverage are usually decided upon by the company. In some cases, if an employee already has health insurance, they can make a request or negotiate to keep their original healthcare plan.

What are the benefits of an employer?

Here are the most common employee benefits: Health insurance. Disability insurance. Dental and vision insurance. Life insurance. PTO/paid holidays. Retirement planning. Family leave.

Why do employers prioritize quality benefits?

Many employers prioritize offering quality benefits because they contribute to employee satisfaction, retention and overall productivity.

What is the importance of employee benefits?

Employee benefits are an important part of any employment contract. Before taking a job offer, be sure to carefully consider the employee benefits package and do not be afraid to ask about the possibility of adding more perks. Most employers value their employee’s satisfaction, and some may be willing to negotiate the terms ...

Why do employers give PTO?

The goal of giving PTO on holidays is to allow employees (and the employer) to spend quality time with loved ones.

What is long term disability insurance?

Long-term disability insurance protects you by making sure you will not lose your salary if you become unable to work for a long period of time. Long-term disability insurance is one of the most valuable components of an employee’s benefits package.

When you agree to work for a company or organization, should they offer you an employee benefits package?

When you agree to work for a company or organization, they should offer you an employee benefits package. Many individuals take the quality of a comprehensive benefits package into account when deciding whether or not to accept a job offer.

What are the benefits of a private employer?

Here are the essential workplace benefits that help your employees protect their physical and financial wellness. 1. Retirement savings plan. This has become a must-have benefit for all private employers, as nearly all of today’s workforce will be responsible for funding their own retirement. 2.

What percentage of employers offer paid maternity leave?

According to the Society for Human Resource Management (SHRM), 35 percent of employers offered paid maternity leave in 2018. 15. Volunteer time off.

What percentage of workers have short term disability?

According to Bureau of Labor Statistics, 42 percent of private industry workers had access to short-term disability insurance plans offered by their employers in 2018. About 34 percent had access to employer-sponsored long-term disability plans.

How to make sure your workplace has access to mental health resources?

Scheduling animal therapy sessions from time-to-time is another way to make sure your workplace has access to the mental health resources it needs. Just make sure any allergy-sensitive employees work from home that day, and it's a win-win for everyone.

What is an FSA account?

Flexible Spending Accounts (FSAs) or Health Savings Accounts (HSAs) are special accounts where employees can save money for future health care needs through payroll deduction. An added bonus is that all money they allocate to one of these accounts is deducted from their taxable income.

What percentage of people will be disabled by age 67?

According to the Social Security Administration, about 25 percent of 20-year-olds will become disabled at some point before reaching age 67. Short-term disability and long-term disability both replace some of the pay workers lose when they cannot work because of an injury or illness that is not related to their job.

Does tuition reimbursement cover professional development?

Employers who offer tuition reimbursement will cover a specific amount of an employee's professional development expenses.

What is employee perks?

Employee perks are additions to employee compensation — which includes salary and benefits. Perks are not required by law or considered basic necessities. They typically help define and reinforce a company’s overall culture and are considered important parts of enhancing the employee experience.

Why do companies offer perks?

There are certainly altruistic reasons companies can offer perks. Whether it’s a flexible work schedule, parental leave or the occasional free lunch, perks can make employees happy. But beyond altruism, perks can play an important role in employee experience and engagement.

How do perks affect employees?

Perks and benefits can impact hiring, retention and employee satisfaction. Benefits like health insurance, dental care or retirement plans are considered part of the overall compensation package. And perks can be the icing on the cake to help boost a company culture that encourages employees to pursue a positive work-life balance, get and stay healthy, continually learn or many other attractive attributes. All this can have beneficial effects on employee wellness, productivity and engagement.

How to attract and retain great employees?

One of the best ways to attract and retain great employees is with competitive benefits and perk packages. After pay, robust benefits — especially health benefits — are routinely cited as the most important factor for employees when considering a position. Workplace offerings that used to be seen simply as perks, such as remote work, ...

What percentage of employers offer wellness programs?

Wellness programs: Wellness programs are offered by more than half of employers in the U.S. Programs focused on particular health conditions (24%) and health screening (31%) have declined, and benefits like quiet rooms (21%), fitness activities (about 30%) and standing desks (60%) have increased. Into 2021, expect a push on perks ...

Why are wellness benefits important for small businesses?

But well-designed health programs that include wellness perks can lower costs in absenteeism, workers compensation and disability. Some perks may be tax deductible.

Is vacation reimbursement a paid vacation?

Vacation reimbursement: At some companies, paid vacation is actually a paid vacation. Expedia offers leisure travel reimbursement, as well as discounts. Evernote offers employees a $1,000 annual vacation stipend to travel somewhere new. And Airbnb provides an annual travel and experiences credit.

4 Fundamental Employee Benefits Packages and Perks

For organizations looking to get their employee benefits packages and perks kick-started, there are a few fundamental ideas to keep in mind.

6 Mental and Physical Wellness-Focused Employee Benefits Packages and Perks

There’s a growing trend towards supporting the mental and physical wellbeing of employees. That’s why incorporating the following employee benefits packages and perks can be a great call for originations.

4 Development-Focused Employee Benefits Packages and Perks

Investing in the development of your employees benefits both the team member and the organization. By offering opportunities for employees to develop their skills and increase their knowledge, you’ll show them you care while also making them more valuable to your company.

4 Family-Focused Employee Benefits Packages and Perks

For employees with children, juggling work with raising their kids can be a difficult juggling act, making family-focused employee benefits packages and perks a huge plus for your team members.

10 Outside-the-Box Employee Benefits Packages and Perks

If you’re looking to adopt some progressive employee benefits packages and perks, these are some ideas that are becoming increasingly popular with organizations across the world.

5 Monetary and Material Employee Benefits Packages and Perks

Sometimes, the most valuable employee benefits packages and perks come in the form of monetary compensation or material items.

1. Starbucks

Starbucks is a chain of coffee shops that sell drinks and food to customers. Some benefits they typically offer to employees include:

2. Facebook

Facebook is a social media platform that helps people connect by letting them create profiles and communicate with other members of the platform online through posts and private messages. Here are a few benefits that Facebook offers to its employees:

3. Campbell Soup Company

Campbell Soup Company is a food company that sells products like soups, canned meals, baked goods and beverages. Some of the most attractive benefits that Campbell Soup Company offers to its employees can include:

4. Sage

Sage is a technology company that aims to help small companies grow their businesses and improve their operations with their software products. Here are a few employee benefits that Sage typically provides for its employees:

5. Spotify

Spotify is a music streaming service that allows customers to purchase subscriptions and access an extensive cloud-based music library. Here are some of the most popular benefits that Spotify offers:

6. Costco Wholesale

Costco Wholesale is a retailer that sells memberships that allow customers to visit their warehouses and purchase products, often in bulk quantities. Some particularly attractive benefits that Costco Wholesale offers to its employees can include:

7. Cornerstone OnDemand Inc

Cornerstone OnDemand Inc. is a technology company that sells tools for businesses that can help them improve their training, recruiting and management operations. Here are a few common employee benefits that Cornerstone OnDemand Inc. provides for its employees: