There are a lot of things that people look for when they are looking for a job. They want a decent paycheck, of course, but employee benefits are also a big draw. In many cases they can make or break the decision for a talented person to apply for, accept or keep a position.
The Legal Must-Haves
There are several benefits that employers are often required to offer their employees. These include paying their share of social security taxes, providing workers compensation insurance, unemployment insurance and, in several states, disability insurance is also required.
In addition, employers must provide unpaid leave for up to 12 weeks for conditions covered under the Family and Medical Leave Act (FMLA), including pregnancy and serious non-work related illness or injury of the employee or an immediate family member. Employees also need to provide employees time off to vote, or to serve in the military or on a jury.
Realistically, employers need to offer more benefits if they want to retain their employees and attract quality talent. Just over half of employers go beyond the minimum requirements for their employees, which puts any employer that doesn’t do this at a disadvantage.
Other Things to Offer
It’s common for employers to offer paid time off for major holidays, retirement plan options with employer contributions, health insurance, and health savings options for those with high deductible policies, additional paid vacation and sick leave and life insurance policies.
Little things make a difference too, such as parking or transit discounts, or discounts on child care or local entertainment options. Even things such as offering free coffee in the break room can make an impact.
What it Means
Good benefits do cost employers up front; usually it means paying an extra 30 to 40% for each employee, but it’s worth it in the long run. When an employer is looking for talent, they are likely to spend less on recruiting because the job will be filled faster. Training costs can go down because employees are likely to maintain their positions for longer when they’re satisfied with the benefits they receive.
Employers also get more out of their employees while they are there. Offering good employee benefits shows that an employer believes in their company and their workers. Morale is often higher, and people tend to be more creative, quality-driven and productive on the job. Having health benefits and sick leave keeps the whole office healthier because employees are able to keep up with preventative healthcare and take time off when they need it, rather than passing contagious illnesses on to their coworkers.
Build a successful benefits package today. Call Loftis & Wetzel Corporation at (855) 360-0466 for more information on Oklahoma City employee benefits.
Have you created an employee benefits program that makes your staff feel valued and supported? Please share some of the ideas you’ve implemented in the comments section below.