Offering benefits to your employees is a great way to show you care about their well-being and to attract top talent. But what are the most attractive benefits to offer? Well, according to human resources consulting firm HORAN, there are some essential benefits to know about.
Keep reading to find out.
Health Insurance.
There is a multitude of reasons that health insurance, along with dental insurance for the dentist, is one of the most attractive benefits to offer your employees. First and foremost, health insurance is a vital part of ensuring that your employees are able to maintain good health both physically and financially.
According to a study by the Commonwealth Fund, people without health insurance are more likely to forgo needed medical care, including preventive care, than those who have insurance. The study also found that people without health insurance are more likely to experience financial hardship as a result of medical bills. Offering your employees health insurance can help keep them healthy and protect them from financial hardship in the event of an unexpected illness or injury. Additionally, health insurance can help your employees save money on their health care costs. According to a study by the Kaiser Family Foundation, employees with health insurance pay, on average, $1,200 less per year in health care costs than employees without health insurance.
Paid Time Off.
There are many reasons why Paid Time Off (PTO) is an attractive benefit to offer your employees. Here are some key benefits: First, employees who don’t have to worry about forfeiting vacation time or taking unpaid time off are more likely to take time off when they need it. This can help them stay healthy and productive both mentally and physically. Second, employees who feel appreciated and valued are more likely to be productive and happy at work. Offering paid time off is one way to show your employees that you care about them and their well-being. Finally, employees who have access to paid time off can better balance work and personal obligations. This can lead to increased work productivity and reduced stress levels.
401(k) Plans.
Most employees view their 401(k) plan as their most important retirement savings tool. A 401(k) plan lets employees save for retirement on a tax-deferred basis, which means they don’t have to pay income taxes on the money they contribute to their accounts. This can be a big savings advantage, especially if employees are in a higher tax bracket. In addition, many employers match a portion of their employees’ contributions, which can give them an even bigger savings boost. Employers often offer a number of investment options, so employees can choose the ones that best fit their needs.
Flexible Work Schedules.
Flexible work schedules are becoming increasingly popular in the United States, as both employees and employers see the benefits of this type of arrangement for achieving long-term financial goals. For employees, flexible work schedules can mean more control over their own time, increased flexibility to balance work and family responsibilities, and a better work-life balance. For employers, offering flexible work schedules can mean improved employee productivity, decreased staff turnover rates, and a more attractive workplace that can help to recruit and retain talented employees.
Gym Memberships or Fitness Subsidies.
Employers are always looking for ways to attract and keep the best employees. Offering a gym membership or fitness subsidy is one way to do that. Gym memberships or fitness subsidies can be attractive benefits to offer your employees because they promote employee health and wellness. They can also help reduce employee healthcare costs. When you offer a gym membership or fitness subsidy, you are essentially providing your employees with a discount on healthy activities. This can encourage them to make healthier choices and lead healthier lives. Employees who are physically healthy are typically more productive and have lower healthcare costs.
Employers should offer a variety of attractive benefits to their employees to keep them satisfied and productive in their jobs. Some of the most important benefits to offer include competitive pay, good health insurance, a retirement savings plan, and paid vacation time.
