Building a Better Benefits Package – King of all Benefits

By far, one of the best ways to attract and retain talented individuals as employees is to offer a benefits package that goes above and beyond basic federal requirements. A competitive salary in combination with hearty benefits is still the key to employee satisfaction and low turnover rates.

Despite a recent decline, the importance of benefits in choosing a job remains high. Though unemployment numbers still reflect economic troubles, job seekers who are getting interviews and offers continue to rate certain benefits as very important when considering whether or not to accept the position.  For this reason, employers who care about the long-term success of their businesses take the time to create unique and attractive benefits packages and are sure to include some or all of the following perks.

The King of all Benefits

Time and time again, job seekers interviewed report health insurance as the most important benefit they seek from employers. The 2012 Health Confidence Survey found that 58% of respondents who deemed benefits as some degree of importance considered health insurance the most important one of all. Under the new healthcare bill, companies with over fifty full-time employees must offer health insurance to those workers. For the purposes of the Affordable Care Act, “full time” means thirty-five hours or more per week. Employers with fewer than fifty full-time employees are exempt from the law; still, penny-pinching may not contribute to a business’s long-term success. Offering only the bare minimum typically drives talent away.

Runner-Up

The second-most important benefit they seek is a company-sponsored retirement plan. Like health insurance, a retirement plan is a great benefit for workers of any age; everyone needs check-ups and everyone must prepare for retirement. People of all ages are eager to set money aside to work for them and for their future. A 401(k) retirement savings plan is offered by most employers throughout the country. Workers who receive common but optional benefits such as retirement plans and health coverage tend to work harder, stay on board longer, and feel valued as employees.

Additional Options

Though not required, most job seekers value paid vacations, holidays, and sick days. Typically, employers offer full-timers two weeks of vacation time a year that is paid for by the company as one of their incentives. Holidays like Memorial Day, the Fourth of July, Labor Day, Thanksgiving Day, Christmas Day, and New Year’s are standard days of leisure for which employees are compensated. In addition, many companies offer dental insurance and paid-for maternity/paternity leave.

Deciding which benefits to offer heavily depends on the company’s workforce. A company with mostly young, single, and active employees would not require life insurance, for example, and it would waste valuable earnings in providing an unwanted benefit. Utilizing an employee leasing company to manage benefits once they are implemented is a great way to avoid penalties and ensure that all eligible employees receive the benefits they deserve.

About Author :

Samon Bagons is a financial writer who has profound knowledge on the contemporary financial world. He loves to contribute his articles to various financial communities, websites and blogs so that people who are going through distress, can read and help themselves get out of the debt mess.