Employee Benefits That Are Critical to the Success of Your Business

3 employees discussing benefits

by Frank Mengert, Founder and CEO of ebm

Today’s hiring market is more competitive than ever. With the rise of the gig economy and the ever-increasing costs of living, attracting and retaining top talent is a challenge for businesses of all sizes.

Due to this fact, many employers are looking for ways to sweeten the pot regarding employee benefits. In addition to traditional benefits like health insurance and retirement savings plans, more and more businesses are offering perks like flexible work schedules, unlimited vacation days, and free food and beverages.

In this article, we’ll look at seven employee benefits that are becoming more and more critical to the success of your business.

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Hybrid Working Arrangements

One of the most popular employee benefits today is working remotely or having a flexible work schedule. With the rise of technology, more and more businesses are offering employees the ability to work from home, either full-time or part-time.

In addition, many businesses are now offering hybrid working arrangements, which allow employees to split their time between the office and home. This arrangement is becoming increasingly popular, enabling employees to enjoy the best of both worlds.

Flexible work schedules are a great way to attract and retain top talent, offering employees a greater sense of work-life balance. In addition, flexible work arrangements can also lead to increased productivity, as employees can work during the hours that they are most productive.

Unlimited Vacation Days

Another employee benefit that is becoming increasingly popular is unlimited vacation days. This benefit allows employees to take as much time off as they want without worrying about accruing vacation days or using up their allotted time.

For some companies, the idea of unlimited vacation days may seem daunting, but there are several ways to make this type of benefit work for your business. For example, you could allow employees to take as much time off as they want but require them to give you a minimum of two weeks’ notice. Or, you could let employees take unlimited vacation days but need them to take at least two weeks of vacation per year.

No matter your approach, offering unlimited vacation days is a great way to attract and retain top talent. It shows that you trust your employees and are willing to give them the freedom to take time off that they need.

Health Insurance

In today’s day and age, health insurance is a necessity for most people. Unfortunately, the cost of healthcare has been on the rise in recent years, and many people cannot pay out-of-pocket medical expenses.

Depending on the area in which you live, the type of health insurance that you offer your employees may vary. In the United States, employers are required to provide their employees with health insurance if they have more than 50 full-time employees.

Given that most people often struggle to pay for their health insurance, offering this benefit to your employees is a great way to give them peace of mind. In addition, it shows that you are committed to their well-being and are willing to invest in their health.

Dental and Vision Insurance

In addition to health insurance, dental and vision insurance are two other employee benefits that are becoming increasingly popular. Dental and vision insurance can be purchased as part of a health insurance plan, or they can be purchased separately.

Offering dental and vision insurance helps your employees while they’re on the job and helps them stay healthy in the long run. There are a few different ways to offer this type of insurance, but one of the most popular is to purchase it through a group plan.

Group plans are often more affordable than individual plans and offer employees a greater sense of security. This is because group plans typically have lower deductibles and out-of-pocket costs than individual plans.

Pension / Retirement Plan

Surprisingly, many businesses do not offer their employees a pension /retirement plan. This is often because businesses view pension plans as being too expensive.

However, offering a pension /retirement plan is one of the most effective ways to attract and retain top talent because employees value being able to plan for their future.

Offering a pension /retirement plan can show your employees that you are committed to their long-term success. This will make them more likely to stay with your company for the long haul.

Life Insurance

Working spouses and parents are their families’ breadwinners, which means their death would be a substantial financial blow to their loved ones. A life insurance policy ensures that your family is taken care of financially if you die unexpectedly.

Employers often offer group life insurance policies at a discounted rate, making this an affordable benefit for employees and employers. Businesses that go out of their way to provide this type of protection for their workers show that they care about their well-being and their families, and this type of benefit can be a deciding factor for job seekers.

Employee Assistance Programs

In today’s fast-paced world, it’s not uncommon for people to experience stress at work. This can lead to problems such as absenteeism, reduced productivity, and even depression.

Employee assistance programs (EAPs) are designed to help employees deal with stress and other mental health issues. These programs typically offer counseling, legal assistance, and financial planning services.

EAPs are a great way to show employees that you care about their mental health and well-being. This benefit can be especially valuable to employees struggling to balance work and life. However, everyone can benefit from having access to counseling and other resources.

Conclusion

Offering employee benefits is a great way to attract and retain top talent. However, choosing the right mix of benefits for your business is essential. The type of business you have, your budget, and the needs of your employees will all play a role in determining which benefits are right for you. However, by choosing the right benefits, you can create a package that will appeal to the best job seekers and help you keep your top employees happy.

About the author

Frank Mengert continues to find success by spotting opportunities where others see nothing. As the founder and CEO of ebm, a leading provider of employee benefits solutions. Frank has built the business by bridging the gap between insurance and technology driven solutions for brokers, consultants, carriers, and employers nationwide.