To attract and retain the best talents, you have to consider the benefits you offer your potential employees. As a business owner, you must know that recruiting and retaining competent workers is key to your organization’s success. Without a competent, reliable, and loyal staff, your business will struggle to survive.
There are mainly three types of employee benefits that a company can offer: benefits required by the law, industry-standard benefits, and extra perks or fringe benefits. If you are not sure what benefits you can offer to your employees, keep reading this useful guide that lists the types of benefits that you should offer to your workers.
There are two types of lifestyle or life benefits that you can offer your employees: life insurance and accidental death or dismemberment insurance. Both can be confused, but life insurance is a policy that offers death benefits to the beneficiaries following the death of the insured individual. This is in exchange for premium fees paid by the insured individual or the company they work for monthly or annually.
On the other hand, accidental death and dismemberment insurance guarantees a payout from the insurance company in the case of accidental injuries or death resulting from a serious accident. However, the benefits are limited to the loss of limbs, fingers, or even senses such as the loss of speech, hearing, sight, or in some cases, paralysis and coma.
Medical benefits include a broad range of insurance policies that many businesses offer. The basic insurance you should be offering to your employees is medical insurance. Medical insurance covers doctor and hospital visits, prescriptions, and surgery expenses. You can also offer dental or vision insurance to your employees.
These policies cover annual exams for vision and dental care, and they sometimes cover certain treatments like prescription glasses and contact lenses. As an employer, you should be looking for health plans that can benefit you and your employees at the same time. Some plans include cancer insurance that covers the medical expenses of employees diagnosed with any form of cancer. Other plans provide critical illness insurance, which covers the expenses that come with serious illnesses. This policy is also known as critical illness coverage or critical care insurance.
Retirement benefits are supporting funds provided by organizations to help sustain their workers’ quality of life after they retire. They are offered in the form of retirement plans that provide financial support to the employees after they retire.
For example, most organizations offer their employees a 401(k) retirement plan, which is named after the tax code responsible for governing it. It is also referred to as the 403(b) retirement plan. However, sponsoring this plan might put your business at risk, so it’s better to work with an experienced advisor to regulate this plan correctly. You can also sponsor other retirement plans like Roth 401(k) and Simple IRA. Such plans allow the retirees to expand and grow their savings using tax advantages.
Disability insurance and accident insurance are the two best policies you can provide to your employees when it comes to granting them disability benefits. Disability insurance provides financial benefits and compensation for workers who can’t work temporarily as a result of a serious injury.
The policy, in that case, would pay a portion of the injured worker’s income as compensation for their lost wages after an injury. You can either offer long-term disability insurance or short-term disability insurance. Another disability benefit is accident insurance. With this policy, your workers can afford their medical expenses including emergency treatments, medical exams, and hospital stays following a serious accident.
As an employer, you should always look for new talents to compete with leading corporate names and grow your business. This means that you need to attract those who can add great value to your company, and attract them, you need to offer them the most appealing work benefits. Young workers are looking for companies that offer extra perks that go beyond the basic benefits mandated by the law.
They want more than what your industry standard offers, and this is why you should consider investing in the types of benefits listed above. Make sure you enlist the services of a trusted expert to choose the best plans for your dedicated staff. It might come with a hefty upfront cost, but ultimately, this will go a long way in helping you attract employees with the highest potential, improve your retention rate, and boost your company’s success.