Employee benefits are a crucial element of modern employment agreements. In a competitive labor market where talented employees may seek optimal opportunities or even consider career changes elsewhere, benefits cannot be overlooked. After all, studies have shown that many prospective and current employees may even value ideal employee benefits packages over more significant direct compensation. 
Given current labor market conditions, an organization hoping to maximize attraction and retention must prioritize these offerings. Employee benefits may play a key role in helping workers maintain general health and wellness, potentially positively impacting the workplace. Overall, employee benefits are crucial for all businesses to understand and address. The team at The Insurancenter stands ready to assist with comprehensive guidance.
What Are Common Types of Employee Benefits?
An ideal employee benefits portfolio may include a wide range of programs, incentives and opportunities. When constructing benefits packages and selecting offerings, consider the following standard features:
- Group health insurance can provide access to comprehensive medical services and preventive care, often offering lower rates than employees might find on the open market.
- Vision insurance is separate from general health insurance but is key in helping employees and their families maintain optical health.
- Dental insurance must be purchased separately from health insurance but remains an everyday necessity for workers hoping to limit out-of-pocket costs for oral health services.
- Life insurance is often offered by employers and can help employees and their families maintain financial security and peace of mind should tragedy strike.
- Disability insurance can ensure employees can maintain part of their income even if they become disabled and their ability to work is disrupted.
- Retirement assistance plans, such as matching contributions to 401(k) plans, can help employees cultivate savings and plan for their golden years.
- Education and training opportunities can enable employees to enhance their skillsets and career progress.
- Wellness programs, such as reimbursing costs for fitness classes and gym memberships, can incentivize employees to maintain their health and wellness, often leading to decreased absences and reduced stress.
How to Offer the Right Employee Benefits
When deciding on employee benefits, companies should understand that ideal offerings may vary significantly. Businesses should strongly consider surveying their workforces directly to get feedback on what benefits and programs employees may value the most. This process should be revisited regularly (i.e., annually), as optimal selections may change over time.
Employers should also ensure they know of any regulatory standards or legal requirements regarding employee benefits. For example, the Affordable Care Act mandates that large employers—those with 50 or more full-time or full-time equivalent employees—offer a group health insurance plan with minimum essential coverage. Not doing so could result in financial penalties.
We’re Here to Help
The staff at The Insurancenter understands that employee benefits are a complicated subject, but one with such importance that employers cannot afford to be blasé about them. Contact us today to learn more.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.