Many small businesses struggle to compete for talent with larger, more established companies due to a lacking benefits package. Even when salary expectations can be met, oftentimes benefits leave much to be desired for the prospective hire. Many people looking for worksite benefits as a major draw for the companies they are looking to work with.
These ten employee benefits are what we consider to be the non-negotiables to recruit (and maintain) the best talent in your industry.
Top 10 Employer-Sponsored Benefits
1. Medical Insurance:
The changing landscape of medical insurance in the US has made medical insurance a non-negotiable for most prospective hires. Medical insurance covers both preventative care and sick care. Some plans even cover gym memberships as part of preventative care. Employers should anticipate covering a portion of medical premiums in the current benefits environment.
2. Flexible Spending Account (FSA):
Many employers offer Flexible Spending Accounts in addition to medical insurance. An FSA allows employees to put money into a special account to pay for certain out-of-pocket medical expenses. The money cannot be taxed and must be used within a benefits year. As an employer, you can make contributions to your employee’s FSA, but it is not a necessity. FSAs are a fantastic offering that do not require a lot of resources from the employer.
3. Health Savings Account (HSA):
Health Savings Accounts are another great option to offer employees that doesn’t require a ton of resources from the employer. With an HSA, employees are able to put pre-tax dollars into a special account to use for qualified medical expenses like copayments and coinsurance. This is a great way for employees to lessen the overall cost of their healthcare.
4. Critical Illness Insurance:
Critical illness insurance, or Critical Illness Coverage, provides employees a lump-sum cash benefit to cover expenses associated with a qualifying illness.
5. Disability insurance:
Disability insurance pays all of, or a portion of, an employee’s income should they be unable to work for a period of time due to an illness or injury. Both short-term and long-term disability options are available.
6. Retirement Plans:
Businesses should plan to assist their employees in setting up a 401(k) retirement plan, even if they are unable to contribute to it at the current juncture.
7. Paid Time Off:
Another non-negotiable for prospective hires is paid time off. Many candidates will actually utilize paid time off as a negotiation tool when entertaining a job offer. Individual companies can determine whether to split vacation time and sick time or combine in a joint paid time off pool. Most companies offer a conjoined two to three weeks of paid time off for new hires.
8. Cell Phone Reimbursement/Cell Phone Plan:
With more and more people splitting time between work and home, and blurred business hours due to covid-19, many employers are starting to offer cell phone plans to employees of various levels.
9. Pet insurance:
With over 65 percent of American households classified as “pet owners,” pet insurance is a great way to let your employees know you care about their life outside of the office as well as in the office.
10. Continuing Education:
This benefit is really a no-brainer. Develop your employees consistently, and you will be rewarded long term.
Partnering with a PEO Makes Your Benefit Planning a Breeze
If you want to provide your employees with an impressive benefits package, but feel overwhelmed by the sheer amount of options, a PEO may be a good solution for your business. PEOs can eliminate the guesswork associated with benefits administration and even help you improve your benefit offerings.
PEOs can also help deal with the selection, negotiation, compliance, and renewals of your benefits for your employees.
EPS Can Offer a Solution to your Needs
EPS offers unbeatable support backed by an unparalleled team of experienced specialists to assist with your PEO needs. If you are unsatisfied with your current provider or are looking for a PEO for the first time, give us a call today.