The benefits a company offers to its employees play a huge role in employee satisfaction and retention. An employee needs to feel both appreciated and taken care of. If they’re devoting years of their life to a company, the company should reward them with short-term and long-term benefits.
But what benefits should your company be offering? If you’re an employee, what benefits should you expect?
Keep reading for the most common employee benefits offered by companies in the United States.
Health insurance is a pretty basic employee benefit provided for most full-time workers. An employee is granted access to affordable healthcare through the company. The employer covers a certain percentage of their employees’ premiums.
In order to afford health insurance for your employees, you may need to invest in strengthening and growing your business. Check out Avitus Group to see how they can help.
401K Retirement Plans
Retirement planning is one of the best perks of committing to a company long-term. An employee can contribute to a 401K, one of the most common employee benefits. The company invests these contributions into stocks, mutual funds, bonds, and more.
In some cases, a company matches the monthly contribution of each employee to double their investment.
Though dental insurance isn’t covered as much as general health insurance, some companies do provide it for their employees. As with medical insurance, the company covers a percentage of the premium for their employees. Dental insurance policies cover a wide range of procedures and costs.
Common employee benefits for full-time workers also include life insurance. These are particularly common for employees who have inherently dangerous jobs. However, they’re also common among other professional workers like bankers and office workers.
In the event that an employee dies (at work or otherwise), life insurance pays a predetermined amount of money to their surviving family members. This helps make up for lost wages, funeral and burial costs, living expenses, etc.
Paid Vacation and Holidays
One of the quickest ways to turn potential employees away is to tell them that they don’t get paid vacations or holidays. The average person spends over 90,000 hours of their life at work. They deserve paid time off to celebrate holidays with the family and take well-earned vacations.
Paid Sick Time and Medical Leave
Finally, no one likes to work when they’re sick, injured, or otherwise feeling unfit for their duties. Employers that offer paid sick time show their employees that they understand and are empathetic to their needs. Not everyone can afford a couple of days off of work if they’re not given sick days.
These common employee benefits can extend to paid medical leave. Medical leave can apply to maternity leave, surgery recovery, major injuries, and taking care of ailing family members.
Want to Learn More About Common Employee Benefits and Other Business Practices?
As you can see, the benefits you provide as a business owner or are offered as an employee can make a huge difference in the workplace. Employees will be more content and will likely commit more of themselves to their work. As a business owner, you can take peace of mind knowing that you’re taking care of your employees.
If you’re looking for more information about common employee benefits, business practices, marketing, or anything else business-related, check out some of our other articles before you go. Our blog is full of content for business owners and employees alike.