Employee retention these days is becoming more and more difficult. Along with adequate wages and company culture, a proper, full benefits package is essential.
Here are some of the most desirable and critical elements of a benefits package that you should try to provide to your employees.
Match Retirement Contributions
Many companies have retirement plans for their employees – like a 401(k) – where they match savings contributions. Basically, how it works is that an employee will put a fraction of their annual salary into company-sponsored retirement savings. You, the company, will match a percentage of the contribution and thus deposit another amount into their savings.
This only can be done within certain constraints of a certain contract. The percentages that you deposit and the percentage cap on how much can be matched by the company to what the employee deposits will be contractually decided before the plan is set in action.
Add Dental and Vision
Sometimes, insurance for medically adjacent services like dental and vision are included in a medical insurance benefits package. However, that does not tend to be the standard (although it will depend on your industry). Dental insurance plans work a little differently than health insurance.
But that doesn’t mean that it’s not just as necessary. After all, everybody needs to maintain good dental hygiene. Most people will want good vision insurance as well – even if they don’t currently have any vision problems. You never know when a new problem could develop.
Vacation and Sick Days
Assuming that you already have included the most necessary insurances (namely medical), the net most tempting thing you could offer is vacation leave and sick leave. All the better if it’s paid! Every employee needs a break. Everybody needs to rest up when they get sick. Sick employees do not run a company efficiently. Consider maternity and paternity leave as well. At the end of the day, people like to see some kind of contractual guarantee that they will be given the time and care they need to recharge. In today’s corporate climate, that is something that is truly valued because it is so hard to find.
Your ideal benefits package will vary depending on your location and industry standard. If you can manage to stand out from the other companies that make up your competition, then you will retain employees.
They will want to be at a company where their well-being is a priority.
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