Simply put, employee benefits are any benefits provided to an employee outside of their base salary or wages. A traditional employee benefits package may include health insurance, paid time off, and a retirement saving program. Some benefits, such as Medicare and Social Security, are required by law but are still classified as employee benefits.
While not all employee benefits are created equal, employers are bound to regulations that they must follow. Employers are required to pay taxes toward unemployment insurance, contribute to short-term disability insurance, and comply with the Family Medical Leave Act.
It may surprise you to learn that employers are not required to offer health insurance, vacation time, or retirement plans. However, most full-time positions offer those perks and more. Some of the most popular options in an employee benefits package may include perks like:
Employee Incentive Programs
Service Awards for Employees
Employee Discount Programs
Group insurance covers a body of people, which in many cases are the employees of a company. Group Insurance is usually an employer-funded health insurance policy, but the premium can also be shared amongst the employees as well. Here at Hotchkiss Insurance, we are a full-service insurance agency and also offer products such as:
Individual Life Insurance
Health Savings Accounts
Employee Retirement Plans
The biggest benefit of excellent employee benefits is that your business will be better equipped to attract and retain the best employees and candidates. When a prospective employee is choosing between two roles, compensation will be the first comparison they make. Next, they will review the list of employee benefits and perks. Attractive benefits are a strong incentive for current employees to stay with your company. If your employees are healthy and happy, they feel valued, and in many cases, that value translates into better productivity.
We know there are many different types of employee benefits, and there is no one-size-fits-all approach to finding the best fit for your business. When you schedule an employee benefits consulting session with us, we’ll find the right fit that makes your employees happy while providing you with excellent value.