Employee Benefits: What You Should Know As An Employer

StrategyDriven Talent Management Article |Employee Benefits|Employee Benefits: What You Should Know As An EmployerAs an employer, one of the smartest things you can do is offer employee benefits in the workplace. Some employee benefits are pretty self explanatory and should come as a standard – such as water, tea, and coffee. Your team shouldn’t have to bring in their own basic refreshments.

However, you should offer more than the bare minimum. You want your workplace to be set apart from others, and your benefits to be a little competitive at least. Benefits vary from company to company, but they can easily make your workplace a more pleasant place to work for your team. Below, we’ll go into more detail on employee benefits and what you should know as an employer:

The Types Of Benefits You Can Offer

There are all kinds of benefits you could offer as an employer. This may include:

  • Health insurance (required to be offered by larger companies)
  • Dental insurance
  • Vision care
  • Life insurance
  • Paid vacation leave
  • Personal leave
  • Sick leave
  • Fitness

There are many optional benefits, and many companies offer the above simply to stay competitive. Extra bonuses, such as stock options, can also be a nice addition.

Employee Retention

Many employers are deciding to increase the use of bonuses, perks, and incentives to recruit and retain employees. Making the workplace more comfortable with benefits can ensure employees stay loyal and stick around in the long term. While you need to stick to a budget and you can’t be frivolous with spending, having benefits, bonuses, and perks that keep your employees happy will ensure more productivity, higher quality work, a more pleasant work environment, and more.

Creating A Nice Work Environment

While the benefits can help to contribute to a nicer work environment, they’re not going to do all of the work for you. Having Payroll HR in place will ensure your employees are paid on time and that everything is kept above board, which should be another concern of yours.

Setting Up Flexible Spending Accounts

Many employers set up flexible spending accounts, and these accounts are regulated by the government. The accounts allow you to set aside pretax dollars, and these dollars pay for things like daycare and medical expenses. They will decrease your taxable income as well as give more freedom to your team, so you should take advantage of one if possible.

Caring About Your Employees

Of course, providing benefits gives you the opportunity to actually make things better for your employees. The benefits should come from a genuine place of wanting to help them and caring for their wellbeing. An employer that shows they care will always stand out from the rest, and your team will be far more likely to stay loyal to you. Even offering things like verbal praise and support can go a long way to making the work environment nicer for them and encouraging them to keep going.

Many employee benefits are not compulsory, but that doesn’t mean you shouldn’t offer them. Wanting the best for your employees will go a long way.

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