If you’re a small business owner, you know that it’s important to offer employees benefits. But what are employee benefits, exactly? And what should you offer your employees? Here’s a breakdown of the most common types of employee benefits, and what might be best for your business.
Employee benefits can include health insurance, dental, vision, paid vacation days and more. It’s important to carefully consider which benefits are right for your business and your employees. Offering a variety of benefits can help attract and retain talented employees, which is crucial for the success of any company.
Insurance Benefits For Employees
Employee insurance benefits include health insurance (dental, medical, vision), life insurance, and disability insurance. Not only are these the most commonly offered benefits, they’re also the most desired benefits among employees.
Small business health insurance, also known as group health insurance, can give employers access to health coverage for their employees. Many employers are eligible to purchase through the Small Business Health Options Program (SHOP) Marketplace. For those who do not qualify or if there are no SHOP plans available in your area, small business health insurance plans can be acquired through a licensed broker or through an insurance carrier.
Group dental insurance is an invaluable asset for employers, as it helps employees maintain good oral health. This essential coverage enables them to receive preventive care such as check-ups and cleanings from a licensed dentist, in addition to major services like fillings or crowns – all of which are integral steps toward leading happier, healthier lives.
A vision insurance policy offers a variety of benefits to employees and their families. From routine eye exams, discounts on corrective eyewear, contributions towards laser surgery – employers who choose to offer vision insurance can alleviate the financial burden associated with many kinds of eye care procedures.
Group life insurance allows for individuals to secure a valuable coverage plan backed by competitive rates and sometimes even at no additional cost. This policy enables peace-of-mind knowing the people closest in your employees’ lives will be taken care of should something unexpected occur. Group life insurance plans also help to safeguard company assets as well. With so many advantages to offer companies and their staff members alike, it’s no wonder that employer provided life insurance has become such an essential benefit.
Group disability insurance plans can provide employees with a vital form of financial protection, should they become partially or totally disabled. These resources enable individuals to receive up to 60% of their pre-disability income – $10,000 maximum monthly – as well as safeguard a business’ overhead costs in the event that an employee suffers from injury or illness.
Retirement benefits are a great way for employees to feel more secure about their future after retirement. The 401(k), which is common in the U.S., allows both company and employee contributions on behalf of an individual with investments that grow automatically based on pre-determined strategies like investing into stocks or bonds.
Offering employees a Group Retirement Savings Plan (GRSP) will help them prepare for the future as they save funds with every paycheck and often matching contributions from employers.
More and more employers are offering their employees paid leave benefits because it increases the productivity of workers. It also helps businesses attract talented people who want full satisfaction in both work life as well personal lives, according to The Employee Benefits survey by SHRM.
This advantage can be decisive when you’re hiring new staff members or retaining current ones. Employees can feel comfortable taking time off from work due illness without fear that you would replace him/her with someone else.
Professional Development Benefits
Professional development is a great way for your staff members to break up the monotony of their everyday work and re-energize creativity. Providing periodic professional training opportunities allows them not only to gain new skills, but also build confidence in what they do!
Providing professional development training opportunities also helps your employees build their credibility through new skill sets and certificates.
Are you unsure about which employee benefits are best for your company? Contact one of our licensed insurance agents today for more information. They can help you find the right coverage for your employees and make sure your company is in compliance with all applicable laws.
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