Offering perks to employees may quickly become pricey, moreover, you can only do so much. As a matter of fact, you should keep in mind that cost-sharing with your employees is really typical these days, as well as people, anticipate paying a share of the cost of insurance.
List of Common Employee Benefits
Health Insurance Benefits
This one should be obvious. Because candidates rank medical insurance as one of the most crucial components of an employee benefits package, most firms provide it. The Bureau of Labor Statistics (BLS) reports that in March 2016, 70% of civilian businesses included medical insurance as part of their employee benefits packages.
You will need to speak with your finance department and your medical carrier, which occasionally specifies a certain proportion of employer subsidization if you’re unsure of how much of the premium cost you should contribute.
Although less prevalent than health insurance, life insurance is widely available. According to the BLS, in March 2016, 59% of private employers and 55% of civilian companies offered such coverage.
Many firms provide free life insurance to their employees in an amount equal to their annual income. If the price tag is too much for you, you can offer to pay for a portion of the coverage and ask the employee to contribute the remaining amount if they decide to take part.
Another typical remote jobs work benefit, though not as typical as health insurance, is dental insurance. The good news is that dental care is far less expensive for you and your workers than medical care. The typical split between employer and employee is 80/20, however you may change it to match your company’s needs better.
The two most popular forms of retirement plans provided by employers are 401(k)s and 403(b)s. Whether your company is for-profit or not-for-profit determines which program you may provide. You have several different alternatives when it comes to logistics. In order to encourage hesitant savers, some businesses decide to make a matching contribution to their workers’ retirement accounts.
In a typical matching scenario, the employer will pay the first 6% of an employee’s income and match 50% of that amount. In this case, the employer will only contribute up to 3% of the employee’s wage.
Flexible Spending or Health Savings Accounts
In terms of their permitted uses, flexible spending accounts (FSAs) and health savings accounts (HSAs) are comparable, but each account type has advantages and disadvantages. For instance, FSAs are an option with almost all health insurance plans, but they have a “use it or lose it” policy.
This implies that you lose $200 if you claim $1,500 for the calendar year but only utilize 1, 300 of it. On the other hand, HSAs are perpetual. They function more like actual savings accounts in that money builds up over time and may be used indefinitely, even if you change health insurance coverage.
Paid Vacation and Sick Time
Nowadays, it’s practically unheard of for a business to not include some paid time off (PTO) in their benefits package for employees. For full-time remote jobs workers, two weeks (10 days) is a typical time frame and depending on how long an employee stays with the firm, some employers permit them to accrue more PTO. While some businesses opt to maintain PTO divided into vacation, sick, and personal days, others choose to package it all up into one big lump.
Different businesses select various paid holidays. Labor Day and Memorial Day are often observed as holidays, but other than those, employers may choose to keep employees on the remote jobs. Government workers and teachers often enjoy it although the private sector may choose to keep working on such days.
Paid Medical Leave
The Family Medical Leave Act mandates that employers with 50 or more full-time equivalents provide medical leave. This covers paid time off for caring for sick family members, post-operative recovery time, and maternity leave. The FMLA mandates that you maintain the position available for 12 weeks, but it does not call for you to compensate your staff for their time off.
However, a lot of businesses, particularly big ones, provide at least some compensation in these circumstances. Doctors generally advise women to take at least six weeks off work following the birth of a child, thus most businesses follow this recommendation in the case of maternity leave.
In many respects, flexible job arrangements are an affordable employee perk. First off, allowing your employees to rearrange their hours to make their life simpler does not cost you any money.
Second, content workers put in more effort, therefore if you let them work 10-hour days such that their workweek just consists of four days, you could discover that they are more productive.
Employers that support employees’ pursuit of higher education include Home Depot and Starbucks. There are certain financial benefits to doing this, but more significantly, employees who feel that their employer has invested in them are more willing to reinvest in the business.
Business owners occasionally worry that hybrid jobs workers may quit once their schooling is over, preventing them from taking use of the educational benefits.