Employee or Worker Benefits: Why Your People are the Pillar of Your Company and Why Benefits Can Make a Huge Positive Difference
Your people are the critical component underpinning your organization’s capacity to grow and thrive. So just how crucial are employee benefits to accomplishing your firm’s goals as well as purposes? They are extremely essential.
What is employee or worker benefits?
Business owners typically get asked, “What are the fringe benefits or employee benefits being offered by your company?” when interviewing prospective employees. Employee benefits, also referred to as perks, benefits or fringe benefits, are given to workers over and above salaries and earnings. These fringe benefit bundles might include overtime, health insurance, paid vacation, revenue sharing and 401k or 403b retirement plan benefits.
Why is providing a package of fringe benefits essential?
Providing benefits to your staff members is important because it communicates to them you are committed not only in their total health and wellness, but also their future. A solid fringe benefit employee benefit plan can aid to draw in and retain quality employees. Benefits can help you distinguish your business from industry rivals.
Employee benefits can enhance your company’s bottom line by encouraging staff members to join programs for improving wellness. Healthier staff members can possibly reduce healthcare costs for your company. Workers participating in wellness programs often experience fewer days out ill, fewer trips to the medical professional like a doctor or urgent care centers, and often times it allows employees to invest more time working at your company, bringing the best version of themselves to work each day.
Employee Perks or Fringe Benefits Program
Depending upon the type of company and the work, fringe benefits vary from company to company. Government employee benefit packages for full time staff members look extremely different from the packages provided to permanent part-time employees. Fringe benefit packages are usually discussed during the final interview or when a job is being offered. The best fringe benefits or employment perks package can offer your business a distinct advantage when it comes to winning the recruiting battle for good employees.
States in the U.S. vary unquestionably when it comes to benefits, but by law there are a basic set of benefit laws and regulations all businesses must follow across the board. Mandatory benefits required are as follows:
- Give workers the needed time to serve in the military, do jury duty and to vote in all elections.
- Adhere to all workers’ compensation laws and guidelines
- Pay both state and federal unemployment taxes
- Pay into state mandatory short-term disability insurance programs
- Adhere to the Federal Family and Medical Leave act
Companies are not mandated by law to provide the following benefits
- Retirement plans.
- Health Insurance Coverage (other than in Hawaii).
- Dental Plan
- Vision Plan
- Life Insurance
- Paid Holiday