In today’s job market, salary isn’t the only factor that job seekers consider when choosing a new role. Today’s workers want comprehensive employee benefits packages that include health insurance, paid family leave, flexible work-from-home options, retirement plans, and more.
Understanding The Purpose of Employee Benefits
Employee benefits are the perks you provide your employees in addition to their salaries. For many employees, benefits are just as important as their hourly wage. Employer-provided benefits often give employees access to essential medical, dental, and vision care that they wouldn’t otherwise be able to afford.
Some employee benefits are mandatory for employers. Under the Affordable Care Act, businesses with over 50 employees must offer health insurance to employees. Other benefits, like short- and long-term disability, flexible work hours, mental health coverage, unlimited time off, and access to the company gym, are optional.
The Importance of Employee Benefits to Organizations
Every company, regardless of size or industry, should consider offering employee benefits packages to their employees. Benefits packages help employees, but they’re also advantageous to employers. By offering benefits like health insurance, disability insurance, and life insurance, you can:
- Attract top industry professionals: If a prospective employee has to choose between you and another business offering the same salary, their decision will likely come down to benefits.
- Keep your workers healthy: A healthy workforce is a productive workforce. By offering medical, dental, and vision insurance, you can prevent major medical issues that keep your employees away from the office. Additionally, if you give your employees paid sick days, they’ll be less likely to come in and infect their coworkers.
- Improve morale: Employees who feel valued by their employer work harder, stay at their jobs longer, and speak highly of their company. Benefits packages are an excellent way to show your employees that you’re invested in their well-being.
- Reduce employee turnover: If you offer benefits that your employees can’t get anywhere else, they will be less likely to switch jobs. As a result, you’ll save money on hiring, training, and onboarding new employees.
Though employee benefits may seem like a costly investment, especially if you run a small business, they’re well worth it in the long run. At InSource, we can help you determine the benefits and perks that your employees need most and find plans that fit your budget. Whether you have two employees or 200, our insurance experts can help you find the perfect benefits plan for your business.
The Most Desirable Employee Benefits
If you’re trying to attract and retain the best employees in your field, you should know what they’re looking for in a benefits package. These are the most desirable employee benefits that job seekers are looking for in 2021.
Medical, Dental, and Vision Coverage
Unsurprisingly, health insurance tops the list of essential employee benefits. Healthcare costs are rising, and the coronavirus pandemic changed the way we access care. Many employees want health benefits that include telemedicine options and mental health coverage.
Life Insurance
The pandemic changed the way many of us think about the future. Employees want to ensure their families will be financially stable without them, and employer-provided life insurance provides an inexpensive safety net.
Finance Benefits
In recent years, employees have expressed increasing interest in various financial benefits, such as retirement plans with employer contributions, financial wellness courses, tuition reimbursement, and student loan assistance.
Disability Insurance and Paid Leave
Your employees never know when they’ll need time off work for an injury, illness, or family emergency. Disability insurance and paid family leave policies ensure that they won’t suffer financially during a work absence.
Remote Work and Flexible Hours
Coronavirus lockdowns showed us that it’s possible to work from home and change our hours without sacrificing productivity. Job seekers are increasingly looking for employers that will adapt to their schedule and offer fully remote work options.
InSource Is Your Source for Employee Benefits
If you want to reward your current employees for their service and entice new employees to join your company, a good employee benefits package is essential. However, it can be overwhelming to choose between different coverages and carriers. If you don’t have the time or expertise to find the best benefits package for your budget, InSource can help. Our employee benefits experts identify your needs, find quotes from top insurance carriers, and create a customized plan for your business.
Give your business a competitive edge by partnering with InSource for employee benefits. Contact us today to learn more about our affordable employee benefits plans.
