The job market is extremely competitive these days, on both sides of the fence. While it is critical to attract, engage and employ top talent, money is not the only factor that drives them. Apart from issues such a culture, work-life balance, training and future prospects there are a few fundamental issues you need to get right.
Here are 7 basic facilities you should always provide your employees.
- Medical Insurance
There is a wide range of options available to the company that wishes to offer medical insurance to employees. Plans available start from very basic options, to the more comprehensive alternatives, including vision, dental cover. There are plenty of options for everyone where the company takes care of daily health and well-being of each employee to the minutest detail. Some work on a system utilizing specific medical providers while others offer freedom to select one’s own provider. The monthly contribution is split between the company and the employee according to policy. The more expensive plans would generally require a larger contribution from the employee.
- Life Insurance
Again, life cover offers a range of alternatives, ranging from 1 years annual salary to 2, 3 or even 4 years. Often the employee is given the opportunity of purchasing additional cover through the same policy.
- Disability Insurance
Disability cover should also be included which can range from half to two thirds of the employees’ income before the disability. This cover should include partial or total disability. In the event of a disability, payment will normally kick in three to six months after the actual disability.
- Retirement Benefits
Retirement plans can take the form of 401(k) plans where the worker contributes towards the plan and the company can choose to match or contribute towards the plan. Pension plans, separate to the 401(k) could also be offered by companies.
All employer pension funds are governed by the federal Employee Retirement Income Security Act of 1974, otherwise known as the ERISA.
This act controls private employer pension plans.
Another fundamental employee benefit is paid vacation time. This will vary according to the length of service the employee has with the company. Vacation hours will build up according the number of hours worked.
- Family Leave
Family Medical Leave is governed by a federal act that grants specific staff 12 weeks of unpaid leave providing job protection per year. This can be used for the employee’s personal health issue, the birth or adoption of a child and care of a child, spouse or parent with a serious health issue.
- Tuition Benefits
Many companies offer tuition benefits for staff and sometimes for staff’s children. This could be a great incentive to grow and develop staff and invaluable in retaining them.
There are many other benefits a company can offer such as professional and personal development, career coaching and a wellness programme. Many of these basic benefits are dictated by law while many others are at the discretion of the employer. It can be a big expense for employers so it is important that the benefits are communicated to staff and that they are appreciated. This will help improve staff loyalty and can aid in attracting new staff. Ensure that you select benefits carefully and manage them appropriately. Make sure you comply with legal requirements but also offer your staff the security of medical cover, a pension fund and time off. This will make them happier employees and will improve productivity.