Saturday, November 26, 2022

Your Company’s Employee Benefits Packages Need These Five Benefits

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If your company has 20 or more employees on the payroll, then there are legally mandated benefits those employees are entitled to. Some fringe benefits and perks will boost employee morale if your company is able and willing to offer them. But what should your HR department offer your employees? Keep reading to gain a solid understanding of what the different benefits are and what your business should include in its employee benefits packages. Here are:

The Five Benefits Your Company Should Offer in Employee Benefits Packages

All full-time employees that are directly employed by your company, have rights that you’re required to fulfill as an employer. These requirements vary slightly by state, but generally include:

  • Insurance
  • Retirement
  • Workers’ Compensation

Perks of employment are also a great way to keep good workers’ spirits up and also bring in quality candidates if you need more people-power. There are so many possible benefits you could offer, but there are two optional benefits every package should include:

  • Time Off
  • Flexibility

1. Insurance Benefits 

If you employ less than 50 workers, then you’re exempt from this requirement, although healthcare is still at the top of the list. Even if you have no legal necessity, your company should offer health insurance to full-time team members as a benefit.

Alternatively, for businesses with 50 or more payroll employees, the law gives you a choice. If you choose not to offer affordable or network-qualified healthcare, your organization will be heavily taxed. Employers are required to offer a basic healthcare plan that includes regular doctors’ visits and certain emergencies.

More desirable healthcare and insurance benefits include these categories:

  • Medical and Prescription
  • Life and Long-Term Disability
  • Hospital and Short-Term Disability
  • Vision and/or Dental

2. Retirement Benefits

While not every organization is legally required to offer the same retirement benefits. But there are universal elements. First, everyone on the payroll automatically has a percentage of each paycheck deducted that goes toward future social security and medicare funds. Independent contractors and self-employed are required to pay in their own percentages while companys’ employee paychecks are automatically deducted from to add into individuals’ social security and medicare.

Employers often offer retirement account plans to long-term employees. This might be a 401k or a different type of retirement account.

3. Workers’ Compensation

If an employee becomes unable to work after an injury or illness caused by your job, your employer is legally obligated to compensate your typical wages. In the eyes of the law, you would be able to work if the work environment was safe and health-conscious.

There are strict regulations on both sides of worker’s comp. For example, a man falls and breaks a finger while on the clock, but has illegal substances in his system when sent to a doctor for worker’s compensation. His employer is not required to pay him because it was likely impairment from his drug use that caused his fall.

If you were injured at work, or if an employee was hurt on your job site, contact a workers’ compensation attorney. You can get advice and determine how to handle the whole process or get help with any difficult situations along the way.

4. Paid Time Off:

Most companies offer employees an annual allotment of time they can miss work for personal, medical, or other reasons. Most of the time, the absence is unpaid, but there is no repercussion for it either. The most common unpaid leave instances involve a lack of advanced notice or request for time off.

There are a handful of situations, however, when a company is required to pay a worker or even all of its workers for time off from work. There are also justifiable situations that denote paid leave. Here are some examples of both mandatory and justified paid time off:

Mandatory PTO:

  • Military Leave
  • Family and Medical Leave
  • Voting Time
  • Jury Duty
  • Religious Observance

Justifiable PTO:

  • Bereavement or Death of a Loved One
  • Vacation
  • Illness
  • Personal Care
  • Sabbatical or Study

5. Flexibility Benefits

There are many ways an employer can be flexible with employees. Flexible schedules and time-frames are a great way to make a workload more doable for employees. Another, very popular option is being more flexible with where employees work. Offering work from home and telecommuting is a highly desirable benefit.

Wrapping Up

Well, there you have it, five benefits that every business’s employee package should include:

1. Insurance

2. Retirement

3. Workers’ Comp

4. Time Off

5. Flexibility

Which benefit is most important to you when you are looking at a benefits package?

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