6 Types of Employee Benefits You Should Be Offering Your Staff

6 Types of Employee Benefits You Should Be Offering Your Staff | HealthSoul

If running a company or an organization, experts recommend appreciating your employees at all times. Employee appreciation is essential to ensure they are happy and will remain working in your company. Appreciating your employees also minimizes the costs and time wasted in recruiting new employees after the old ones have left. At times, it becomes difficult to know if the benefits you are offering to your staff will retain them. Besides money, your workforce will require other benefits to guarantee their stay in your company. Which are these benefits? This article will discuss six of the best benefits you can offer to your staff. Here is the list.

6 Types of Employee Benefits

1. Health Insurance

Most employers usually offer health insurance to their employees, as required by most governments. It is among the popular programs recommended to every employee of a company. The healthcare plans for employees are usually classified into three types: health insurance, dental insurance, and vision insurance. Health insurance comprises health reimbursement accounts and health savings accounts, while dental insurance deals with the employees’ dental issues. The vision insurance takes care of the sight. It is essential to explain to your employees what these insurances mean and choose the best that fits all employees.

2. Medicare and Social Security Contributions

Some employers do not consider Medicare and social contributions to be part of the employee benefits. These are long-term benefits to your employees, who enjoy them when they retire or reach a certain age in their lives. Medicare and social security contributions are governed mainly by the state, and their rates change from time to time. It is essential to keep up with the rates while making contributions to avoid inconveniences.

3. Workers Compensation Insurance

Your employees might get sick or injured at workplaces or during their leaves while under your payroll. When an employee gets sick or injured, they may not work but will still have needs. Workers’ compensation insurance is a package offered by employers to their employees to sustain them when they can’t work due to injuries or sickness. It helps to supplement their income and cater for medical benefits while nursing injuries or recovering at home. It would be best to go through labor websites to get their rates and requirements to offer the program.

4. Minimum Wage and Overtime Pay

Minimum Wage and Overtime Pay

Some benefits get set by the government which you need to offer to your employees. Among these benefits include the minimum wage and overtime pay paid to employees when working. Minimum wage refers to the least amount you can pay your employee, while overtime pay caters for hours worked out of the regular, 40 hours per week. These rates vary from one state to another and are usually set by the government. It is essential to get details from your local or state governments on the rates to pay for your employees to avoid issues with the authorities.

5. Medical and Family Leave

Your qualifying employee will require medical and family leaves, both paid by your company. These allowances enable your workforce to attend to their newborns, medical emergencies or visit their sick relatives without risking their employment. In most states, such leave gets up to twelve weeks in a year. However, there are conditions for employees to earn these medical and family leaves. They need to have worked for the company for a whole year or worked for 1250 hours in the previous year. Such happens in businesses or organizations with over 50 employees. It would be best to check with your state if there are changes or additional information on such breaks to avoid inconveniences.

6. Disability Insurance

This insurance cover enables you to cover your employees from unforeseen disability issues while working with you. It helps cater to employee needs and wants when they can no longer work for you after suffering a short or long-term disability. A short-term disability issue covers the employee when they can’t work for a short time. Long-term disability insurance covers an employee who can’t work for between three to six months after getting involved in an accident or sickness. However, disability insurance does not apply to all employees. It would be best to inquire from your state on individuals who can benefit from this.

Sometimes, when you have many employees, it becomes difficult to track down their benefits. Also, not using the required software can lead to wrong calculations when coming up with employee benefits. It would be best to get the right software that will help in tracking down and offering such benefits to your employees. The right software also enables your HR department to develop better innovative programs to make your employees happy every time, thus improving productivity.