Four out of five employees want benefits more than a pay raise, which means crafting a high quality benefits package is a smart way to recruit top talent and keep high-performing employees around.
Along with a basic overview of the most important benefits, we’ve rounded up our most helpful articles about HR benefits employees expect so you can implement them within your company.
Still confused about the difference between a benefit and a perk? You can learn the real difference here.
The Benefits Package Employees Want
According to research conducted by Glassdoor, these are the top five benefits and perks that matter most to people:
1. Healthcare Insurance
The number one benefit employees want is a full healthcare insurance package, including medical, dental, and vision. However, picking and choosing what benefits package you want to give your employees isn’t always a simple process.
Various federal, state, and local laws require employers provide certain minimum benefits to employees, and the legally required benefits you need to offer largely depends on your company size and location.
We made an eBook that simplifies the complex process of choosing a benefits provider for your company. You can download it here.
You’ll also have to choose the means of finding a quality benefits provider, whether through options like a PEO or broker. These articles break down what you need to know so you can offer your employees a competitive benefits package.
Learn about the legal provisions around offering benefits, including the Affordable Care Act, unemployment insurance, workers’ comp, family and medical leave, paid sick leave, and commuter benefits.
Navigate cost, plan coverage, and doctors networks with this informational guide. You’ll walk through premiums and deductibles for employees and distinguish the difference between HMOs and PPOs.
2. Vacation and Paid Time Off
Modern companies are increasingly turning to unlimited paid time off (PTO) policies that offer greater work flexibility. Even if your company isn’t ready to implement such a policy, these articles may help you decide how to balance your employees’ needs for some R&R.
If your company doesn’t yet have a formal vacation policy in place, now is the time. This post will walk you through the laws around vacation policy and what your policy should include, such as rollover time and vacation accruement.
- Setting Up Your First Maternity Leave Policy
Find out what’s legally required during maternity leave and how to formulate your own parental leave policy. That includes policy requirements and preparations, as well as thoughts on what to offer if the law doesn’t mandate parental leave for your company size.
Get a simple guide to walk you through the process of creating a benefits package to fit your business.
3. Performance Bonuses
Money isn’t everything, but it doesn’t hurt, either. The articles below will help you figure out the tax legalities of bonuses and how to understand whether bonuses actually count as a benefit or perk.
Prizes, bonuses, and awards are all considered supplemental wages. Learn how to classify the difference between regular wages and supplemental wages, as well as how those taxes are withheld.
Break down the differences between bonuses, prizes and awards, and non-cash prizes and classify them correctly for tax purposes.
4. Paid Sick Days
State legislatures are increasingly looking at mandated paid sick leave, though the majority of states don’t implement it yet. Here’s what you should consider when offering paid sick days and other paid leave policies.
Have you considered offering unlimited paid time off? Many new companies offer this policy, but it’s important to still keep checks and balances. This will walk you through the how and why of keeping track of it all.
If you’re an employer in California, learn who this bill affects and when the time can be used. This also covers the nitty gritty in simple terms including accrual, usage caps, and other rules.
5. 401(k) Plan, Retirement Plan, or Pension
Unfortunately, one in three Americans have no money in retirement savings. Help your employees secure their future (and help secure your company’s) by offering a competitive benefits package that makes a real difference in someone’s life.
Straightforward and to the point. This post will walk you through the details of a 401(k) and how your company can benefit from offering one.
Still not convinced? Offering a 401(k) as a small business will actually save you on business taxes. Read on to learn the other benefits as well.
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal or tax advice. If you have any legal or tax questions regarding this content or related issues, then you should consult with your professional legal or tax advisor.