As an employer, you might find yourself frequently wondering what types of employee benefits you should offer to your employees. As this is a very common question, today’s article outlines the four major types of employee benefits offered by many employers. Whether you want to improve your company or offer your employees greater benefits, this article will explain what employee benefits job hunters are often on the lookout for.
What are the Four Major Types of Employee Benefits?
Here are the four types of employee benefits that satisfy employees and incentivize job hunters to apply.
1. Retirement Employee Benefits
One of the most common major types of employment benefits offered to employees is retirement benefits. Employers may offer different 401k plans where a percentage of the employee’s paycheck will automatically be deducted and put towards the employee’s retirement savings. This is one of the most common types of employee benefits and gives potential employees an incentive to work with companies that offer it.
2. Life Insurance
The second major type of employee benefit is life insurance. Life insurance is offered by employers in the case of accidental, unexpected death. Life insurance compensation is offered to the family members of the deceased employee.
Examples of when life insurance would kick in are if the employee dies in a sudden accident or health condition. Life insurance coverage might also kick in if the employee is severely injured or disabled in an accident (loss of limbs, vision, etc.).
Employers who offer life insurance as an employee benefit should always make sure that there is a beneficiary selected for each employee.
3. Medical Insurance
This is a major and common employee benefit offered by many employers. Employers may offer medical insurance that covers a variety of different things such as prescriptions, hospital check-ups, vision, and dental. Companies that offer health insurance value their employees and understand that unplanned medical costs could take their employees out of the workforce in an instant. Good health insurance means employees can recover faster and return to work sooner.
4. Flexible Scheduling & Time Off
Another employee benefit that companies can offer is schedule flexibility and time off from work. These are two perks that all employees appreciate. Potential employees recognize flexible scheduling and consistent time off as an indicator of an understanding employer and someone that they would like to work for.
Schedule a Consultation With an Employees Benefits Specialist
Here at Riverside Employees, we have a team of consultants who specialize in employee benefits and helping employers keep their employees happy while also staying within their budget. We know all of the different pieces of an employer’s puzzle and use our expertise to help you manage relationships within your company and offer a practical approach to finding useful employee benefits for your team.
Give Riverside Employees a call today to schedule your first consultation with our team of consultants.