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How do benefits work?

A Basic Guide To How Do Benefits Work For Employees


How do benefits work?


Employee benefits are tricky matters. There’s a lot of different aspects of employee benefits that employers need to consider. Whether you are new to employee benefits, or simply want to gain a better understanding of how benefits work, then this blog post is for you.




Basic Employee Benefits


First, an introduction to the core employee benefits that many employers offer. Offering these basic employee benefits will promote loyalty among your current employees and encourage potential workers to apply.



Many employers offer their employees these basic benefits:



  • Health care plans


  • Dental and vision benefits


  • Paid time off


  • Retirement employee benefits/plans


  • Life insurance



While there are countless other benefits that various employees offer, these are some of the basic employee benefits that job hunters often expect to see. Not including these in your company’s job descriptions will discourage talent from applying and lends a competitive edge to other organizations that do supply these.



For example, most full-time employees expect at least 1-2 weeks of paid vacation per year. When deciding on what your company’s vacation policy will be, make sure you specify whether time-off requests must be made verbally or in writing, as well as how far in advance employees must notify management. Also, do unused vacation days roll over to the next year? Or will unused time off dissolve at the end of the year?



If you feel ill-equipped to structure your company’s benefits packages, consider working with a professional employee benefits consultant. Experts in this field can answer all the questions you have and help ensure that no potential problem is left unaddressed in your policies.




Mistakes Employers Make With Employee Benefits


There are several costly errors employers tend to fall into while arranging basic employee benefits. To help you avoid these pitfalls, here is a brief introduction to three of these mistakes:



  • Not taking care when filing paperwork. Sloppy paperwork management can result in a host of complications and extra costs. Make sure that you have a filing system to keep all important paperwork related to your employee benefits.


  • Providing unnecessary or unwanted benefits. Employees care about the basic, important benefits much more than added fluff. We’d encourage employers to offer better basic benefits instead of increasing the number of benefits.


  • Not being straightforward with employees about their benefits. Employees will show more appreciation if they simply understand the cost of their benefits and the extent that their benefits help them. Have an annual meeting to discuss employee basic benefits and how they work.



Get Help Managing Your Employee Basic Benefits Today


Here at Riverside Employee Benefits, we have a team of consultants who are ready to help you manage your employee benefits. We know how complicated and vital employee benefits are to every company and use our expertise in the field of employee benefits to help employers know how to manage benefits and educate their team about the benefits.



If you need additional help with figuring out which basic benefits to offer to your employees or how to navigate the market and heed your budget while selecting basic benefits, contact Riverside Employee Benefits today to schedule a consultation.




4 Major Types OF Employee Benefits

The 4 Types of Employee Benefits Every Business Owner Should Know About



4 Major Types OF Employee Benefits




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.