Employee benefits are non-salary based schemes that can vary between companies. They do not require cash payments and are part of an overall compensation package offered by the company to its employees in times of need. They are often provided by third-party organizations in addition to employee salary to ensure a competitive and unique package to incentivize the employees joining the company. Some benefits are regulated by government mandates, such as disability compensation, minimum wage, and overtime and there are others, however, that are not, and this page will seek to tell you about some of them.
Here are some benefits that every single employer needs to offer in addition to those that are regulated by a government mandate to give their employees the best chance at a comfortable life.
The majority of the benefit plans offered by employers include health insurance. Health insurance covers you for visits to your clinical physician, specialists, hospitals, and emergency care. There can be additional benefits for employees added, such as vision, dental care, and prescription, which vary between employers. Employers are required to provide healthcare for their employees that work thirty hours a week – some part-time workers can qualify – but not always. Your employer should tell you during the application process if they do.
Some employers offer pay raise benefits that change every year to ensure that employees are paid an adequate amount to live and so that they can keep up with inflation. Some schemes allow employees to earn higher wages as part of merit scheme programs. This is often done by offering a commission to those who work in customer service or sales. This is a very effective method of motivating employees to work harder and make more sales than they ordinarily would. Pay raises should be something offered by every single company, especially considering the global financial crisis imminent in the wake of the COVID-19 pandemic.
In jobs that are considered dangerous, employers provide a benefit known as hazard pay. Hazard pay must be offered by every single company wherein the employees risk their lives or safety by working. Jobs that often offer hazard pay are private security, military contracting, military, construction, and some trades. It is also offered to anyone who works in dangerous and hazardous conditions with potentially life-threatening machinery or weather. To ensure the safety of your employee’s families should anything happen to them, then you must offer hazard benefits
Employers do not, sadly, have to provide severance pay. It is only an additional benefit offered by some companies to outstanding employees that have to be let go. Severance pay is offered to employees that the employer would have wanted to keep working for them but have unfortunately had to make redundant due to downsizing.
CDA (College Debt Assistance)
Because of the huge levels of student debt among young employees, employers are offering college debt repayment services to aid their employees to clear themselves of the burden of student finance. There is no law nor mandate requiring employers to do this, but many have begun offering it to ensure that their employees do not become swamped with debt and can maintain a comfortable lifestyle.
Many employers offer life insurance to their employees for as long as they work with them. This is a great benefit to have, as life insurance premiums can cost a lot of money, and by offering this to employees, said employees can live a comfortable life and have more spending freedom.
Many employers also offer stock options to their employees. This allows employees of a company to buy shares from their employer at a heavily discounted price. This is a brilliant investment opportunity and many employees have made a lot of money from selling their company stock.
Paid holidays are another benefit some companies offer to their employees. This enables an employee to go on holiday at the expense of their employer, usually to the same destination every single time. This is a great incentive to keep employees working and can make their life a lot less stressful.
Student tuition is a fringe benefit that you seldom see anymore. Some employers, however, do still offer student tuition. It enables an employee the opportunity to send their children to private schools or to receive private tutelage at home. This gives the employees children a better education. This is a great benefit that many employers need to consider offering again.
Some companies, depending on the sector, offer free housing to their employees. This usually requires the employees to move away from their homes to a town closer to their new job.
These are a few of the great benefits employers should consider offering to their employees. Having a company with many benefits can ensure that you get the best quality of employees working for you.