Important Employee Benefits for Employee Retention
Employees are the key part to any business’ success through making and offering products to satisfying client needs. These days, the job market is extremely competitive, so it is crucial for employers to offer an employee benefits package that entices employees to stay.
Health, Dental and Vision
Health insurance is the primary draw for employees. Everyone wants an affordable health insurance policy that can cover the medical bills both for their own healthcare and their families’. Not all health insurance packages are created equal and it is important to find a group health insurance plan that is affordable and comprehensive for your employees.
Many basic health insurance plans excluded dental and vision coverage. Including this type of insurance in your employee benefits package is crucial for maintaining employees who may not be able to afford these extra insurances out of pocket.
One of the major keys to keeping employees for as long as possible is offering retirement plans. Setting up a retirement fund for your employees can encourage them to stay until they retire so that they can reap all of the benefits of their years worked. Keep in mind that these plans also vary, so consider your employees’ needs and speak with an insurance agent about the type of plan your business should offer.
Another important insurance policy that can come as part of an employee benefits package is life insurance. Life insurance helps employees to provide for loved ones when they are no longer able to do so. Offering the right life insurance plan can help your employees take care of their families, which may encourage employee retention.
Employees work their best when they get enough rest and time with their families. This is especially true for new parents, so many employees are attracted to businesses that offer time off both for holidays and things such as paid maternity and paid paternity leave. Offering this type of time off can set you apart from other employers.
There are other miscellaneous benefits that can expand your employee benefits package and make it more attractive to both current and potential employees. This may include:
- Free day care services
- Work from home options
- Student loan assistance
- On-site gym