Launching a successful benefits program in your business requires a savvy employee benefits strategy . An attractive benefits package is crucial for :
• Recruiting talent in a challenging job market ;
• Boosting employee engagement , satisfaction and retention ;
• Demonstrating you care about employees ’ health and wellness ;
• Promoting productivity while mitigating absenteeism ;
• Maintaining compliance with federal and state laws .
COMMON EMPLOYEE BENEFITS
Health Insurance Health insurance helps employees manage medical care costs , making it one of the most critical benefits . The U . S . Affordable Care Act dictates whether your business must provide health insurance based on its size .
Other Types of Insurance Different types of insurance offer employees peace of mind by protecting their families and livelihoods :
• Life insurance : Provides a set payment to beneficiaries in the event of an employee ’ s death ;
• Disability insurance : Offers replacement income and medical bill coverage if employees become disabled ;
• Workers ’ compensation insurance : Covers replacement income and medical expenses for on-the-job injuries . Check your state laws for specific legal obligations .
• Retirement plans : Employees want to save for retirement and plan for their futures . The most common type is a 401 ( k ) plan , where employees can save up to a certain amount annually , often boosted by employer matches . The SECURE Act of 2022 has further incentivized offering these plans .
Employee leave Paid time off ( PTO ) is highly popular among employees . Most employers offer between 10 to 14 days per year . When building a PTO program , consider :
• Whether to combine sick leave with PTO ;
• Offering standard or unlimited PTO days ;
• Implementing a tiered PTO system based on tenure ;
• Allowing PTO days to roll over year after year .
Employee wellness programs Wellness programs prioritize employee wellbeing , covering physical , mental , emotional , social , and financial health . These programs can :
• Provide educational resources ;
• Promote ongoing healthy behaviors ;
• Offer on-site screenings or clinics ;
• Connect employees with professional expertise through an employee assistance program ( EAP ).
118 NATDA Magazine www . natda . org