In today’s competitive job market, a comprehensive benefits package is more important than ever. It’s not only about health insurance and retirement plans anymore. Companies in the U.S. are getting increasingly creative with their benefits offerings to attract and retain top talent.
But do you truly understand everything that’s on the table? Here, we look at some of the most popular benefits, the hidden gems you may not be offering, and why it’s vital recruiters be well-versed in the full array of benefits you offer employees.
Do You Offer These Essential Benefits?
From insurance perks to flexible working arrangements, here are some of the most common employee benefits companies offer.
Retirement plans: 401(k)s with a company match are a standard offering. Full-time employees can contribute a portion of their pre-tax salary to a retirement account, which is often matched by the employer up to a certain percentage.
Health insurance: This typically includes medical, dental, and vision coverage, ensuring employees have access to the types of health insurance they need to stay physically healthy. Many organizations also offer life insurance and disability insurance options as part of their benefits packages.
Paid time off: Includes vacation days, sick leave, and personal days, ensuring employees can rest and recharge. This time away from work is essential for maintaining a healthy work-life balance, reducing burnout, and boosting overall well-being and productivity.
Flexible hours & remote work: Adapting work schedules to fit personal commitments or offering work-from-home opportunities can significantly enhance job satisfaction and output.
What Lesser-Known Benefits Are You Missing?
But it’s not just the well-known perks. Here are some often overlooked benefits that can be a valuable addition to your employee benefits packages.
Employee assistance programs (EAP): When employees face challenges, be it stress, mental health issues, or other personal concerns, an EAP can get them the support they need. It’s a vital resource that ensures employees don’t have to face challenges alone, benefitting both their well-being and the company’s overall health.
Parental leave & childcare assistance: Under the Family and Medical Leave Act (FMLA), eligible employees are entitled to up to 12 weeks of unpaid, job-protected leave for certain family and medical reasons. However, progressive companies are choosing to offer additional paid time off. Along with increased parental leave, they’re providing extra childcare assistance to foster a family-friendly workplace.
Health savings accounts: With rising healthcare costs, these can be a valuable benefit for employees, allowing them to allocate pre-tax dollars toward medical expenses. The funds can be used for a wide range of healthcare-related costs, including deductibles, prescriptions, and treatments not typically covered by insurance.
Stock Options and Profit Sharing: Profit sharing options, while they require extensive planning, give employees a stake in the company’s success, fostering a sense of ownership and aligning their interests with the company’s financial performance.
Where Do Recruiters Come in?
For recruiters, understanding these benefits is not just about listing them in a job ad. It’s about:
Talent Acquisition: Clearly articulating the types of employee benefits you offer can be a deciding factor for potential hires. A comprehensive, well-communicated benefits package can set a company apart in a market where candidates often have multiple offers.
Retention: Well-informed employees who make full use of their benefits are generally more satisfied and engaged. This reduces turnover and builds a more committed workforce.
Brand Reputation: A recruiter who can knowledgeably discuss a company’s benefits contributes to a positive employer brand, attracting higher-quality candidates.
Empower Partnerships is here to help you understand, improve, and communicate your unique benefits package to attract and retain the best talent for your business. Connect with us today and start showing off what sets your company apart.