What are Standard Employee Benefits?

standard employee benefitsFor your business to remain competitive in a today’s economy, you need to attract and retain top talent. Employees nowadays expect a compensation package that goes beyond the basic salary and healthcare benefits.

Today’s standard employee benefits package is expected to include elder care plans for aging employees, vacation time that allows employees to recharge, and opportunities for workers to achieve personal and professional development.

Here is a list of employee benefits for the modern worker:

Health insurance

The uncertainty and fluctuating costs in the healthcare market have made employees unsure about their ability to afford quality care should they or their family members get sick.

By providing a comprehensive healthcare plan for employees, you can save them some of this uncertainty.

Insurance brokers have many different options depending on the size of your company and the number of employees you need to cover – you can also interface directly with insurance companies who specialize in employer packages. Be sure to understand how changing legislation – like the recent repeal of the individual mandate – affects your company’s insurance requirements.

Short term and long term disability benefits

In some cases, employees might become sick or injured and end up missing work for a longer period of time. To protect employees from the lost earnings they would face when missing time at work, a standard benefits package should include both short and long term disability benefits.

Employees who are unable to work for temporary periods of time can continue to receive an income and remain financially stable until they are healed.

These plans typically pay out around 60% of an individual’s pre-disability salary. In some parts of the U.S. – California, New Jersey, Rhode Island, Hawaii, and New York – state funding is available to provide workers with disability coverage.

Vacation time

A well-rested workforce is one that’s rejuvenated and productive. Employee benefits should therefore include vacation time or time off work that provides enough rest for employees during the course of the year.

Modern tech companies are leading the way here. Salesforce, for example offers new employees 15 days of PTO, four floating holidays, and seven paid volunteer days. Google is also well-known for its generous leave policy.  

Opportunities for personal development

Today’s most talented employees don’t just want to be compensated in the form of money or benefits. The typical worker, especially those in the millennial generation, wants to feel as if working at your business will help them advance their professional skills.

A standard benefits package should take into consideration the career goals of employees and provide channels for professional growth. Some companies offer stipends for training, while others bring in coaches and speakers to have large-group sessions.

Elder care benefits

Struggling to take care of a relative or family member is hard enough on its own. When you add the pressures and requirements of a typical work schedule, it becomes almost impossible – yet this is the situation that many of today’s employees find themselves in.

To relieve this burden, companies like the Senior Providers Network and others are offering employer packages that assist their staff in the care, education, and treatment of family members. Contact us today to see how our cost-competitive benefits program will help your employees succeed no matter what’s going on at home.

caregiving is an employer issue