Best Employee Benefits

important employee benefits

Employee benefits are increasingly becoming a crucial part of employee satisfaction. Businesses that offer the best employee benefits can attract and retain talent, ultimately increasing the success of their business. In an environment where employees have a high proportion of their working lives spent at work, and in which employee engagement is so important, it has never been more important for companies to ensure they get employee benefits right. The perks offered by modern employers go way beyond free health insurance but maybe include a 401k retirement plan to life insurance. Some of the most sought after benefits on the market include: 

  • Health Insurance 
  • 401k retirement plan 
  • Life insurance 
  • PTO
  • Student Loan assistance 
  • Paid Family Leave 

Health Insurance

With health insurance being the most sought out employee benefit nowadays, employers need to offer a plan that most employees are looking for. A trusted Employee benefits broker can curate a list of benefits while taking into consideration what you want to offer and your budget that can be allocated towards it. The most sought-after plan an employer can provide is a PPO or EPO, most employers pay between 80% to 90% of their employees’ plan and the employee pays 10%-20%. Because this plan is more expensive most companies have multiple options from which each full-time individual can pick. 

Related10 Reasons Being An Entrepreneur Is Better Than Employment

401k Retirement Plans

Many businesses are using 401k retirement plans as another form of benefit besides health insurance. A lot of younger individuals require student loan assistance along with life insurance which has become popular in older generations recently too. Many small business owners like offering paid life insurance and match a certain percentage invested by the employee to encourage employees to invest in their retirement plan.

Complimentary 401k plans

Complimentary 401k plans are most suitable for business owners who would like to offer the most amount of benefits and incentives to their employees at maximum cost-effectiveness. There is no official list of most popular employee benefits, as each business has different needs, but there are some key options that most businesses use. 

Paid Life Insurance

Many small business owners like offering paid life insurance and match a certain percentage invested by the employee to encourage employees to invest in their retirement plan. As an alternative, some firms may also find it beneficial to provide a supplementary 401k retirement plan through Complementary Financial Management Services Corporation.

Student Loan Assistance

Young adults do see health insurance as important but will find student loan assistance as a bit more important. In most cases, companies will offer employees who are students up to $500 a semester or quarter, it just depends on the company that you choose. This is very helpful for most young adults as they are most likely going to college and trying to take advantage of all student loans available to get their degree without any added expenses.

Paid Family Leave

Paid Family Leave is a very important feature since it allows employees to take leave from work after giving birth to a child or to care for family members who are experiencing serious medical issues. Most companies offer paid time off after working somewhere for at least six months or so. What most new parents may not know is that most companies will pay for maternity leave along with paternity leave after giving birth and extended paid time off.

This is another great advantage as most companies offer FMLA to eligible employees who need to take a leave of absence to care for a family member or bond with their child after giving birth, so it’s usually not that big of a deal when you have your paid time off as well.

All employee benefits listed above are important to all employees but will differ in importance depending on the individual, factors will be age, sex, and circumstantial. In most cases, most workers agree that health benefits and prescription insurance is most important as it protects them and their family with the highest level of care. When looking to apply for a job or changing jobs, be sure to check out the perks that come with employment so you can find the position that will best suit your needs and allow you to work towards financial success.