The typical benefits offered to employees can be split into 4 major categories: Retirement, Insurance, Vacation/Leave, Flex Benefits.
Whether you’re an employer looking to attract and retain, or an employee planning for the years to come, retirement benefits are one of the first talking points when evaluating a benefit package. Below is a list of typical retirement benefits offered by employers:
- IRA Plans
- 403(b) – nonprofit orgs
- SEPs – Pensions
- Stock Options
Learn more: Explaining 6 Key Types of Retirement Plans
Insurance Options/Health Benefits
First things first, when most people think of employee benefits, they think of health insurance. Health Insurance Benefits are for most companies, the starting point and most typical type of benefit an employer can offer. Here are some examples of common insurance products employers are able to offer:
- Major Medical Insurance
- Dental Insurance
- Vision Insurance
- Life and AD&D Insurance
- Mental Health Services
- Disability Insurance
Most importantly, the list above only scratches the surface of the offerings an employer can provide. For more information on how to set up these plans contact us here.
Vacation & Leave
While some states have passed laws to ensure employees are given ample time off, other states have left that decision up to the employer. However, several of the items below are found to be common practice by many employers. It’s important to keep in mind, that part-time and full-time employees benefits can differ drastically!
- Paid Time Off
- Vacation Time
- Sick Leave
- Extended Leave of Absence
- Family Leave
- Maternity Leave
However, while some states have standards, most employers have tons of flexibility when it comes to vacation and leave. From an employee’s perspective, Paid Time Off, Sick Leave, and Maternity Leave seem to be the most sought after.
What exactly is a flex benefit? Well, it’s a benefit that doesn’t quite fit into the categories above. Different industries are able to offer flexible benefits that other industries might not be able to offer. It’s hard to work from home if you’re a construction worker building houses. Here are some examples of Flex benefits:
- Work from Home
- Company Equipment – Cell Phone, Computer, Vehicle
- Travel Expenses
- Continuing Education Courses / Paid Training and Development
- Student Loan Assistance
- Wellness Programs
- Cost of Living Stipends
- Discount Programs
Flex Benefits are constantly evolving as the needs of employees change, and are becoming some of the most typical benefits offered to employees. Thankfully, whether you’re a tech start-up, Fortune 500, or Mom and Pop shop, Flex Benefits can be a huge attraction point for employees as we’ve seen with Work from Home capabilities over the pandemic.
Don’t go it alone!
In conclusion, when looking to create your ideal benefit package, never be afraid to ask for help. Nobody knows the needs of your employees more than you do, but we can show you how to get things started!