Employee benefits are a type of compensation provided to employees in addition to their regular salary or wages. Employee benefits come in various shapes and sizes, and they are an important component of the overall compensation package provided to employees.
In this article, we'll go over some typical examples of employee benefits plans, what types of employee benefits are most valued, and what an effective group benefits plan should look like.
What Kind of Benefits Do Employees Value?
This is what HR experts tell us the various generations values.
Work hour and leave
Health & wellness
Work hours and leave
Health & wellness
Work hours & leave
Health & wellness
It has been our experience that employees value certain kinds of benefits over others. Here is what we have found to be of value. We understand that it may be impossible to have all these included in your benefits program. We can help you identify specifically which program your employees value and then design a plan around these.
Comprehensive health & dental coverage
Accounts or benefits for retirement
HSAs, FSAs, and HRAs are examples of healthcare spending or reimbursement accounts.
Discounts or gym memberships
Employee appreciation programs
Assistance with commuting and travel
Options for telecommuting
Recreational activities, food and coffee, and flexible work schedules
Benefit Program Structure
In general, businesses structure, contribute to, and provide employee benefits in two ways:
Employee structured programs provide employees with employer-funded funds to customize their benefits through the use of technology. Benefits are paid for by the employer and chosen by the employee.
Employer structured programs provide a specific or defined benefit to employees. Benefits are provided by the employer and are chosen by the employer.
These plan designs offer pros and cons. It is best to have an agent help you design a plan that works best for your employees and business.
Benefit Plan Design
How it can work
Employers typically share costs with employees, such as a 50/50 split or 60/40.
Employers may contribute or employees pay premiums.
Employers contribute an amount or match up to a percent.
Life & Disability
Some employers pay for a fixed benefit amount, such as $50,000
Either employer or employee may contribute, subject to annual limits, depending on what is offered.
Expense paid by the employer.
There are usually funded by the employer.
There are some benefits that are required by law. These are:
Short-term disability insurance
Leaves of absence
How We Help You Design Your Program
We help you determine your budget
Survey employees to determine needs and interests
Decide which benefits and program to include
Analyze the businesses total compensation
Finalize program design
Roll out to employees
There are several approaches to putting together and then maintaining a benefits package that current employees will appreciate, and job candidates interested in. Many businesses have solid, creative, and engaging benefit packages, and they all look slightly different.
Your organization's goal should be to develop your own plan of an inclusive and dynamic employee benefits program that addresses your employee's needs while staying within your company's budget.
Enrolling your company in a group health insurance plan benefits both your company and your employees. The first step is to consult with your broker or health insurance advisor to determine the cost of enrolling your eligible employees. You may have greater flexibility, access to a larger network of doctors, and you may save money on taxes. Most importantly, your team will be healthier and happier.
Leap | Carpenter | Kemps Insurance Agency Can Help
Leap | Carpenter | Kemps Insurance Agency can help your company provide a competitive, attractive benefits package without breaking the bank. We have the region's largest and most experienced team of Employee Benefits professionals as well as access to plans from all the leading providers, including some that are exclusive to Leap | Carpenter | Kemps Insurance Agency.
From the "basics" like health, life, and disability insurance, to more "creative" offerings like 401(k) plans, FSAs, HRAs, and HSAs, we can demystify the options and design a benefits package to keep your company competitive.
Tell us about your exposures, and we'll write an article about how we would mitigate your risk.
Leap | Carpenter | Kemps Insurance Agency provides Commercial Business Insurance, Employee Benefits, Life and Health Insurance, and Personal Insurance to all of California, including Merced, Atwater, Los Banos, Mariposa, Madera, Fresno, Modesto, Turlock, and Stockton.
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