Competing in the labor market has become extremely difficult nowadays, especially without having high quality & attractive employee benefits programs. Even employees on a minimum wage expect to receive decent benefits from their workplace so it is even harder to keep the current employees happy, let alone compete with other companies. The well-being of the workers in a company should be on the top list of priorities for a modern employer. Employees can make or break the success of a company and therefore they should be highly valued. Health benefits are considered to be at the core of any form of employee benefit program, although companies that offer only the basic health benefit program usually also consider dental and vision coverage.
Other types of benefits include savings programs, on site child care, pet insurance, domestic partner benefits, meal reimbursements or discounts. Discount programs can be very significant for the employee and also cost effective for the employer. Some companies also have voluntary benefits such as accident insurance, cancer, identity theft, etc. Also, employees can benefit from intangible benefits as well. Such intangible benefits are less direct than the ones mentioned before; they can be the likelihood of a promotion or a nice office, etc. Employee benefits may be paid by the company in full or they can be paid by the employee as well. Although the company usually pays for most types of benefits like holiday pay or vacation pay, thee are some benefits that are not paid or are paid only in part by the employer, like a medical insurance, mainly because of the high costs of the medical insurance.
But really the best thing that a company can do to please their employees and attract new quality ones is to let them take control over their own personal benefits programs. This means that the employee can choose whatever custom benefits he or she pleases, as long as the costs do not exceed the limits that both they and their employer have agreed on. By using this approach, companies will remain competitive in the marketplace by having productive and engaged employees, all of this while maximizing their investments in their employees and also enhancing the company’s prosperity. It has been proven that providing employee benefits programs increases the productivity and effectiveness of the employees as well as contributes to their overall quality of life.