Job hunters look for companies that match their current skills regardless of the offered salary. But for employees that already know their way into the system, they look for companies that have dependable employee benefits. Knowledge about employee benefits is something that employees must possess. They can use these benefits to their advantage and future purposes.
Do not confuse company facilities with employee benefits. Company facilities such as a coffee lounge and sleeping quarters are not part of the employee benefits. Employee benefits are any perks given to company workers along with their salaries. Study shows that 59% of employees are satisfied with their job along with their employee benefits. The most common employee benefits are:
1. Medical Insurance
A company that provides health insurance to its employees shows that they care for them. Providing medical insurance is a way to keep your employees healthy. Keeping your employees healthy and happy can increase the production rate in your company. Other companies are offering group insurance for their employees.
Health insurance is important for employees, especially if the job can cause mental and physical stress. This can result in health risks, and medical assistance can be costly. Having medical insurance from the company can set the employee’s mind at ease.
Employees tend to work harder when they have something to look forward to. Companies offer vacation as an employee benefit to balance the work-life of their employees. To give them time to relieve the stress and burnout they felt at work and spend time with their families.
Taking a vacation is essential for an employee’s well-being. With a clear mind and relaxed body, the employees’ production rate increases.
3. Profit Sharing
Most employees call profit-sharing the thirteenth-month salary. Profit-sharing is when the company gives its employees a share in their company’s profit. The amount that the employees receive is based on their business earnings for the whole year.
Profit-sharing usually happens at the end of the month when companies give incentives to their employees. Some companies offer work with incentives with means that extra workloads are paid more for that certain period.
4. Disability Insurance
The disability insurance to employees that obtained a disability that is severe enough to restrict them from working. These disabilities can be due to an accident or illness. Disability insurance provides income for disabled employees. Disability insurance may vary into long-term disability insurance and short-term disability insurance.
This employee benefit is crucial for these employees because it helps them keep their job even with their disabilities. Disability insurance is essential to secure an employee’s future and investments.
5. Retirement Insurance
Retirement plans are one of the most sought-after employee benefits. Employees look for jobs that have a retirement plan for one reason: securing their future. Employees can only work in a company for a certain period in their lives. No one can work until their very last breath, that’s why most of the employees retire at the age of sixty.
Retirement plans have both pros and cons on either side. It is beneficial for the employee because they will be receiving pensions after their retirement. A profit-based retirement plan is beneficial to the company because employees tend to work harder and become more productive. The downside of a retirement plan is that it is complicated and can be time-consuming.
6. Additional Insurance
Companies offer additional insurance for the employees’ well-being and comfort. Some companies offer an employee assistance program. This program helps employees with problems they face, such as personal, mental, or health programs that can affect their job performance.
Other benefits are also offered, like pet insurance. Only a few companies offer this insurance, so employees that have pets deeply look after this benefit. This helps the employee pay for any veterinary treatment in case their pet is ill or is injured. Some companies pay for compensation if an employee’s pet causes damage to other properties or harm someone.
Other companies also offer reimbursements such as phone and internet reimbursement as well as school and tuition reimbursement. Employee benefits from companies are considered a life-saver to some. The company is giving them comfort and leisure.
The majority of companies offer employee benefits for better job performance. An employee who is happy and healthy will work harder and might consider staying in the company longer. Employee benefits are also one of the reasons some employees choose a company. With these benefits, they know that their future is secured, and they have something to look forward to.