If you’re looking for ways to attract top talent and keep your employees satisfied while working for your company, offering employee benefits is a necessity for your business. In order to identify the types of benefits employees are looking for, we have an essential employee benefits compliance checklist for you.
Under the Affordable Care Act (ACA), employers are required to cover certain health benefits under their insurance plans. These essential health benefits include:
Plans must also offer dental coverage for children, but benefits for adults remain optional. State requirements may impact specific services, but comparing plans can help identify any deficiencies.
While most employees are stressed about their finances, some enterprising companies are taking financial wellness to the next level by offering financial benefits. Some examples include:
As the focus shifts to financial wellness, benefits are a more effective way to keep employees satisfied and motivated. Employers that provide the right incentives are benefiting from productivity, efficiency and hard work.
While some business owners think they can’t afford to fund a retirement plan, companies that do offer this benefit report increased employee retention and happier, more efficient workers. Some of the different ways companies offer retirement options include:
One of the main benefits that employees enjoy in regards to retirement plans is that savings are tax-free until funds are withdrawn. Note that If funds are withdrawn before retirement age, the amount is fully taxable and subject to a penalty.
Career benefits don’t necessarily require an investment upfront, but they can help improve employee satisfaction and keep workers motivated. Some examples of career benefits include:
With more and more employees expecting to grow with a company and further their careers, offering plans to get them to their individual goals can be beneficial to all parties involved. Taking the time to outline a positive career path can help to build relationships, improve morale, and get the most out of your workforce.
The main purpose of childcare benefits is to help new parents return to the workforce by making the transition as easy as possible. Some examples of childcare benefits include:
Childcare benefits can reduce absences related to family problems, and help to avoid employee turnover. Parents that have childcare options and benefits are often less stressed than parents that don’t have essential benefits, which can positively impact productivity, efficiency, and the workload of other employees.
The modern workplace is made up of people from different backgrounds, race, age, ethnicity, religion or genders. Recognizing diversity in the workplace can create a better environment for all employees, and promote innovations, ideas and company growth.
Some of the ways that companies can offer benefits that encompass different cultures include:
Employers must be seen to be celebrating their employees’ diversity to avoid workplace issues, like harassment, hostility or conflict. By creating written policies, providing sensitivity training, and communicating company standards, employees can feel more comfortable in their roles and enjoy their work environment.
With more than 27 years of operational experience, our team at Paypro has seen it all. We’re ready to set up a meeting, understand your business, and come up with custom integrations and automations that will help you adapt your business to fit your organizational goals. Our goal is to help you outline your employee benefits compliance, keep your employees satisfied, and make you more successful.