All employers provide their employees with essential benefits required under the law such as deducting taxes, Social Security, disability, paid vacation, and holidays. Those that do not do anything beyond this face challenges in keeping their productive employees. They lose valuable resources and have a never-ending cycle of hiring new employees who leave for others with better benefits. The key to avoiding these challenges is to offer more to them. The problem is determining what to provide and when employees are eligible for them. These challenges make it harder for employers to expand their benefits and do so in a productive way. The key to avoiding these issues is to offer certain benefits based upon the employee’s contributions. This provides extra incentives and encourages employees to stay with the organization because of them.
Choosing the Right Workplace Benefits in Ft. Lauderdale
Workplace benefits in Ft. Lauderdale are critical in keeping the most productive and talented employees. The problem is most employers are not sure what benefits to offer or how to set them up. There are several options available to achieve these objectives including insurance, retirement, and non-monetary benefits.
Insurance is a critical component in expanding workplace benefits due to the high costs employees face for healthcare. They need additional support to help them lower these expenses for themselves and their families. There are several types of insurance benefits employers provide including health, disability, and life insurance.
Health insurance decreases the costs employees pay for medical expenses such as doctors, hospital visits, and prescription drugs. A lot of times, employers provide dental and vision coverage as part of these benefits. The employers will pay some or all of the premiums and a percentage of the costs.
Disability insurance focuses on replacing some or all of the lost income when an employee cannot work from an injury. Most coverage has two categories including short and long-term disabilities. Short-term is when the employee cannot work for a few weeks and continues to receive their pay for the time it takes to recover. Long-term is when the employee will not be working for an extended period such as six months or more.
Life insurance protects the employee’s family in the event of death and it goes to their children and spouse. These benefits are for employees who are with the organization after six months to a year+.
Retirement benefits deliver income once the employee ends their career and decides to retire. There is a defined benefit plan that pays them a preset amount using the years with the organization and salary. The employer assumes all of the risks for the investments and guarantees a specific benefit to the employee. Another option is the defined benefit plan like a 401K with contributions shared between both parties. These benefits usually go to employees between three months and a year.
Some employers provide other benefits to employees that use no cash payments such as child-care and tuition support. There are stipulations with these programs and the employee must do certain things to qualify, like taking college classes for work-related areas. Another option is for employers to give workers end-of-the-year production and holiday bonuses. These additional benefits offer more to traditional employees and encourages them to stay with the organization. These benefits are for anyone who is with the organization for one year.
We Can Help!
Group benefits are a great way to attract quality employees and help retain the ones you have.. It’s not uncommon for employees to compare the benefits of one company over the other when deciding who to work for. With that in mind, you’ll want to make sure your company stands out among the competition. If you would like to learn more about workplace benefits, reach out to the team here at Lewis & Palmer today!