What to Know about Employee Benefits

What to Know about Employee Benefits

Companies offer employee benefits of many different levels. While most employee benefits are required by state and federal law, other types of perks are offered to employees beyond the typical options to create corporate loyalty, worker retention, and an increase in employee satisfaction.

The term “employee benefits” encompasses all non-wage compensation received by an employee. Benefits vary greatly from company to company and can make up either a small or a large portion of an employee’s overall compensation package.

Some benefits that are required by federal and/or state law include:

  • COBRA Insurance
  • Disability Insurance
  • Family and medical leave
  • Unemployment benefits
  • Workers compensation

Additional options, such as retirement plans and healthcare plans, are not technically mandated by law but are both highly regulated by governmental bodies. These two types of benefits are often included in, and generally make up a large portion of, an employee benefits package.

Beyond the mandated and regulated benefits listed above, there exist a large variety of other employee options. Most businesses can pick and choose which benefits they want to offer to their staff. While company owners have great leeway in being creative with the benefits they offer, some of the most common employee benefits include a combination of the following:

  • Dental and/or vision plans
  • Life insurance plans
  • Paid vacations, holidays, or sick leave
  • Child care
  • Flexible schedules or work-from-home options
  • Tuition reimbursement or student loan assistance
  • Maternity, paternity, and adoption leave

In the past few years, however, some companies have begun offering employees benefits beyond the ordinary. Many organizations are providing their employees with more nontraditional benefit options to attract and retain top talent. A few of these options include:

  • Unlimited vacation and sick days
  • Gym and health access
  • Banking discounts/Lower loan interest
  • Pet insurance
  • On-site services such as food services, dry cleaning options, and child care

As you seek a new job, decide between multiple job offers, or negotiate the renewal of an employment contract, it’s important to take stock of the benefit coverage being offered and seek a benefits package that meets your needs completely and offers you the best options for a balanced and fulfilling career.

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