(Newswire.net — November 25, 2016) — Employee benefits are major components of growth strategies used by organizations, yet so many small businesses ignore it. As a matter of fact, a reasonable number of employees stay in a job that has many benefits and this helps businesses to boost their bottom line.
Employees who have a rich work portfolio in terms of exposure and work experience also have their criteria for accepting job offers. When good employees know that they’ll get only the basic benefits such as family and medical leave, they might likely decline a job and look for better options.
Research shows that employees are more productive when they’re satisfied with the offered benefits. They’d miss fewer workdays, focus on the job without thinking of quitting, and stay committed to the company’s objectives.
What are the benefits that are often overlooked by many organizations yet are most cherished by employees? Here’s a quick rundown of some of them.
Retirement benefit
What could be more awesome than the thoughts of having your retirement plan guaranteed? Employees are happy because their future is secured, and they also get the short term benefit of cutting taxes.
Retirement plan works in such a way that your savings are tax-free until you attain the age of 59. However, the fund is taxable if you withdraw from the retirement fund before this age. Therefore, as much as employers want to invest more money in their businesses, they shouldn’t also forget the fact that employees need these benefits to work more efficiently.
Dental coverage
Employee health has a direct impact on the productivity level of workers. However, oral health which is an important part of the overall wellbeing often ignored. Statistics show that less than 40 percent of organizations offer dental benefits.
The available options are quite numerous. There’s also a kind of dental benefit that’s considered supplemental since the dental insurance will not be provided by an employer but by a dental insurance provider. This kind of dental plan is often useful for students, part-time workers, and freelancers.
Paid time off
Paid time off is a form of vacation that allows employees to draw from a bank of hours instead of taking vacations. Many employees love this concept due to its flexibility- it increases the number of days that can be taken off from work and still get paid.
Although some people argue that employees use paid time off for no concrete reasons and that sick employees don’t use their sick leaves again, the fact still remains that it comes at no extra cost to the company.
Long-Term Disability
The disability benefit gives you financial coverage when you can no longer work as a result of an injury sustained while working. Of the over 35 million Americans that are classified as disabled, more than half of them are in their active working years.
Most disability plans cover about 70 percent of an employee’s monthly salary while the amount is payable over the course of 10 years (maximum) or when the disabled employee attains the age of 65. Inasmuch as employees are made to observe safety precautions at work, providing this kind of benefit gives a solid assurance which is necessary for a smooth workflow.