While money is certainly important, there’s more to choosing a job than a handsome salary. In today’s world, all the top talents understand this fact very well and they don’t settle for any less. Many employers have also realized that, in order to attract the best talents, they need to tempt them with an attractive compensation package that they can’t resist. While the list of benefits that can attract prospective employees is long, there are some basic benefits that just can’t be ignored. That said, here are 8 basic benefits that all companies should provide to their employees.
Regardless of how loyal an employee is, a job is still just a job at the end of the day. No one would be willing to sacrifice their life or health for a job, and no company should ever ask its employees to do so. Failing to protect your employees from harm is a way of inflicting harm upon them, which is the case with failing to implement an efficient EHS (Environment, Health, and Safety) system. If you click here, you’ll see that a specialized, EHS management software can help you implement and maintain safety measures more effectively. This system will not only help you set clear policies and guidelines for the safety of your employees, but it will also enable you to follow up on them, track their progress, document various procedures, and so much more.
Despite your best efforts, some accidents are bound to happen in the workplace, especially in certain lines of work. You should do your best to train and protect your employees, but if worst comes to worst, you’ll also need to take care of them when they get injured on the job. This can be done easily if you provide workers’ compensation, through which lost wages and medical costs can be covered by the insurance during their rehabilitation period.
Federal Insurance contribution
This is another kind of benefit that all companies are legally required to provide for their employees. The Federal Insurance Contribution Act (FICA) is a federal employment tax through which contributions are made to fund Social Security and Medicare. It’s a legal requirement for both employees and employers to make this contribution, each playing their own role in the amount of contribution.
Unemployment Compensation contribution
Another legal requirement is to provide unemployment insurance benefits. For this kind of benefit, employers are required to make contributions to an unemployment trust fund, in the form of taxes at both the federal and state levels. This kind of benefit should be provided to all employees, regardless of whether they work as full-timers or part-timers. Should the employee fulfill the criteria for unemployment later on in life, the trust will serve as a source of income for them.
While it’s not required by law, providing healthcare benefits is considered an industry-standard. Without health insurance, medical expenses can easily break the bank following an accident. There’s really no way around this kind of benefit. The good news is that there’s a wide range of healthcare plans available for companies of all sizes and industries, so finding the right plan that covers the needs of all employees, without breaking the company’s bank, should be feasible.
Minimum Wage and Overtime Pay
Thanks to the federal minimum wage that’s set at $7.25 per hour, employers are legally required to abide by this fair compensation. Furthermore, most federal and state laws have set 40 hours as the required weekly work threshold. If work hours were to be exceeded, then employees should be compensated with a higher hourly wage than their hourly compensation amount.
While many employees fail to think about retirement at the start of their careers, this kind of benefit becomes more necessary as they age. A company that truly cherishes its employees will take this into consideration, making the necessary contributions into the retirement account of each of its employees. While there are many kinds of accounts, the 401(k) is one of the most popular plans.
Paid Time Off (PTO)
Sooner or later, even the most committed employee will start suffering from burnout. In order to preserve their talent and rejuvenate their energy, providing them with paid time off is one of the most important benefits for both employees and their employers.
In today’s world, there’s a strong competition between high-ranking companies to hire the best talents. However, the criteria for choosing a company has long since exceeded mere monetary compensation. The more extensive the list of benefits, the more appealing the job becomes to prospective employees.