Employee Benefit Programs
When job seekers are on the lookout for a new position, one of the factors they consider is what types of benefits the hiring employer offers. As a potential employee, an attractive benefits package can sway your decision to accept one position over another. As an employer, it may benefit your business to offer a desirable program of employee benefits in an attempt to attract the best employees.
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Paid Time Off
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Paid time off from work is an important benefit to employees, especially for those with families and additional personal responsibilities outside of work. Allocations for approved time off include attending to personal or family medical emergencies, bereavement, public and personal holidays, maternity or military leave, sick leave and jury duty. An employer who offers several paid holidays throughout the year may even see an increase in overall employee productivity when the employee has a chance to rest and recharge during a vacation. Most professionals expect to receive a minimum of one week paid vacation per year, and many positions increase paid vacation time with each year of continuous service.
Health Benefits
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Entrepreneur.com reports that health benefits top the list of most vital employee benefit programs. With the high cost of health care in the United States, many individuals and families would not be able to afford medical care without the supplementary coverage employer health insurance provides. Due to the high cost of health insurance, most employees seek an employer that can offer access to health insurance through group health plans with discounted rates. Many employees might even be willing to accept a slightly lower salary base if the employer provides a contribution to the cost of the employee's health insurance plan. Health benefits also might include plans for vision and dental coverage.
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Retirement Plans
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Retirement plans are also high on the list of employee benefit programs. Many employers offer a retirement plan with a company match program, in which the employer matches the employee's retirement contribution up to a certain percentage to help build the employee's retirement savings more quickly. Some companies also provide a retirement pension plan that increases over time. Retirement plans can help build employee loyalty and discourage employee turnover. It shows the employer has a vested interest in employees' long-term future.
Employee Assistance Programs
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Additional employee benefits may be provided through employee assistance programs administered through the company's human resources department. Employee assistance programs offer benefits such as counseling and training courses for employees and their family members. They also may provide access to flexible spending accounts or Christmas savings clubs, tuition assistance and employee discounts on things such as gym memberships, cell phone service, dry cleaning and auto club memberships.
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References
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