As a business owner, do you know what your employees are looking for in terms of benefits and/or perks? Do you know the difference?
Employee benefits are considered additional forms of compensation, while perks are extras that make your employees happy. To attract the top talent to your business you need attractive benefits packages. What benefits does that include exactly?
This may come as no surprise to you, but the number one benefit employees are looking is not more money. It is healthcare benefits for themselves and their families. Healthcare benefits include health, dental, and vision insurance.
Did you know that according to Glassdoor Benefits Reviews, 4 out of 5 workers say they would prefer better benefits over a pay raise? The benefits employees are looking for are ones that offer flexibility and work-life balance. According to an article by the Harvard Business Review employees are looking for more flexible hours, more vacation time, work from home options, tuition and student loan assistance, paid maternity and paternity leave, retirement savings, and opportunities for advancement and professional development.
That covers the most wanted benefits, but what are the perks that people are looking for. Surprisingly, the perks could be quick and easy things you can give your employees to drive up their satisfaction. Perks include things like free gym memberships, free daycare services (OMG I would swoon for a job with daycare services), free fitness and yoga classes, free food and coffee, and team bonding events.
Here is a list of companies and some of the interesting benefits or perks that they offer:
· Adobe – They shut down for a week in December and one week in the summer.
· Walt Disney Company – offers free admission to the happiest places on earth and discounts on hotels and merchandise to all of their employees.
· Pinterest – Their maternity/paternity package includes 3 paid months off plus one month of part-time hours with counseling for parents returning to work.
· Salesforce – Employees get 6 paid days off so they can volunteer their time to causes they are passionate about. (I love this one. The world would be a better place if this was offered at every job.)
· Twitter – offers its employees three catered meals a day, acupuncture, and improv classes.
Are you feeling overwhelmed by what you should offer your employees? There is a lot you have to learn and consider. For example, if you offer a lot of vacation time your employees may be happy, but it is creating a huge liability for you that you have to carry on your books. For those employees that never take a vacation, you will have to pay them out if they
decide to leave. If you run a small business, insurance is going to be more expensive for you because you don’t much buying power. If you make a legal mistake relating to benefits it may end up costing you your business if you are sued. Scared yet?
Don’t fret. The Payroll Source Group can help you. Through partnerships with major medical insurance carriers, PSG provides a full suite of benefits and benefits administration services to our clients, including comprehensive and competitive major medical insurance and a 401(k) program. PSG’s benefits offerings and benefits administration services include:
· Major medical insurance
· Group vision and dental insurance
· Life insurance
· Long and short-term disability insurance
· Individual insurance programs
· Benefit administration consulting services, including claims, dispute assistance
· Open enrollment processing
· Billing and reconciliation
· Administration of 401(k)/retirement options, including coordination of mid-year and year-end 401(k) compliance testing
· Administration of Section 125 Plan
· Coordination of employee notifications, annual orientations, enrollments and terminations
· COBRA administration: administer notifications, payments, benefits, regulation compliance and reporting
· Benefits package administration to new hires and on-going employee orientation, including new hires, terminations and option changes
· Coordination of benefits renewals
· ACA-compliance services and guidance
By Betsy Drellack http://www.decorousdiva.com