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Benefits You Need to Offer Employees in Order to Stay Competitive

When employees come to work for you, they want to know that you have their best interest in mind. They want to feel protected and valued for the work they do. Part of showing your appreciation is offering various benefit packages. When you offer benefit packages, you stay relevant with competing companies. To stay competitive, you need to offer paid family leave, a retirement plan, and health insurance. 

Paid Family Leave 

There are various situations in an individual’s life where work is not a priority. To get the best performance from your employees, you need to respect those situations. According to SnackNation, offering family medical leave, maternity leave, flex time, and paid family leave is vital to maintaining productivity in the workplace. Sick days and medical leave protect the individual and those that work for you. Maternity leave gives the mother, and father time to heal and adjust to their new lifestyle. Showing your employees that work and family lives can coexist will lead to employees that are less stressed, more loyal, and ultimately more productive. 

A Retirement Plan 

A strong retirement benefit can help you recruit employees and reduce turnover. A 401(k) plan is the most common type of employer-sponsored retirement savings program. A 401(k) is a voluntary retirement savings plan in which employees can contribute a portion of their pre-tax earnings. While employers administer and control the plan, employees can borrow against the value of their 401(k) plan. As Franchise Gator points out, some 401(k) plans let employees roll over the money to start a business. Offering a retirement plan is a capital and time-intensive way of rewarding your employees. 

Health Insurance 

If you want your benefits package to remain competitive, you’ll want to offer health insurance. Health insurance is one of the most common benefits.  Employees also put health care benefits at the top of their priority list. Paying for health care is extremely expensive. Individuals want to know that they and their family members will be taken care of. Offering health, dental, and vision insurance helps communicate that message. Even if their salary is lower to accommodate for insurance costs, employees will value the added benefit. 

There are a variety of benefits you can offer your employees. Some benefits are more expensive and more valued than others. Look at what your competitors are doing to offer an enticing package to prospective employees and retain current employees longer.

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