When it comes to employee benefits, there is a lot of confusion. What are employee benefits and the different kinds out there? What types of packages are the most common? How do you know if you are getting the best package for you and your organization? Here we will answer all of these questions and give you more information on the different employee benefits packages companies provide today.

Understanding Employee Benefits

Employee benefits are packages an organization or company offers to keep its employees satisfied and incentivize them to contribute to the organization. These benefits range from standard health and medical insurance to more comprehensive packages, such as sick leave, vacation time, and employee discounts.

In addition to being an attractive addition to your job offer, employee benefits also bring many tangible benefits to employers. They can help attract and retain talent, improve morale and job satisfaction, increase productivity, and reduce employee turnover.

Common Types of Employee Benefits

When it comes to the question, “what are common employee benefits?” there are various options to choose from. Understanding the different types of packages available, and the types of benefits they offer, is essential to ensure you are finding the right kind of package for you and your organization. Here are the most common types of employee benefits.

Health and Medical Benefits 

Health and medical benefits are an essential part of any employee benefits package and can include coverage of medical care, vision, dental insurance, and disability insurance. This benefit is essential in providing for medical emergencies for you and your employees and peace of mind that you are taken care of.

Retirement Benefits

Retirement benefits are often long-term packages designed to help employees plan for their future. These typically include 401(k)s, IRAs (Individual Retirement Accounts), pension plans, and stock options.

Life Insurance

This type of insurance is designed to provide financial protection for families if an employee passes away. This insurance can help with any expenses the family may have incurred.

Vision Insurance

Vision insurance is designed to reduce the costs of routine, preventative eye care costs, including eye exams and prescription eyewear, both contacts and glasses. Some plans may also offer discounts on elective procedures, including LASIK. However, it’s important to note that most vision plans are on an annual premium, unlike primary medical insurance, which may provide unlimited benefits up to a specific deductible. 

Dental Insurance

Dental insurance is another popular benefit covering a portion of the expenses employees will most commonly encounter in a year. Employees will pay a monthly premium, the plan will have a deductible, and may also have preferred providers. Dental insurance is separate from medical insurance and is often provided in conjunction with vision. 

Dependent Care Benefits

These benefits are designed to help parents or spouses who have children or elderly individuals in their care. This often includes financial assistance in terms of childcare or other dependent care expenses.

Vacation and Paid Time Off

Vacation and paid time off are great benefits for employees, allowing them to rest and recharge while still receiving their wages. It also allows employers to create policies that structure time off over the course of a year.

Education Benefits

A great way to help employees develop their skills or gain new knowledge is to provide them with tuition reimbursement and scholarships or grants. This can encourage them to further their education and add value to the organization.

Non-Traditional Benefits

Employers are beginning to look beyond the standard benefits packages to find creative, cost-effective ways to attract and retain top talent. Non-traditional employee benefits, or “perks,” are becoming increasingly popular. These benefits can vary from company to company but typically are lifestyle benefits that provide employees with more freedom and flexibility.

Flexible Scheduling

With flexible scheduling, employees can better control their work/life balance. This could mean an employee works fewer hours or works from home one or more days a week. This benefit has become more popular with businesses because it improves employee satisfaction and helps employees stay focused on their work by avoiding burnout.

Free Food and Snacks

Employees appreciate free food and snacks at work, which can be an effective way to boost morale and show employees that they are appreciated. This can be done as a complimentary breakfast, lunch, or free snacks for employees to enjoy throughout the day.

Free Gym Memberships or Fitness Classes

Employers are starting to offer employees free gym memberships and fitness classes as part of their benefits package. This benefits both employers and employees as it helps employees stay healthy and fit while also allowing employers to avoid costly medical bills.

Employee Discounts

As part of their employee benefits package, companies can offer discounts on products and services, such as retail stores, gyms, movie tickets, and more. This benefit can be a great way to help employees save money and reward them for their hard work.

Pet-Friendly Policies

Allowing employees to bring their pets to work can be a great way to create a positive and relaxed environment in the workplace. This type of benefit can help to improve morale and decrease stress for employees.

Non-traditional benefits can be an excellent way for employers to incentivize and reward employees while building morale and job satisfaction within a company. Understanding the different types of non-traditional benefits packages out there can be a challenge, but with the proper guidance, you can create an attractive employee benefits package that is sure to make your employees happy.

Finding Out Your Employee Benefits

If you are an employee, you can find out the exact details of your benefits package by checking with the HR department in your organization. Alternatively, most companies will list their benefits packages in their employee handbook or company website.

If you are an employer, you may wonder how to create an employee benefits package. Canal HR is a Professional Employer Organization (PEO) based in Louisiana. Our PEO services are tailored to help you get the most out of your employee benefits packages while freeing up your time to focus on your business.

We understand that offering the best employee benefits packages is a significant undertaking. That is why we offer various benefits ranging from life and health insurance, disability, and retirement savings plans, to vacation and time-off programs. We strive to ensure you and your employees get the most out of your benefits package.

Here at Canal HR, we pride ourselves on feeling like family. We set out to reduce stress and ensure everyone we work with is cared for. Get in touch today to learn more about how we can help you with your employee benefits packages and handle your PEO needs.

Never Wonder “What Are My Employee Benefits Package” Again with Canal HR 

Employee benefits packages can be highly beneficial for business owners and employees alike. Understanding the different types of employee benefits packages available on the market and what each offer is an essential part of ensuring you know the answer to the question, “what are my employee benefits packages” to get the most out of your employee benefits package.