What types of benefits are offered to employees?
For many small businesses, the struggle to compete with larger companies for talent is an uphill battle—particularly when it comes to benefit offerings. While you know recruiting and retention is important, you may not be sure if the benefits you offer are a selling point to your potential employees. Show
This list of benefits (and their definitions) can help; compare the 16 types we’ve listed here to what you currently have available, and see if you’re offering things prospective employees are really looking for. At the end of this article, we’ll explain how a professional employer organization (PEO) can help you select, negotiate, and administer best possible benefits for your company. 16+ types of employee benefits you should considerThere are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans. Below, we’ve loosely categorized these types of employee benefits and given a basic definition of each. Medical1. Medical Insurance 2. Dental Insurance Onboarding new hires? Here’s exactly what you need to do to retain them.3. Vision Insurance 4. Flexible Spending Account (FSA) 5. Health Savings Account (HSA) 6. Health Reimbursement Account (HRA) 7. Cancer Insurance 8. Critical Illness Insurance Life10. Life Insurance 11. Accidental Death & Dismemberment Insurance Disability12. Disability Insurance 13. Accident Insurance Retirement14. 401(k) & 403(b) Retirement Plans There are several other types of retirement plans to consider, including Simple IRA, Roth 401(k), and more. Additional Benefits To Consider15. Employee Assistance Program (EAP) 15. Pet Insurance Aside from the 16 benefits listed above, employers interested in recruiting and retaining the best talent should consider offering benefits that include the following:
Partnering With A PEO Simplifies Your Employee Benefit Planning & AdministrationMost employers want to provide their employees with the best possible benefits; however, the selection, negotiation, and administration process is often overwhelming for already-busy owners. That’s where professional employer organizations (PEOs) like Genesis HR Solutions come in. Genesis eliminates many of the hassles associated with benefits administration, and even helps improve your benefit offerings. As a Genesis partner you gain access to: Large Group Health Insurance PlansMost small businesses don’t have access to (or simply can’t afford) the multitude of options offered to large companies. When your nonprofit partners with a PEO it becomes more competitive with larger companies. By joining our PEO, you immediately have access to “large group” medical offerings like Fortune 500 benefits, Blue Cross Blue Shield of Massachusetts health insurance, and more. This PEO partnership evens the hiring playing field between your small business and large corporations, and allows you to attract better talent. Read more about the benefits packages and insurance offerings you could get if you partner with Genesis. A Savvy Rate-negotiating PartnerIt takes time to deal with the selection, bidding, negotiations, renewals, and other back-and-forth associated with insurance. Let us do the heavy lifting for you. We work with our broker and underwriting firm to figure out how rate increases may impact clients, and then go client-by-client to negotiate rates and bidding. Our expertise in this area means you can trust us to handle these conversations, giving you time back to attend to your core competencies. An Experienced TeamBenefits administration is a headache for business owners, who often don’t know where to begin. We take care of the beginning, middle, and end of the benefits administration process, including:
Second-to-none Customer ServiceMany of our clients note that one distinct advantage of choosing Genesis is the way we offer our services: We’re responsive, real-life New Englanders who know your name and company. To us, you’re more than just a client—We know you and you know us, which allows us to take a more personalized approach to meeting your needs. Get the best benefits—without the hassle—by partnering with a PEO.PEOs like Genesis handle everything from insurance vendor relationships and annual renewals to monthly invoices and claim resolutions , so you can spend time doing things you love to do. An added bonus: Our oversight helps protect you from potentially being overbilled by vendors. As competition for finding and keeping talented employees grows, it’s imperative that small business owners and leaders are offering the best possible benefits to employees. When you partner with a PEO, your company can get benefits that put you in the ring with larger companies—without going over budget. To see how we can help you improve your company’s benefit offerings, contact us to schedule a meeting. What benefits can be given to employees?There are various types of employee benefits, and we'll outline some common examples of employee benefits.. Paid leave, sick leaves, and vacation days.. Life insurance.. Health insurance.. Dental insurance.. Vision insurance.. Gym memberships or discounts.. Wellness programs.. Childcare benefits.. What are the 4 types of benefits?There are four major types of employee benefits many employers offer: medical insurance, life insurance, disability insurance, and retirement plans.
What are 5 examples of benefits?Employee benefit examples. Health insurance.. Paid time off (PTO). Retirement plan benefits.. Flexible work schedule.. Dental insurance.. Vision insurance.. Life insurance.. Paid family leave.. What are the 3 types of benefits?There are three main types of employee benefits:. Employee benefits that are required by law.. Employee benefits that aren't required by law but considered an industry standard.. Employee benefits that are offered as an added perk or fringe benefit.. |