Employee and executive compensation and benefits is one of the most important elements of being an employer and is an area that our clients often need the most guidance on. After all, issues of benefits and compensation include salary, minimum wage, holiday pay, income tax, social security, benefits in kind, stock options and payments due upon termination. With so many factors to manage, our clients partner with Ius Laboris lawyers to ensure agreement and anticipate problems before they happen. We know that competitive compensation and benefits arrangements are fundamental to attracting top-tier talent and offer real-world solutions to enhance your workforce.
What’s in a Comprehensive Employee Benefits Package? – The Balance
Employers of choice provide a comprehensive employee benefits package to attract and retain employees. In addition to a competitive salary, an employee benefits package is a standard – and expected – part of an employee total compensation package.
Smaller employers tend to offer fewer components in the employee benefits package – and sometimes, no benefits at all. But, the majority of large companies and virtually all public sector government employers provide an extensive employee benefits package.
Small businesses that are growing and expanding need to plan a careful phase-in of employee benefits so that as you grow, you continue to attract and retain the talent you need for further growth and expansion. Employers can expand this employee benefits package, as resources allow.
The Basics of Employee Benefits – Entrepreneur.com
Once you have great employees on board, how do you keep them from jumping ship? One way is by offering a good benefits package.
Many small-business owners mistakenly believe they cannot afford to offer benefits. But while going without benefits may boost your bottom line in the short run, than penny-wise philosophy could strangle your business’s chances for long-term prosperity. “There are certain benefits good employees feel they must have,” says Ray Silverstein, founder of PRO, President’s Resource Organization, a small-business advisory network.
Heading the list of must-have benefits is medical insurance, but many job applicants also demand a retirement plan, disability insurance and more. Tell these applicants no benefits are offered, and often top-flight candidates will head for the door.
The positive side to this coin: Offer the right benefit, and your business may just jump-start its growth. “Give employees the benefits they value, and they’ll be more satisfied, miss fewer workdays, be less likely to quit, and have higher commitment to meeting the company’s goals,” says Joe Lineberry, a senior vice president at Aon Consulting, a human resources consulting firm. “The research shows that when employees feel their benefits needs are satisfied, they’re more productive.”
Employee Benefits | Compensation & Benefits | HR Toolkit | hrcouncil.ca
Employee benefits are optional, non-wage compensation provided to employees in addition to their normal wages or salaries. These types of benefits may include group insurance (health, dental, vision, life etc.), disability income protection, retirement benefits, daycare, tuition reimbursement, sick leave, vacation (paid and non-paid), funding of education, as well as flexible and alternative work arrangements. Although expensive, there are many intrinsic benefits to providing your employees with a comprehensive benefit plan. For most, it is the ability to find and keep highly qualified staff that is the key driver. With the sector being highly competitive and the number of new employees entering the workforce dwindling, employers are challenged to become even more creative and responsive in the design, timing and generosity of their benefit plans. The more progressive the organization, the more flexible the structure is in response to today’s challenges: i.e. like having four different generations of employees working side by side. Employers who continue to provide the more traditional and limited program, may find it more difficult to find and keep different types of employees.
Creating An Employee Benefits Package | COREcruitment
People are motivated in many different ways, with career advancement and a better work/life balance often topping the list of reasons for wanting to change jobs or stick with an employer.
If the basic salary is at market rate, there are several cost-effective perks and incentives that can be provided to attract and retain talent who are motivated by more than the cash value of a salary package.
The Most Desirable Employee Benefits – Harvard Business Review
In today’s hiring market, a generous benefits package is essential for attracting and retaining top talent. According to Glassdoor’s 2015 Employment Confidence Survey, about 60% of people report that benefits and perks are a major factor in considering whether to accept a job offer. The survey also found that 80% of employees would choose additional benefits over a pay raise.
Google is famous for its over-the-top perks, which include lunches made by a professional chef, biweekly chair massages, yoga classes, and haircuts. Twitter employees enjoy three catered meals per day, on-site acupuncture, and improv classes. SAS has a college scholarship program for the children of employees. And plenty of smaller companies have received attention for their unusual benefits, such as vacation expense reimbursement and free books.
But what should a business do if it can’t afford Google-sized benefits? You don’t need to break the bank to offer attractive extras. A new survey conducted by my team at Fractl found that, after health insurance, employees place the highest value on benefits that are relatively low-cost to employers, such as flexible hours, more paid vacation time, and work-from-home options. Furthermore, we found that certain benefits can win over some job seekers faced with higher-paying offers that come with fewer additional advantages.