Although we live in a day and age when far too many large, well-known corporations prefer to limit employee benefits to maximize immediate profits, you’ll still find it’s easiest to attract and keep the most desirable employees if you offer an attractive package of employee benefits. Yet deciding which ones are most critical is sometimes a bit tricky.
Even though our nation now offers a health insurance program, it's still wisest to provide all of your own employees with fully comprehensive healthcare coverage since the most desirable employers still do. When workers (and their families) are in good health, you'll realize their highest levels of productivity. It's also still the most humane thing to do, even in today’s often predatory business world.
The following list briefly reviews some of the other types of employee benefits that applicants tend to value the most.
Strong Benefits That Attract Top Talent
A comprehensive insurance package – in addition to health care coverage. It's to every employee's advantage, especially in regards to many jobs that involve hard physical labor, to offer the most reputable disability, life, and accident insurance policies available – and to proactively urge employees to sign up for them;
Stock bonus or stock option plans. It's simply an integral part of human nature to work harder when you’re a part owner of a company. It can also spawn better decision-making and a “team spirit” among workers. Be sure to also consider “bonus” awards of stock and make purchased shares available at discounted prices. Always be sure to explain how such stock ownership will be handled when an employee leaves the company;
A 401k or pension plan. Make sure any pension plan is fully underwritten by a strong insurance group. Too many companies are now trying to decrease pension payments that workers earned and have every right to receive upon retirement. If you choose to offer a 401(k) plan, consider making generous matching contributions in an effort to attract and retain the most dedicated workers;
Clear-cut programs for quickly reimbursing legitimate work expenses when employees must frequently travel or entertain current or prospective business clients. It’s always best to issue corporate credit cards so they will not have to personally cover such expenses until you finally reimburse them;
Paid sick leave and vacation. When you fail to offer these, you’ll not only lower employee morale, you’ll increase the chances of sick workers infecting many others when they have to come into work. Also, when you fail to offer appropriate paid vacation benefits, workers will usually become less productive and seek out better benefits elsewhere.
A tuition reimbursement program. Given the absurdly high cost of obtaining college and graduate degrees today, consider offering this type of benefit to employees who have been performing well and with your company for a stated minimum period of time.
To obtain help with handling all of your Georgia business planning needs, please contact Shane Smith Law today. You can schedule your free initial consultation with a knowledgeable Peachtree City estate planning attorney by calling: (770) 487-8999.