Pay constitutes the majority of employees' compensation packages, but it's not the only financial consideration. Employee benefits can supplement pay, and thereby significantly increase employees' total compensation. If you're looking for a way to give employees more financial rewards for their work, here are some benefits that your company can offer.
Many companies are mandated by federal law to offer their employees health insurance, and employer-sponsored health insurance plans must meet minimum requirements. Not all health insurance benefits that employers offer are equal, however.
Health insurance policies can vary greatly in how much coverage they provide. Their deductibles, limits, out-of-pocket maximums, copays, and coinsurances can all be better than what the minimum requirements stipulate, or all of these can merely meet minimum requirements.
Health insurance policies also can have vastly different networks. Some policies have extensive provider networks, and additionally, provide coverage for out-of-network services. Other policies have limited networks, and provide little or no coverage for out-of-network care.
Offering a more robust health insurance policy has obvious value to your employees, as the better coverage equates to employees paying less out of pocket. Employees who have serious health problems are apt to especially appreciate a better health insurance policy, and they might even want the improved coverage more than they would like extra pay.
Vision insurance helps employees access eye exams, glasses, and contacts at little or no cost. Employers aren't required to offer this benefit, and not every employer does provide vision insurance. Those that do offer vision insurance could help their employees save on corrective eyewear every year, however.
Depending on your company's financial position, the company can pay for all or part of employees' vision insurance. Even if employees have to share some of the cost, the subsidized coverage usually saves them money, when compared to what paying for corrective eyewear would cost if no insurance is in place.
Dental insurance is similar to vision insurance, in that dental insurance isn't a mandated benefit but can provide employees with significant savings. This insurance helps cover the cost of teeth cleanings, dental x-rays, cavities, root canals, and sometimes braces.
Employers can choose to pay the full cost of employees' dental insurance, or they can pay part of the cost. You can also choose how extensive the benefits are. If you choose to provide extensive benefits for advanced procedures such as braces, employees who have children that need braces will greatly appreciate the employee benefit.
Contact an insurance company to learn more about employee benefits.