Employees are company’s most valuable assets. Since digital age initiated huge entrepreneurship boom, companies are trying to win over talents from various industries, by offering them long list of benefits. In this article we will explain common benefits companies offer to employees and discuss some unusual ones, which will make your business stand out and attract the most perspective and agile experts.

Basic benefits employers are obliged to provide

Employers are obliged by Labor law to provide certain benefits to their employees. These basic benefits include:

•       Guaranteed time off for voting, jury duty or military service;
•       Providing employees with retirement and disability benefits and paying FICA taxes;
•       Paying unemployment taxes (both state and federal);
•       Comply with employee’s compensation requirements;
•       Comply with FMLA;

Benefits employers should provide

Retirement plan

There are several types of retirement plans in United States, with defined contribution plans being the most widespread. These include highly popular 401(k) plan that enable employers to match employees contribution and therefore double their retirement plan amount. 401(k) plans also provide very competitive interests and employees with solid salaries, who start making 401(k) payments at young age might retire like millionaires.

Health plans

Around 55% of Americans obtain their health insurance through their employer. Since people without health insurance have 40% more chances to die or get seriously ill, providing this kind of coverage to your employees is one of the basics of running a successful business. Unfortunately many employers don’t realize this, and try to avoid covering their workers, especially since health insurance costs are constantly increasing. Hopefully Obamacare came at right time, and decreased the number of uninsured Americans, but many employers still need to realize that insuring their work force, insures their business too.

Maternity leave

Unfortunately United States is the only country in the world where (directed by previously mentioned FMLA from 1993) covers only 12 weeks of paid leave, and involves only mothers who work for companies with more than 50 employees. This makes many talented women quit their job during pregnancy, which usually has disastrous consequences on new mother’s health, financial situation and company’s business. Many perspective employers decide to ensure both new mothers and fathers receive several months of paid leave, which boosts employees’ loyalty and makes them more productive after they come back to work.

Creative benefits

Various employers decide to boost their worker’s productivity by providing them with more creative and useful set of benefits. Some of these are:

1.       Dental insurance- most health insurance plans doesn’t cover highly expensive dental procedures. Since not visiting dentist on a regular basis can cause major health problems, employers should definitely include this on their benefits’ list;

2.       Extra vacation time- Paid vacation time is a very common benefit that usually amounts to two weeks in United States. Providing employees with some extra vacation time makes them more agile and productive when they come back;

3.       Gym membership- Many employers pay worker’s gym membership, because it is widely known that healthy employees work harder and invest much more effort in their regular tasks;

4.       Gift cards- this can be a great reward after a job well done.

5.       Wellness programs- This benefit is very useful for employees lowering work related stress;

6.       Team building activities and field trips- Going on team building field trip is the best way to boost employees’ morale and improve relations inside the team;

7.       Flexible work hours- enables employees to work when they feel like it, but getting the job done, needs to be the main imperative;

8.       Paid vacation- ensures that employees use their time off to relive themselves from stress and boosts their agility after they come back;

9.       Sabbaticals- enables employees who have been loyal to company cause for long period of time to take longer vacation in order to travel far and wide;

10.       Life insurance plans- great way to attract top industry experts;

Times are changing, and new tech companies are not the places where employees hide from their bosses in narrow cubicles. New startup companies tend to make their employees feel worthy and special and ’Employees are company’s most valuable asset’ proverb is finally became the main mantra of corporate HR. Cheers to that!