There are so many types of benefits to offer employees that it can be difficult for an employer to decide which to offer. The main factor to consider is whether each element increases employee recruitment and retention to the extent that it justifies the cost. Here are some nonessential and essential employee benefits to consider.
Certain types of benefits improve the quality of life for workers to the point that not offering them is often a deal-breaker for job acceptance. These essential benefits include the following three types of insurance:
Without sufficient insurance coverage, you are likely to lose the most talented people in your field to your competitors.
Nonessential benefits are those that workers do not necessarily need, but that employers can add to a plan to make it more attractive to potential employees. Offering them is a good idea only if they are cost-effective. Here are some examples:
- Travel discounts
- Student loan repayment plans
- Flexible spending accounts
- Tuition reimbursement
- Paid maternity and paternity leave
Choosing which benefits to add to a compensation package does not have to be an overwhelming task. Start with the basic needs of medical, vision, and dental insurance, then add additional allowances that are within your company’s budget.