solutions for Small business
Providing benefits to employees can be challenging to most employers – especially if they are just starting. Employers are required to offer employees certain benefits such as unemployment insurance, vacation leave, and sick leave, workers’ compensation, and other added benefits such as dental or medical insurance. Listed below is a list of benefits offered to employees by most American businesses.
Employees consider medical coverage as the most important benefit, which is offered by many employers. According to a study by the Bureau of Labor Statistics, 70 percent of private companies provided their employees with medical insurance in March 2016.
Most employers do not provide life insurance to their employees. According to BLS, 59 percent of private companies and 55 percent of small firms offered life insurance policies in March 2016.
Many employers offer life insurance at no charge to their employees. If this is too hefty for employers, they can provide their employees to pay part of the policy and require them to shoulder the rest if they (the employees) want to obtain the life insurance.
Dental insurance is also a common benefit given to employees but is not much offered by employers like health insurance. The good news is that dental care is far cheaper than medical care for both employees and employers. The standard ratio is 80 and 20 shared by employer and employee, but it can certainly be adjusted to fit the affordability of an employer.
Many of the employers offer retirement benefits to their employees the most common type of retirement accounts which are 401(k)s and 403(b)s. The retirement the employer can offer the employee is usually based upon whether the company is a for-profit or non-profit business.
Paid Vacation and Sick Leave
Nowadays, you hardly heard of a company not offering employee paid time off benefits. Two weeks is a common paid time off benefit granted to regular employees, and some employers allow their employees to accrue additional paid time off after five years of employment.
Usually, employers don’t like their employees to resign from the company as they tend to train again for a replacement. To avoid this to happen, employers offer employees not just universal employee benefits but extra benefits as well like life insurance.
At Employee Solutions Group, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (833) ESG - SERV. Get your free quote today by CLICKING HERE.