Why are employee benefits important?

Candidates for jobs nearly always seek out what kind of benefits packages their potential employers offer. This can sometimes be a key factor in whether or not a candidate accepts a job offer from a particular company.

Salary is, of course, one of the prime factors as well, but if a candidate has a choice between two different job offers that have the same salary, it is likely that they may pick the one that has the better benefits package.

A good benefits package will prove that the company genuinely cares about its employees. It is important for companies to make their employees feel valued if they want to get the most out of their work performance.

Employee benefits are also critical for employee morale. Keeping a happy and enthusiastic team will be conducive to reaching company goals. It is also a crucial component of overall job satisfaction rates.

If a company's overall job satisfaction rates are high, it will reduce the employee turnover rate and lead to stronger and more cooperative teams within the company.

Certain state and federal laws may require employers to extend specific benefits to their employees, including:

• Medical and family leave

• Worker's compensation or worker's comp

• Disability insurance

• Unemployment insurance

• Time off for civic obligations, such as jury duty and voting

• Medicare and Social Security tax payments

While some benefits are required, many are not. However, companies that choose to give their employees larger benefits packages usually see a more positive effect on the entire company overall, and this includes financial health and performance.

Some benefits that are not required, but can be used as incentive to gain top grade candidates and promote a positive work force include:

• Medical, dental, and vision insurance coverages

• PTO or paid time off

• Vacation time and sometimes unlimited vacation time

• Retirement plans

• Remote work options

• Flexible hours

• Wellness programs

• Tuition reimbursement and other academic assistance

• Life insurance

• Performance bonuses

• Quarterly and annual bonuses

• Employee discounts

• Relocation assistance

• Free meals

• Pets at work

• Child care options

• Company vehicles

• Employee retreats

• Free massages