Employee retention and the desire for a candidate to consider applying can ultimately be placed on compensation, but compensation is not only salary but can be the benefits that come along with the employment. Benefits show that companies care about their employees, their well-being, and giving them the tools to achieve future success. Insurance can be detrimental to an employee deciding between companies, especially if the prospect has a spouse or children that would need coverage as well. Medical benefits including health, vision, dental, and mental health can take stress off of an individual while making sure they are healthy as possible. Healthy and happy employees make for good employees. Some employers think that offering benefits is all they need to do, but the company making a contribution and helping with the cost of insurance can be an employee’s main reason for accepting a job there. Other types of insurance that could be offered are long term disability, life insurance, and accidently insurance. Offering assistance programs for different aspects in personal life is different from actual health care. Not all issues can be fixed by coverage. Some issues that employees may have are mental health, financial questions, substance abuse, and other individual and professional problems. A different type of benefit is time at work; meaning paid vacation (PTO), sick time, holidays, and flexible work schedules. Having paid time off or sick days takes stress off of employees in the care of ‘what if blank happens’, things can happen unexpectedly and quickly and knowing that your place of work understands gives people the sense of caring and understanding when those times do come up. Some careers cannot have all holidays off and that’s okay, but remember that hard working people even if taken turns need to be able to celebrate with friends and family or take some time to relax, but if not compensation for working holidays are a great way to say thank you. When it comes to finances some people are very knowledgeable and some may need guidance in making some decisions or opportunities they may not know about. In addition to giving some financial benefit options, having someone that can give workshops or classes to better explain these benefits and how to use them better. Some financial benefits could include stock options, 401k matching, college repayment opportunities, and adoption expense assistance. Another large benefit that not a lot of companies offer is legal benefits that can help answer questions or put someone in the right direction in a legal sense. And lastly offering a type of partnership with companies both in-person and online for discounts and deals for things such as phone plans, travel, hotels, theme parks and more. Any benefit that can supplement assistance that the employee can utilize instead of spending their own money is an advantage that a company has when competing with other companies in the industry and in the job market. Company culture should work hand in hand for both company and employee happiness, giving benefits for hard work not only supplements.
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