The Best Company Perks > Competitive Benefits
In our last blog, we went into detail regarding the types of perks your clients should offer to better their chances of landing a great candidate. Benefits not only make the employee feel valued, they add significant competitive advantage for your clients. This article is going to be dedicated to diving deeper into non-wage benefits, and how they can impact the effectiveness and interest of the job ad you post of their behalf.
If you have over 50 employees, you’re required to offer health insurance. Your client probably purchased group health insurance plans to save money for providing coverage on that scale. Whether they want to offer HMOs or PPOs is up to them, however. These plans allow employees to visit physicians, specialists, emergency rooms, and more. In addition, your clients can also opt to provide dental coverage.
Other benefits can vary between industries and businesses, and are sometimes referred to as “fringe” benefits. These perks, also known as “benefits in kind” can include bonuses, profit sharing, medical, disability, and life insurance, paid vacations, free meals, use of a company car, pensions, stock options, childcare, gratuity, company holidays, personal days, sick leave, other time off from work, retirement and pension plan contributions, tuition assistance or reimbursement for employees and/or their families, discounts on company products and services, housing, and other benefits and perks that are provided by companies in addition to the employee’s salary, says The Balance.
These aren’t required by law, but they offer a lot of incentive for a candidate who’s on the fence to choose your client over another employer.
Different types of employer-provided benefits.
Most of these can be implemented at will by the employer, unless labor laws demand otherwise. The policies vary from state to state and employer to employer, and include the following:
- Maternity leave
- Paternity leave
- Adoption leave
- Paid time off
- Paid holidays off
- Vacation policies
- Severance pay
While any reputable company understands their legal obligations when it comes to non-wage benefits, they are worth mentioning here. These benefits are required offerings by federal and state laws:
- Overtime pay
- Workers’ compensation
- Minimum wage
- Disability pay
- Family and medical leave act
Remind your clients that offering benefits serves both the employer and the employee. Less turnover and happy employees means a more productive workplace. If they offer a benefits package, it’s best if they allow the employee to reasonably negotiate the terms.
About World Wide Specialty Programs
For the last 50 years, World Wide Specialty Programs has dedicated itself to providing the optimal products and solutions for the staffing industry. As the only insurance firm to be an ASA commercial liability partner, we are committed to that partnership and committed to using our knowledge of the industry to provide staffing firms with the best possible coverage. For more information about Staffing Professional Liability Insurance or any other coverage, we have available to protect your staffing business, give us a call at (800) 245-9653 to speak with one of our representatives.