When the economy is doing well, it’s easy to get complacent about employee benefits. You might think that your current benefits package is sufficient and there’s no need to invest in something new. However, when times are tough and you need to cut costs, it’s not always so easy to determine what your employees really value. That’s why it’s important to take a look at alternative ways of providing benefits-especially if you’re struggling with high turnover or wage inflation.
Dental, Vision and Life Insurance
What is dental insurance?
Dental insurance is an employee benefit that pays for routine dentist visits, cleanings, fillings and other procedures. Most plans also include preventive services such as x-rays and fluoride treatments. Premiums are usually deducted from your paycheck each pay period (retroactive to the beginning of that pay period). If you don’t use all of your dental benefits in any given year, they roll over into the next year so long as you remain with the same employer. What’s more: most plans allow for reimbursement for orthodontia work done on children up to age 18—they’ll even cover braces!
Retirement Planning
Retirement planning is a big part of employee benefits, and it’s vital for you to start thinking about how you’ll fund your golden years. While some health insurance cost for employees over 401(k)s or similar programs, many don’t. If yours doesn’t, there are still plenty of options available to help you get started with retirement savings — including the best ways to save for retirement.
To get started with retirement planning:
- Find out what type of plan your company offers and whether it matches employee contributions up to a certain percentage (if any). If they don’t offer any kind of matching program, consider asking if they could start one on their own dime — or even implement an automatic payroll deduction that goes into an IRA account instead of the company plan. This way, the money can keep growing without any income tax being taken out first!
Remote Work
Remote work is a great for employee benefit alternative for both employers and employees. It’s not quite the same as working from home, though—remote work means you can do your job from anywhere in the world.
For example, if you have to cover an important event or make it to an industry conference but live far away from the event site, or if there’s no office space available near where you live (or even if there is), remote work makes it possible for you to be productive without having to relocate. The same goes for employees who don’t want their home life interrupted by their job: they can still do their best at work while enjoying time with family and friends during off-hours.
Flexible Spending Account (FSA) (Healthcare)
You may be wondering: what is an FSA? It’s a flexible spending account, or a way to pay for out-of-pocket healthcare expenses with pre-tax dollars. That means that you can save money on healthcare costs and get the thing you need at work, like contacts or glasses. You might also use an FSA to pay for dental work like fillings and crowns, hearing aids and other devices, physical therapy—the list goes on!
So how does it work? Once you enroll in your employer’s plan (and depending on the program), funds from your paycheck will be withheld into an account each month until it reaches $2K (or another limit). Then when it comes time for reimbursement, ask your HR department how much money is available in your account, so they know what procedures qualify for reimbursement under the plan.
Professional Development Opportunities
For many employees, professional development opportunities are one of the most important benefits. This can be a tricky area for employers because it means that they must invest in their employees, but when it comes down to it, you’re going to want to do your best if you want them to stay with you.
Some employers offer professional development opportunities, and some don’t—and there are lots of different ways in which they go about doing so. Some employers offer more than others, while others may offer more than they need or even legally need (like providing tuition reimbursement). The point is: if you’re going to invest in your staffs’ futures by providing them with professional development opportunities, then at least make sure that whatever you provide is worth the cost!
Paid Sick Days
Sick leave is one of the most common employee benefits. It allows employees to take time off work for medical reasons, often in addition to other leave entitlements such as annual leave and maternity/paternity leave. Employees may be entitled to sick leave if they have worked for the company for a minimum period of time (e.g., six months).
With all of these great benefits and more, it’s no wonder that employees are choosing alternatives to traditional benefits. But what do you think? Which employee benefit alternative would be most valuable to your company? Visit us now at our website Health Compass Consulting.
