Employee Benefits Packages For Your Colorado Business
What Are Employee Benefits?
Simply put, employee benefits are those perks that an employee receives in addition to their salary. We’ll dive into each individual type of employee benefit you can provide, but some common examples include paid leave, vacation time, overtime pay, health and wellness benefits, and time off for jury duty.
There are many more types of benefits, but this is what is important to note — any time you’re dealing with a high-tier employee who could be/is a major asset to your company, you won’t be able to retain them or get them to choose your business if you don’t have an attractive benefits package. But this begs the question, what makes a good benefits package?
To create an attractive employee benefit package, you need a blend of mandatory and attractive benefits that will sell employees on your workplace over the competition.
When it comes to mandatory benefits, the following must be included in your benefits package:
- Social Security
- Federal Insurance Contribution Act (FICA)
- Unemployment Insurance
- Worker’s Compensation Insurance
- Health Insurance (Only Mandatory For Businesses With 50+ Full Time Employees)
- Medical/Family Leave (Only Mandatory For Businesses With 50+ Full Time Employees)
Obviously, mandatory benefits are required which makes them a necessity for a viable, attractive employee benefits package. However, to truly sell current and potential employees on your company, you’ll need to include voluntary benefits that draw interest. These can be as formal as an employee assistance program or as casual as donuts and coffee on Fridays. The beautiful thing about voluntary benefits is that you can select them to complement and reinforce the culture of your business, which supplements your brand image while satisfying your employees.
Where a salary supplements financially, benefits should supplement the employee’s future, health, and holistic wellness.
Now, we’ll dive into the different benefits you can offer, what makes them attractive, and why they’re important.