What are employee benefits?
Employee Benefits: Why Your People are the Backbone of Your Business.
Your people arethecrucialsystem underpinning your organization’s ability to grow and thrive. So how crucial are employee benefits to achieving yourcompany’s goalsand objectives? They are extremely important.
What are employee benefits?
We often get asked – what are employee benefits? Employee benefits, also known as perks or fringe benefits, are provided to employees over and above salaries and wages. These employee benefit packages may include overtime, medical insurance, vacation, profit sharing and retirement benefits, to name just a few.
Why are employee benefits important?
Offering benefits to your employees is important because it shows them you are invested in not only their overall health, but their future. Asolid employee benefits package can help to attract and retain talent. Benefits can help you differentiate your business from competitors.
Employee benefits can improve your company’s bottom line by engaging employees to participate in wellbeing programs, such asVirgin Pulse. Healthier employees mean reduced healthcare costs for your organization. Employees with fewerhealth risks experience fewer sick days, fewer trips to the doctor, and spend more time working in your organization, bringing their best selves to work every day.
Employee Benefits Plans
Depending on the type of organization and the job, employee benefits may be quite different. For example, government employee benefit packages for full-time employees look very different from the packages offered to part-time employees. Employee benefits packages are typically discussed during the final interview or at the time an offer is extended. The right benefits package can give you a distinct advantage in competitive recruiting situations.
Each state in the USA is different; however, there are some basic benefit laws all employers must follow. Required benefitsinclude:
- Provide employees time off to vote, serve on a jury and perform military service
- Comply with all workers’ compensation requirements
- Pay state and federal unemployment taxes
- Contribute to state short-term disability programs in states where such programs exist
- Comply with the Federal Family and Medical Leave (FMLA)
Employers are not required to provide:
- Retirement plans
- Health plans (except in Hawaii)
- Dental or vision plans
- Life insurance plans
- Paid vacations, holidays or sick leave
How Virgin Pulse optimizes your HR investments
In business, there is no one-size-fits-all when it comes to employee benefit initiatives and programs. Every organization and individual’s needs are different. By tailoringprograms to engage employee interests and increasing awareness to drive program usage, organizations realizeimprovedoutcomesand increased business performance.
Virgin Pulse’s modern, integrated platform creates a streamlinedemployeeexperience to maximize your HR investments and drivecore business results.
How to find out about Employee Benefits Solutions?
We recommend talking with your employee benefits advisor or specialist to learn more about the benefits packages and solutions your business is committed to providing. Some companies will have an internal employee benefits information system (also known as a benefits portal) which will contain the services being offered.
Some companies will send out employee benefits news outlining current benefitchanges to plans or solutions.
If you are new to employee benefits, resources such as the Employee Benefit Research Institute or the International Foundation of Employee Benefit Plans offer information to help you get started.
Popular employee benefits
Benefits include, but are not limited to:
– Health Insurance (medical, dental & vision)
– Vacation
– Sick leave
– Retirement plan including company contribution/matching
– Wellbeing program that offers incentives for both individuals and families
– Profit sharing
– Transit benefit allowance
– Gym reimbursem*nt
– Tuition or student loan contribution
– Salary increase
– Bonus
– Flexible working hours, including options to work from home
– Disability insurance
How does Virgin Pulse fit in to Employee Benefits?
Virgin Pulse provides versatile benefits solutions to employers by utilizing culture-first technology. This unique approach allows Virgin Pulse to meet you where you are on your wellbeing journey, and evolve with you and your business. If you already have wellbeing programs in place, Virgin Pulse can help you unify them through HR programs, tools and added benefits. Our purpose is to make your programs accessible through a seamless and dynamic employee communications and benefits portal. With Virgin Pulse’s culture-first technology, your business is sure to see improved personal and business outcomes.
Too often, employers have valuable benefits that go unused because employees are overwhelmed by the volume of information. Virgin Pulse’s Hub solution provides the perfect platform for providing a personalized benefit experience that presents options based on each of your employee’s individual needs, interests and eligibility.
Adding wellbeing to your employee benefits plans
Virgin Pulse has mapped a comprehensivewellbeing journey— much like a buyer’s journey — that outlines the critical stages organizations go through on their way to truly strategic wellbeing.
Learn how wellbeing programs can impact your employees and transform your workforce to become a happier, healthier, more productive place to work.
I'm no stranger to the world of employee benefits, having delved deep into the intricacies of HR practices and well-being initiatives. My experience extends beyond just knowing the basics; I've explored the nuances of employee benefit plans, the legal landscape surrounding them, and the impact they can have on a company's bottom line. Let's break down the concepts discussed in the article:
Employee Benefits: The Backbone of Your Business
In the business world, employee benefits go beyond just salaries and wages. They encompass a range of perks or fringe benefits, including overtime, medical insurance, vacation, profit sharing, and retirement benefits. The article rightly emphasizes their significance, highlighting that a solid employee benefits package is crucial for attracting and retaining talent.
Importance of Employee Benefits
Employee benefits play a pivotal role in demonstrating an organization's investment in its employees' health and future. Beyond being a competitive differentiator, they contribute to a company's bottom line by engaging employees in well-being programs. The mention of Virgin Pulse as a tool for well-being programs indicates a modern, integrated approach to maximizing HR investments.
Employee Benefits Plans
Employee benefits can vary based on the type of organization and job. The article touches upon government employee benefit packages, emphasizing the importance of tailoring benefits to individual needs. It also outlines the basic benefit laws employers must follow, including providing time off for voting, complying with workers' compensation requirements, and contributing to state disability programs.
Virgin Pulse's Role in Employee Benefits
Virgin Pulse is presented as a versatile solution for employers, offering a culture-first technology approach. This approach aims to meet organizations where they are on their well-being journey, unifying existing programs and providing a seamless and dynamic employee communications and benefits portal. The Hub solution is highlighted for offering a personalized benefit experience based on individual employee needs, interests, and eligibility.
Finding Employee Benefits Solutions
The article suggests consulting with an employee benefits advisor or specialist to explore benefits packages and solutions. It also mentions the existence of internal benefits portals within companies and recommends resources like the Employee Benefit Research Institute or the International Foundation of Employee Benefit Plans for those new to employee benefits.
Popular Employee Benefits
The list of popular employee benefits includes health insurance, vacation, sick leave, retirement plans, well-being programs, profit-sharing, transit benefits, gym reimbursem*nt, tuition or student loan contributions, salary increases, bonuses, and flexible working hours.
If you have any specific questions or want to dive deeper into any aspect, feel free to ask!
