7 Common Examples of Benefits for Employees

A good, competitive employment package is a must for any small business. 

But finding the right employee job benefits to entice qualified talent can be difficult for small businesses. For obvious reasons, it’s hard to compete with the kind of corporate benefits that tend to attract the best prospects. 

Still, there are a number of inexpensive employee benefits packages that small businesses can take advantage of. The idea is to help attract and retain good employees by offering additional benefits as remuneration. 

So let’s take a look at seven common examples of benefits that are offered by American small businesses.

1. Health Insurance

Health insurance is at the top of the list when it comes to a competitive employee benefits strategy

Many employees rely on their employers to cover their health insurance costs, so this is something a worthwhile employer simply cannot do without. Health insurance typically covers vision, prescription drugs, hospital extras, etc. 

2. Medical Leave

Medical leave is required for companies with 50 or more full-time employees, as per the Family Medical Leave Act (FMLA). 

Typically, this includes maternity leave, time off to care for sick family members, recovery after surgery, and unforeseen medical issues. A company is required to keep an employee’s job open for twelve weeks in such a situation, though it isn’t required to pay them during that time. 

3. Education Assistance

Tuition and education assistance is another great element of any employee benefits package. 

Helping employees with their continuing education helps secure loyalty—after all, an employee is more likely to invest in a company that invests in his future. There are also tax advantages that can accrue to a company that provides educational assistance benefits. 

4. Retirement Benefits

Retirement packages are another common deal-sweetener for prospective employees. 

The most common employer retirement account is a 401(k) program. Some employers contribute to employees’ retirement accounts through matching programs, and others use profit sharing. 

5. Life Insurance

Though less common than health insurance, life insurance is another frequently encountered employee benefit. 

Usually, employers offer a flat amount based on an employee’s salary. Another strategy is to pay for a portion of the policy, with the employee making up the difference. 

6. Dental Insurance

Like health insurance, dental insurance is another must-have in any worthwhile benefits package. 

Dental insurance typically covers preventive and corrective dental procedures, as well as routine teeth cleaning. Dental coverage is less expensive than health insurance, and it’s really a no-brainer for any company. 

7. Paid Time Off

These days, paid time off is common in many employment packages. Small companies may not offer the extravagant paid vacations found in the government sector, but a few weeks off is common. 

Some businesses also choose to offer additional paid time off depending upon the length of an employee’s time with the company. This just depends on what each small business can afford to do. 

A Few Examples of Benefits

Ultimately, these are just a few examples of benefits that employers can offer their employees. Depending on the type of business, or what it can afford, the employment package can look very different. 

We hope this article helps answer your questions. And, since you’re here, please enjoy our other excellent business features.