Smart business owners and human resources managers are always looking for new ways to attract top talent and then keep them from straying to competitors. One of the eternal questions in this important challenge is trying to figure out the priorities of the staff and it often comes down to a good benefits package.
Some business owners may baulk at providing a long list of benefits to employees, but many employees believe that benefits are more desirable than pay. Today’s employee understands that health insurance is a safer plan than a six-figure income if there is cataclysmic health issue that bankrupts the employee without good health care. Surveys are also finding that a work-life balance is increasingly important across the board in all professions. Whatever the benefits, it is now a given that happy employees call in sick less often and can flourish to be dynamic contributors. Some will say, that it really is a matter of the employer reaps what they sow with a better and more successful company in the long run.
Great perkswill vary
In trendy perks can include in-house chef-prepared meals, a ping-pong table, work from home options and yoga classes. Other companies will look at providing continuing education classes, parental leave for both fathers and mothers, rewards for volunteering in the community or free fitness classes.
Then there are also the classics:
- Health insurance, dental plans
- Retirement plans
- Paid vacation, sick leave and personal days
And the required:
- You must provide workers’ compensation benefits
- You must comply with California’s employment guidelines
- You must withhold all appropriate taxes from paychecks
- You must comply with all federal guidelines including the Family and Medical Leave Act
Taking care of business
Some of these accommodations will cost the employers a lot of money, but others may be more about being open-minded, such as a flexible schedule. Speaking with a knowledgeable business law attorney can often provide context based on experience in addressing questions about the benefits of benefits, both required by law and those that are optional.