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Day 10 - How to Build a Great Employee Benefits Package When employers talk about their “compensation packages,” they don’t mean just salary. In addition to employees’ pay, these packages typically include a number of other perks, like health insurance, retirement plans and paid time off (PTO). If you want to build a truly desirable benefits package to keep your employees happy and attract top talent, this guide is for you. What is an employee benefits package? An employee benefits package is a set of perks given to employees in addition to their salary or wages. Often called “nonwage benefits,” they encompass many tools employees can use to take care of themselves and their families, establish a healthy work-life balance, save money and more. Read more about it here: https://lnkd.in/e3cXHjQR #Pharmacy #PharmacyOwner #employeebenefits #employeebenefitstips #employeemanagement

Unlock the secret to retaining top talent in the Hospitality and Food Services industry! Our latest blog dives deep into employee retention strategies, highlighting the power of comprehensive benefits packages. From personalized perks to the importance of retirement benefits, we've got your roadmap to a thriving workforce.  Read more here:  https://lnkd.in/gXKY6-9w #EmployeeRetention #HospitalityIndustry #EmployeeBenefits

How to Make the Most of Your Employee Benefits Want to increase your income without renegotiating your salary? Maximizing your workplace benefits might be the answer. The U.S. Department of Labor estimates that employer-sponsored benefits are worth about 30 percent of your salary, but many of us aren’t fully utilizing them. Basic Benefits to Revisit: - Long-term Disability Insurance: 1 in 4 people will become disabled before retirement. If offered, consider it. - Life Insurance: Group policies can offer attractive rates and may be portable. Compare with your personal needs. - Retirement Contributions: Ensure you’re taking full advantage of any employer match, which is essentially free money. - Health Insurance Deductibles: Try to maximize medical care before your deductible resets. - Telecommuting: Many employers now offer flexible work arrangements. Explore these options. Additional Benefits to Explore: - Health Savings Account (HSA): Offers triple tax benefits and can bolster retirement savings if not exhausted by pre-retirement medical expenses. - Discounted Employee Stock Purchase Program (ESPP): Many employers offer a 15% discount, potentially increasing your savings. - Telemedicine: Convenient and cost-saving, it allows for medical consultations via video or app. - Tuition Reimbursement: 48% of organizations offer assistance for undergraduate courses, and some extend this to dependents. - Discount Programs: Employers often provide discounts on a range of everyday expenses, from event tickets to travel. - Unused Vacation Days: Don’t let these go to waste. Some companies even allow temporary assignments in other offices for a change of scenery. - Client Perks: Check if your company’s clients offer any perks to employees. To maximize your benefits, familiarize yourself with your employer’s offerings. Whether you’re new or a veteran, take time to study your benefits portal or consult with HR. They’ll likely be eager to help you make the most of your benefits package. https://lnkd.in/gT-5HWDd #EmployeeBenefits #MaximizeYourBenefits #WorkplacePerks #FinancialWellness #CareerGrowth

Many employers are spending money on benefits that their employees don't necessarily want, according to a recent survey. With inflation and the higher cost of living, many employers are planning to spend more on financial education and planning services; however, employees (particularly older generations) would rather see that money go toward retirement plans and health insurance. A potential employee’s decision to accept a job offer can be strongly influenced by the benefits that employers provide, so employers need to take note of whether the benefits they offer are valuable and relevant. #employeebenefits #benefits https://lnkd.in/eGzGKrPv

Employee benefits are constantly evolving, challenging employers to keep up with the latest developments and best practices. In a recent webinar, our employee benefits attorneys shared updates for benefit plan sponsors and fiduciaries, ranging from retirement plan design and compliance to health plan coverage and litigation. Check out this recap from Lena Gionnette, Christian Hancey, Damian Myers, Eric Paley, and Ian Taylor. https://lnkd.in/gTVCS9ye

Unlock the secret to retaining top talent in the Hospitality and Food Services industry! Our latest blog dives deep into employee retention strategies, highlighting the power of comprehensive benefits packages. From personalized perks to the importance of retirement benefits, we've got your roadmap to a thriving workforce.  Read more at https://lnkd.in/gDwY4GE7  #EmployeeRetention #HospitalityIndustry #EmployeeBenefits

𝗣𝗲𝗿𝗸𝘀 𝘃𝘀. 𝗕𝗲𝗻𝗲𝗳𝗶𝘁𝘀 Could employee perks like discount programs really be the difference between winning or losing talent? It’s possible. According to experts, organizations that offer benefits above and beyond health insurance and retirement savings plans may have the upper hand on those that don’t. Employee perks like discount programs are non-compensation incentives employers use as part of their talent management strategies. They help broaden a benefits portfolio so it stands out against the competition and appeals to a larger demographic base. See how LUCAN can help employees and their families save money (and improve your employer brand in the process) at lucan.io. https://rb.gy/ct5srx

A recent survey by Franklin Templeton reveals a significant disconnect between employee preferences for benefits, with a focus on higher pay and 401(k) matches, and employers' assumptions prioritizing health and dental insurance. This mismatch highlights the importance of aligning benefits with employee expectations to attract and retain talent, amid challenges such as rising compensation demands and a lack of understanding among employees about the benefits offered to them. Dive into the insights from the "Voice of the American Workplace Survey" for a deeper understanding of how these disparities could impact retention and satisfaction in the workplace. #HRInsights #EmployeeBenefits #HumanResources https://lnkd.in/epgVanGE

What are the Fringe benefits? Fringe benefits, also known as perks or perquisites, are additional non-monetary compensations provided by employers to their employees. In the context of U.S. payroll, common fringe benefits include: 1. Health Insurance: Employers often contribute to or fully cover health insurance premiums for employees and their dependents. 2. Retirement Contributions: Contributions to retirement plans, such as 401(k), with some employers offering matching contributions. 3. Paid Time Off (PTO): This includes vacation days, sick leave, and holidays. 4. Life Insurance: Some employers provide life insurance coverage for employees. 5. Flexible Spending Accounts (FSAs): These accounts allow employees to set aside pre-tax dollars for medical or dependent care expenses. 6. Transportation Benefits: Assistance with commuting costs, such as subsidies for public transportation or parking. 7. Education Assistance: Tuition reimbursement or assistance for job-related education expenses. 8. Stock Options or Equity Grants: Employees may receive stock options or equity in the company. 9. Wellness Programs: Initiatives that promote employee well-being, such as gym memberships, wellness challenges, or on-site fitness facilities. 10. Telecommuting and Flexible Work Arrangements: Options for remote work or flexible schedules. 11. Employee Assistance Programs (EAPs): Counseling and support services for employees dealing with personal or work-related issues. 12. Meal and Snack Benefits: Some companies provide free or subsidized meals and snacks. 13. Childcare Assistance: Assistance with childcare costs or on-site childcare facilities. 14. Legal Assistance: Some employers offer legal assistance or insurance coverage for legal services. 15. Mobile Phones and Devices: Providing company-owned or subsidized mobile phones and devices. It's important to note that the specific fringe benefits offered can vary widely between employers and industries. Additionally, tax implications may apply to certain fringe benefits, and employers should comply with relevant tax regulations and reporting requirements. Employees should also be aware of the tax implications of the fringe benefits they receive. #payroll #fringebenefits #insurance #retirementcontributions

Hello Everyone Today I am going to talk about Benefits and Services. "What are your benefits?" is the first thing many applicants ask. Benefits - indirect financial and nonfinancial payments employees receive for their employment with the company and which employers use to attract, recognize, and retain workers - are an important part of just about everyone's compensation. They include things like health and life insurance, pensions, paid time off, and child-care assistance. Employee benefits account for about 31% of total compensation. For most employee, health benefits are the 800-pound gorilla of the benefits package. In one recent survey, benefits that people said they coveted most were health, dental, and vision benefits (88%), more flexible hours (88%), more vacation time (80%), and more work from home options (80%). Even human resource managers can underestimate benefits attractiveness. One survey concluded that many human resource managers erroneously assume that things like job security and autonomy are more important than benefits. They aren't. Policy Issues - Employers therefore should design benefits packages carefully, and there are many policy decisions to make. These include what benefits to offer, who receives coverage, whether to include retirees in the plan, whether to deny benefits to employees during initial "probationary" periods, how to finance benefits, cost - containment procedures, and how to communicate benefits options to employees. However, we will see that federal law still affects even voluntary discretionary benefits such as vacation leave. And employers must adhere to the laws of the states in which they do business. For example, California requires most state contractors to provide domestic partner benefits for employees. Thank You Regards Shweta Gedam