There are some benefits that are required by law, such as workers’ compensation, unemployment insurance and Social Security. Work-life balance benefits include flexible work arrangements, telecommuting, child care assistance and eldercare assistance. Time-off and leave benefits include vacation days, sick days, paid holidays, parental leave and extended leave. Financial and retirement benefits include 401(k) plans, pension plans, employee stock ownership plans, profit-sharing plans and financial planning assistance. Health and wellness benefits include health insurance, dental insurance, vision insurance, prescription drug coverage, employee assistance programs and wellness programs. There are four main types of employee benefits: A study by the Society for Human Resource Management found that 60% of employees said employee benefits were extremely or very important when considering whether to stay with their current employer. A study by the International Foundation of Employee Benefit Plans found that employers with high levels of productivity and engagement offer benefits such as paid leave, healthcare, retirement, flexible hours and wellness benefits.įinally, employee benefits can help improve employee retention. Eighty-three percent say flexible work and leave time are extremely or very important.Įmployee benefits can also help improve employee productivity and engagement. They can also help improve employee productivity, engagement and retention.Ī recent study by the Society for Human Resource Management found that 90% of survey respondents said healthcare is an extremely or very important employee benefit. Employee benefits are a key part of the employee compensation package and can be a deciding factor when candidates are considering multiple job offers.
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