In the current tight labor market, employee benefits packages can help you attract and retain top talent. Federal or state laws may require companies to provide specific employee benefits, but many of the most attractive benefits are optional.
Contact the Laymon Group Benefit Consulting in Wilmington, North Carolina, to learn more about your options for group employee benefits and get a personalized quote.
What Are Employee Benefits?
Group benefits provide optional coverage to a pool of employees. Employee benefits may include numerous forms of insurance, paid time off and various perks, depending on your company’s budget and the needs of your employees. Benefits are provided in addition to your workers’ base salaries and wages.
Your company may cover the entire cost of premiums or pass on a portion of those costs to your employees.
What Are Examples of Employee Benefits?
Your company’s benefits package is highly customizable. Your agent can help you understand your options and associated costs.
Some companies may be required to provide certain employee benefits, which may include the following:
- Workers’ compensation
- Unemployment insurance
- Time off for jury duty, voting and military service
- Time off in compliance with the Family and Medical Leave Act (FMLA)
Voluntary benefits include perks provided by the company that employees may decline. These may include the following:
- Health insurance
- Retirement plans
- Life insurance
- Vision insurance
- Employee stock options
- Financial wellness programs
- Pet insurance
- Dental insurance
- Long-term disability insurance
What Are the Advantages of Group Plans?
Offering benefits has many advantages for businesses and employees. Many potential new hires consider the company’s benefits package a significant factor when deciding whether to accept an employment offer.
With group insurance, an individual employee doesn’t have to undergo medical underwriting to get coverage. Insurers can spread risk across the group of policyholders, which may result in less expensive coverage. Group plans can provide cost savings to employees and may help them access insurance coverage that may be unavailable or unaffordable.
Learn More About Group Benefits
Call Laymon Group Benefit Consulting today to learn more about how offering group benefits may work in your company’s favor and get a quote.