Employee benefits play a huge role in several major areas of running a business, from attracting talent to retaining it and more, and many employers wonder how to offer employee benefits and why this is important. Offering great employee benefits can have an enormous impact on your business, and there are several basic factors to be aware of here.

At WTA Inc., we’re here to offer the best HR services you’ll find around Salt Lake City, including everything from outsourced payroll services to PEO employee benefits services and more. In this two-part blog series, we’ll go over everything you need to know about how to offer employee benefits – today’s part one will focus on why benefits are so important and some of the common elements that are typically included in them, while part two will go over some specific steps and approaches we often recommend to our clients when it comes to offering benefits.

Why Quality Employee Benefits Are Important

Firstly, there are several reasons why offering quality employee benefits is important for any business, including the following:

Attracting and retaining top talent: In today’s competitive job market, employees have plenty of options to choose from. Offering comprehensive and attractive employee benefits can help set your company apart from others and attract high-quality candidates who are looking for more than just a paycheck. Additionally, providing great employee benefits can also help retain current employees by showing them that their employer values their wellbeing and is willing to invest in it.
Motivating and engaging workers: When employees feel that their needs are being met by their employer through things like health insurance or retirement plans, they will generally be happier and more engaged in their work. This can lead to increased productivity and overall job satisfaction, helping to create a positive work culture.
Tax advantages: Providing certain employee benefits, such as health insurance and retirement plans, can also offer tax advantages for both the employer and employee. These benefits are often tax deductible for the employer, while employees may also receive tax breaks when contributing to their benefits.
Cost-effective in the long run: Investing in employee benefits now can actually save your company money in the long run. By promoting employee wellness and preventing potential health issues through things like preventative healthcare coverage, you could reduce healthcare costs for both yourself and your employees.

Common Elements Included in Employee Benefits

While every company’s benefits package may differ, there are a few common elements that are typically included in employee benefits. These include:

Health insurance: This is often considered the most crucial element of any benefits package and can cover various types of medical expenses for employees and their families.
Retirement plans: Many employers offer retirement plans such as 401(k) or pension options to help employees save for their future.
Paid time off: Paid vacation days, sick leave, and holidays are important for promoting work-life balance and allowing employees to take care of personal responsibilities without sacrificing their income.
Life insurance: Some companies also offer life insurance coverage to help protect an employee’s family in case of their untimely death.
Disability insurance: This type of coverage helps protect employees financially in the event that they are unable to work due to a disability or illness.

Stay tuned for part two, where we will dive deeper into the steps and best practices for offering employee benefits at your company. Remember, at WTA Inc., we’re always here to help you navigate the complex world of HR and offer top-notch services tailored to your business needs. Don’t hesitate to reach out with any questions or concerns!