The Pros And Cons Of Retirement Benefits

852 Words 4 Pages
As more businesses begin to realize the advantages of offering employee benefits, the competition between companies becomes steeper.

In the past, small business employers may have found that offering health care and retirement benefits were enough to attract and retain the most qualified employees. As more small businesses begin offering these benefits however, that is no longer the case.

Now businesses are needing to become more creative with their employee benefits packages to give them an edge and attract the best employees. However, other than the traditional health care, retirement, and possibly life insurance packages, many small business employers do not have any ideas how to revamp their employee benefits packages.

Not to worry,
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Health insurance may help attract and retain the top qualified employees. Preventative care will help keep employees healthy and working, therefore, avoiding the costs of possible time and financial loss due to employee illnesses. Lastly, by providing health benefits, employees may feel that the business that they work for cares for them and may encourage loyalty and harder work from employees. All of these benefits aid in increasing the bottom line of small businesses, making the cost of health insurance beneficial for the business.

Retirement Benefits

A retirement plan provides many benefits to a business, the employer, and the employees. The obvious benefit of a retirement plan is the security that investing in the future financial security of the employer and employees. A lesser known benefit to a retirement plan is the tax advantages and incentives that are available.

Wellness Program

Full-time employees in America are reported to work an average of 47 hours a week. Extended time at work can lead to being over-worked, stressed, and ultimately health issues. Simply taking some time each day to exercise and eat healthier can help to decrease stress for employees and increase the productivity in the workplace. By instituting a wellness program, employers may find that their employees are happier, healthier, and more
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Understandably, there is a concern for cost when employers think about offering their employees education and training benefits. However, there are some great benefits to offering continued education that employers may find outweigh the costs.

Paid, PAID Vacation Time

Paid vacation time is not a new idea. Many companies have begun offering paid vacation days to their employees. This time off allows employees to recharge without being concerned about the income they are missing while not working.

A new trend in some companies recently has been for companies to not only pay employees for their days off, but to actually pay for the vacation itself. An employee may be comparing two different job offers from two different companies. The idea of not just having two weeks of paid vacation time, but to also have a vacation trip paid for may just sway that employee to the company offering this benefit.

Perhaps this benefit is not cost effective for all employees, but could be offered as an incentive for achievement or for employment

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