Small businesses offer better employee benefits and perks to attract and retain talent.
The workforce is competitive, and workers are always searching for a new position that can offer more including higher pay and better incentives and benefits.
There are Employee benefits that companies are not required to offer but do to complete for the staff they need. In addition, there are compulsory perks employers in the USA have to provide. Both Federal and state law requires that employers offer a set of standard benefits to all employees.
Benefits That Employers are Mandated to Offer
Federal or state laws aim to protect employees, and this is done by requiring employers to offer a set of standard benefits. The benefits and “perks” that are mandated are:
Minimum wage laws dictate the lowest wage that an employer can offer employees. Cities and states can pass their own laws to increase minimum wage, which, at the federal level, is at $7.25 an hour.
Additional required benefits include:
- Unemployment benefits
- Benefits under the Family and Medical Leave Act
States are starting to require employers to carry disability insurance, but not all states require disability insurance. Workers’ compensation provides compensation for injuries that occurred while on the job.
Disability insurance will reimburse disabled workers for some or all of their salary while recovering from injury or illness.
The federal government also offers SSDI, but specific requirements must be met.
“Millions of Americans rely on SSDI benefits to help meet their monthly needs, and the advantages of becoming approved for Social Security Disability are many.
The program provides consistent income, and users can cover their monthly expenses with medical coverage that enables them to undergo required medical treatments, and vocational rehabilitation. Plus, recipients can pursue educational opportunities that make it possible to reenter the workforce,” explains disability attorney Russell D. Hedges.
Perks and Benefits That are Not Mandated
Did you know that employers are not required to offer health insurance, but most entities with over 50 employees will be required to offer benefits? Dental care plans are not required either. Employers also offer perks that many don’t realize are not required, such as:
- Paid holidays
- Paid vacation
- Pay raises
- Severance pay
- Hazard pay
Profit-sharing, stock options, company holidays and tuition assistance are all benefits or perks that are not required but offered by the world’s top companies.
Life insurance and retirement plans are also a perk often offered, but they’re not required by law.
Companies try and remain competitive by offering life insurance and retirement plans as well as paid vacation to attract talent.
Large tech companies have been competing against each other, redefining the benefits that the industry offers. Google, for example, offers:
- Free meals
- Hair cutting
- On-site medical staff
And you’ll find other companies offering mass transit reimbursement or even shuttles to and from the workplace. There are a lot of additional benefits that companies are offering.
A small, local dentist offers a yearly paid trip for all employees. This is a nice perk, and while the group may attend a meeting or two while on vacation, the rest of the expenses are fully covered by the employer.
Employee Benefits and Remote Working
Employee benefits are evolving as more staff are remote working. Would be able to claim a portion of your internet bill interest you? If you’re working from home and using your home fibre or broadband plan for work, claiming a share of your monthly invoice is doable. Plus, how’s your home office working out for you?
For higher productivity, your workstation needs to be ergonomic, so you can focus on completing work tasks and not how sore your neck and back are from sitting at a desk too low or too high for the correct posture. Claiming back your investment in a workstation is viable and justified.
Plus, maybe you are using your own devices to contact clients and colleagues, and your desktop or laptop is struggling and needs replacement. There are many items in your home office that you can claim now you’re expected to be highly productive using the latest collaboration tools that need fast internet access and processing power.