What Benefits Should You Offer To New Hires?

To retain new hires, you need to offer them an attractive benefits package to avoid losing them. Some business owners choose not to provide new hires benefits; this often proves to be costly late on. The benefits can be valuable, hence it’s always essential to consider offering new hires benefits as part of compensation.

With this in mind, it’s necessary to understand the important ones to provide your workers.

1. Disability and Accident Insurance cover

When working, new hires might get in an accident, and the accident insurance could come in handy. The insurance covers their medical costs that include medical exams, treatment, surgery, among other expenses.

Besides, you should offer your new workers a disability insurance cover. Your workers will work comfortably since they are assured that they would receive a fraction of the income when they have an injury or have a permanent disability.

2. Dental Benefits

To increase your chances of retaining new hires, you should prioritize their dental benefits. Get your new hires a dental insurance cover that covers annual cleanings and dental exams. Some insurance policies also cover fluoride treatments, but generally, the benefits will work to your advantage.

Human resource management specialists from zenefits.com often advise employers to integrate their employees’ benefits into their HR system. With such an arrangement, your new hires will evaluate, compare, and pick the right benefits for selection online or from a mobile device. You will notice that most new hires will go for the dental benefits package.

3. Time Off

A paid time off is an allowance that employees receive as they work, and it includes vacation leave, sick leave, and holidays. Offer your new hires a PTO as a separate benefit, and they will value your business and strive to accomplish the business goals.

4. Medical Cover

It would help if you considered offering your new hires a medical insurance cover. The insurance will cover the costs of prescription drugs, hospital rooms, and surgery fees. Besides, optical and dental care can be part of the benefits package, and you should also consider offering them a package that covers their family members.

5. Health Reimbursement

Health reimbursements are plans that are funded by the employer, such that the new hires will be reimbursed tax-free when they have medical expenses. Besides, unused funds can be rolled over to the next year, and the best part is that the employer owns the accounts.

6. Retirement Benefits

Show that you care for the new hires’ well-being by offering them a retirement benefits package. Your new employees are uncertain of their future, and they have devoted their time to see your business succeed. Offer them a retirement benefits package which you will offer them when they end their career.

7. Partner Benefits

Consider offering the new hires’ domestic partner benefits. The benefits allow access to health insurance, although the government taxes the amount. The new hires will have to provide proof of financial interdependence or domestic partnership to qualify for the partner’s benefits.

8. Life and Accident Insurance Cover

Provide your workers with accident insurance cover such that their loved ones receive compensation if they pass on when they are on the line of duty. Besides, the new hires will work confidently since they know that they will receive compensation if they lose their ability to hear, speak, or see. Life insurance covers are also essential for new hires since they are confident that their future is covered.

9. Fringe Benefits

The benefits are suitable for retaining or attracting new talent to your business. Some fringe benefits include a child care spending account, a flexible medical cover, tuition assistance, and bonuses that are not related to work performance. Tuition assistance benefits can be beneficial to your workers, especially if they intend to advance their careers. The knowledge they gain from colleges will benefit your business since they will employ whatever they learned.

10. Pet Insurance Benefits

The pet insurance cover should be optional since some of the new hires own pets. The pet insurance covers veterinary treatment costs if your employee’s pet gets an injury or falls sick. Besides, you can get your employee a policy that covers damage and compensates them if the pet is stolen or when it gets lost.

Generally, benefits packages are essential in retaining or attracting the best talent in the market. Some of the leading businesses in the market, such as Google, offer their employees free haircuts, yoga classes, and chef-made meals, among other incentives. The little appreciation goes a long way, and with time, you will realize the impact that you made on the new hires’ lives.

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