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With Today's Changing Workforce Demographic, Companies That Want to Succeed Would Do Well to Offer This Employee Benefit
Employee benefits are benefits offered to employees from employers, such as health insurance, disability insurance and a retirement plan, to name a few. Benefit plans can add approximately 30 to 40 percent cost to the base pay of most employees. However, offering employee benefits can shape a company’s culture and affect employee retention -- as well as the quality of talent attracted to a business. Some benefits are mandatory by federal law and some aren’t -- but are deeply important to employees.
Small businesses: Often times, small-business owners believe they can’t afford to offer employee benefits -- and with good reason. However, currently the Affordable Care Act subsidizes the cost of medical insurance for businesses that have fewer than 25 full-time employees.
Here are some employee benefits that are required by law:
- Time off to vote, serve on a jury and perform military service.
- Compliance with all workers' compensation requirements.
- Compliance with the Federal Family and Medical Leave.