The job market is rapidly expanding, and now more than ever, employers need to keep up with the rising competition. As a result, employers need to offer benefits to employees to help them attract new talents and retain their already-have employees. This is where benefits and perks at the workplace come in. But what exactly are the perks and benefits? Here is what you should know.
What is the difference?
A good way to distinguish between benefits and perks is as follows; benefits are non-wage remuneration that goes above and beyond an employee’s base pay. Benefits essentially cover costs that workers would have to pay out of their pocket, like health insurance, retirement savings, and daily commute transportation costs.
On the other hand, perks are additional prizes or incentives given on top of salaries and other forms of payment. They are usually “experiential” in nature, meaning they give employees an experience but may not always be paid. Some discuss whether certain free items and programs count as perks or benefits.
Types of benefits and perks employers offer
If a company feels morally obligated to its employees, it may provide additional employee benefits services in Broomfield, CO, in addition to those mandated by law. These benefits and perks can be in the forms of;
- Vision care
- Health insurance
- Life insurance
- Personal leave
- Retirement benefits
- College debt relief
- Paid vacation
- Dental insurance,
- Legal insurance.
These benefits are usually offered with utmost discretion between the employer and the employee. However, sometimes they are covered under the labor agreement, meaning they vary depending on the company you work for.
Who Is Fit For Employee Benefits?
Around 34% of private sector employees get up to 14 paid vacations after a year of service to the company. The number of vacations increases with how long you serve the company; the longer you stay, the more vacations you get.
Around 68% of private industry workers get retirement or pension coverage, with 71% of private sector employees receiving health care benefits.
The federal law requires employers to provide perks and benefits to their employees with a minimum wage standard. In most states like Colorado, you can get further employee benefits in Broomfield, CO, like additional leave and disability cover. Most companies offer more than the legal minimum benefits required. This is the best way to attract new employees with potential and retain the ones they already have.