Modern employees are extremely savvy about the bonuses that come with a job. Gone are the days when salary used to be the major competing factor in attracting new talent — now everything is about healthcare, child care, continued education, retirement accounts and other related perks. This is a great thing for both employees and employers. For employees, they can acquire more value than they could in a straight cash salary. For employers, companies can take advantage of a variety of tax incentives and breaks to provide these bonuses and to remain competitive.
Vision, Dental and Prescription Services
Though they may be optional, offering vision, dental and prescription services isn’t expensive and will go a long way towards showing employees that your business is concerned with their health. There’s also another benefit — providing vision, dental and prescription service makes it less likely that employees will go without care, damaging both their own health and their productivity. Mental health services and substance abuse services offer similar benefits.
Flexible Spending Accounts
Both health care flexible spending accounts and dependent care flexible spending accounts are extremely important perks for modern businesses. Employees will be able to set aside money in a tax-advantaged account, much like an IRA, to be used on both their own medical expenses and their child’s or other dependents. Many executive employees and other financially savvy employees specifically look for the flexible spending account option, as it makes more sense to them and will result in more money being acquired by them overall, as they can save tax-advantaged funds towards their medical costs.
Employee Health Programs
In addition to health insurance, employers can create health programs that promote health to their employees. Many employees specifically look for these programs when they are learning about a job opportunity. Employee health programs can include everything from healthy provided snacks to an on-site gym, depending on your company’s budget.
Employers can look to their health insurance agency to find out more about what they can do to attract the best up-and-coming talent to their business. Having solid, comprehensive health care options are not.