Attracting and retaining top talent is critical in many areas of business, but especially for manufacturers. Manufacturing is a fast-paced, high-energy industry that requires natural leaders that wish to drive profitability and help the company grow.
Types Employee Benefits To Offer In The Manufacturing Industry
Offering a comprehensive employee benefits plan is one of the best ways to bring in quality employees and boost morale and productivity in the workplace. Here is a closer look at some of the top employee benefits to offer as a growing manufacturing company.
Medical coverage is one of the most sought-after employee benefits. With healthcare costs continuing to rise every year, many employees depend heavily on employer-sponsored group health insurance for their medical, dental and vision needs.
Group health insurance can also be cost-effective for businesses. Employers pay lower payroll taxes and can deduct annual contributions on their income taxes. Premiums are made with pre-tax dollars, which means employees also pay less in their annual taxes.
Life insurance can be a valuable benefit for many employees. With life insurance, a recurring premium is paid to the insurance company in exchange for a tax-free payout for employees’ beneficiaries if they die while the policy is still active.
Life insurance essentially replaces a person’s income and provides a payout to the employees’ families to ensure that any loved ones continue to have financial support. There are several types of life insurance to choose from, such as term life insurance that covers individuals for a specified number of years and permanent life insurance paid over a person’s whole life.
Disability insurance aims to help employees obtain replacement income if they become ill, injured, disabled or unable to work. Long-term disability insurance covers many years or sometimes even decades, while short-term disability insurance provides coverage for several days, weeks or sometimes months. Having disability insurance can provide employees with the peace of mind that they will not suffer the financial consequences of a work-related disability.
Many employees suffer from poor eyesight and depend on eyeglasses or contact lenses to correct various conditions. Vision insurance provides employees with the coverage they need to keep their eyes healthy and their vision crisp. Most basic vision insurance policies cover routine eye examinations and the purchase of corrective eyewear.
Some policies may also provide discounts or contribute dollars towards procedures like laser corrective surgery. Vision coverage may be offered as a coverage option on a group health insurance plan.
While most businesses are not legally required to offer dental coverage to employees, many find this decision beneficial to their bottom line. Dental coverage allows employees to undergo the dental treatments that they need to maintain good oral health.
Not only does this lead to a healthier, brighter smile, it can also reduce the number of sick days employees experience due to toothaches and similar ailments. Most dental insurance policies cover routine procedures, such as dental exams, tooth fillings and regular cleanings.
Health Savings Accounts
Many businesses in the manufacturing industry offer their employees health savings accounts (HSAs) to lower their overall healthcare costs. This type of savings account sets money aside on a pre-tax basis to pay for qualifying medical expenses. Untaxed dollars can also be used to pay for copayments, deductibles, coinsurance and certain other costs. Health savings accounts are generally associated with high deductible health plans (HDHPs).
Flexible Spending Accounts
A flexible spending account (FSA) is a type of tax-advantaged financial account to help pay for qualifying out-of-pocket healthcare costs. FSAs offered through an employer can usually be used to pay for deductibles, copayments, certain prescriptions and other health-related expenses. Employers can choose to make contributions to employee FSAs but are not legally required to under the law.
Long Term Care Insurance
Aging adults may find themselves experiencing chronic illnesses or injuries. When this happens, long-term care insurance can be invaluable. An LTC insurance policy provides coverage for older adults with a disability or chronic conditions that require supervision.
A long-term care policy often covers the cost of assisted living facilities and can be more flexible than other financing options. Having long-term care insurance also prevents aging adults from having to rely on their families for support.
Speak with an Employee Benefits Consultant Today
When searching for a new job, most job candidates look for a great employee benefits plan. Growing manufacturing companies should give their benefits package a lot of thought to ensure that their choices will draw in top talent and encourage existing employees to stick around long-term.
For more information about the best employee benefits to offer as a growing manufacturing company or to speak with an experienced employee benefits consultant, contact New City Insurance today.