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In addition to medical and voluntary benefits, employers in Connecticut should offer financial benefits such as a 401k or IRA, as well as quality-of-life incentives such as flexible work hours and a pleasant environment. These perks are extremely valuable to your employees, whether they work for Aetna of Hartford Healthcare.
In the state of Connecticut, a 401k retirement plan is an important component of a worker's benefits package. Employees can contribute to their retirement through pre-tax payroll deductions using a 401k retirement plan. Employer matching contributions are also available. An IRA, which is exclusively used by an individual through a broker or bank, is another similar contribution that individuals may make while saving for their retirement.
It's worth noting the distinction between a defined benefit plan, such as a pension, and a 401k (defined contribution plan). A defined benefit plan guarantees an established payment amount in retirement, whereas a defined contribution plan like a 401k allows both employees and employers to contribute and save money for retirement. Defined benefit plans, such as pensions, have decreased in usage dramatically over the past two decades, with few people using them today.
A 401k is an important component of most employer's benefit package. When offered, 85% of employees participate in a 401k plan and 78% of Connecticut employers offer this benefit to their workers. Defined contribution plans like these may be provided by firms of all sizes.
Employees anticipate a bonus or a show of gratitude for their efforts. Connecticut businesses provide bonuses to 53 percent of their employees. End-of-year bonuses, holiday bonuses, employee referrals, and other types of non-production bonuses are available. The form and amount of these rewards can differ from person to person and depending on position. It is critical to have defined targets with constant communication for an effective bonus plan.
There are a number of monetary incentives you may offer your employees. While some provide more value than others, employers must give these essential perks to retain top staff and have a competitive benefits package.
Each employee has his or her own set of demands that you as the employer must meet. Keep in mind that a recent college graduate will value things differently than someone who has been working for 10 years and has children. With this in mind, 11% of Connecticut businesses offer flexible hours, 24% provide access to flexible work schedules, 18% provide access to daycare, and 18% offer subsidized transportation.
To get a greater sense of how your company's financial and lifestyle benefits compare to those in Connecticut, request your free Mployer Insights report. Sharing with your employees how competitive your plan is against others may help you retain and recruit new talent.
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