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In addition to medical and voluntary benefits, employers in Idaho should provide financial benefits such as a 401k or IRA, as well as benefits that contribute to employee quality of life such as flexible schedule and a nice lifestyle. These perks are worth their weight in gold whether your workers work for St. Luke's Health System or Idaho Power Company.
In the state of Idaho, a 401k retirement plan is an essential component of an employee's benefit package. Pre-tax payroll deductions are used to contribute to a 401k retirement plan, which allows employees to save for their retirements tax-free. Employer matching contributions are also available. An IRA, which is created and maintained solely by an individual through a broker or bank, is another comparable contribution.
It's worth noting the difference between a defined benefit plan, such as a pension, and a 401k (defined contribution plan). A defined benefit plan guarantees a certain amount of money in retirement; whereas, a 401k allows both employees and employers to contribute and invest funds to build up their retirement savings. Defined benefit plans, like pensions, are being utilized less frequently today than they were two decades ago, with governments still relying on them.
A 401k is a vital component of most company's employee benefits package. When offered, 80% of employees participate in a 401k plan and 78 percent of Idaho businesses provide this benefit to their workers. Defined contribution plans such as these are available by companies of all sizes. This type of arrangement is offered by almost every major business.
Bonuses and public recognition for their efforts are popular among employees. In Idaho, 49 percent of employers offer some sort of non-production bonus. End-of-year bonuses, holiday bonuses, employee recommendations, and other types of bonuses are offered by many businesses. The form and amount of these incentives may differ from employee to employee depending on their job title. Having a clear definition for performance metrics is critical along with consistent feedback delivery.
There are a number of financial incentives available to your staff. While some provide more value than others, it's critical for employers to give these valuable perks in order to keep top employees and have a competitive benefits package.
Each staff member requires a unique set of attention that must be met by the company. Keep in mind that someone who is just out of college will value things differently than someone who has been working for ten years with children. With this in mind, 12% of Idaho businesses provide access to a flexible workplace, 18% offer access to a flexible work schedule, 14% provide access to childcare, and 16% give employees the opportunity to use public transportation at no cost.
To get a better understanding of how your company's financial and quality-of-life benefits compare to those in Idaho, submit your free Mployer Insights report. You can tell your team how competitive your plan is against others, which will help you retain and engage new staff.
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