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In addition to medical and voluntary benefits, employers in Illinois must also offer financial perks such as a 401k or IRA, as well as benefits that contribute to employee quality of life such as flexible schedule and a comfortable lifestyle. These perks are valuable whether your employees work for Walgreens or McDonalds Corporate in Illinois.
In the State of Illinois, a 401k retirement plan is an important component of an employee's benefits package. Employees may contribute to their retirement through pre-tax payroll deductions via a 401k retirement plan. Employers can also make matching contributions. An IRA, which is solely established and managed by a buyer with the help of a broker or bank, is another similar financial investment opportunity.
The main difference between a defined benefit plan, such as a pension, and a 401k (defined contribution plan) is that the former provides a guaranteed sum of money in retirement. A defined benefit plan, like a pension, guarantees a certain amount of money in retirement. The usage of defined benefit plans - such as pensions - has shrunk dramatically over the last two decades and are now only utilized by governments.
A 401k is a major component of many company's employee benefits package. When offered, 81 percent of Illinois companies provide this benefit to their employees, and 82 percent of workers participate in it. Defined contribution arrangements like these are available from businesses of all sizes. This sort of plan is offered by almost every large business.
Employees anticipate a bonus or a show of appreciation for their hard effort. In Illinois, 51 percent of businesses give out some form of bonus. These incentives include end-of-year bonuses, holiday bonuses, employee referrals, and others. The structure and amounts of these rewards can differ from person to person and role to role.
The Illinois Chamber of Commerce reports that approximately 5% of businesses in the state provide student loan aid. Student loan assistance is essential for competing in a market with low unemployment, whether you attended the University of Illinois or a local community college.
Each employee has her or his own set of requirements that you as the employer must meet. Keep in mind that a recent college graduate will value different things than someone who is 10 years into their career with children. With this in mind, 14% of Illinois firms provide flexible work hours, 22% provide flexible shift scheduling, 15% give access to childcare, and 11% provide subsidized transportation.
To get a clearer picture of how your company's financial and quality-of-life perks compare to those in Illinois, visit our free Mployer Insights report. You may show your staff how competitive your plan is against others, which influences retention and hiring new talent.
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