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As an employer in Indiana, it's important to prioritize not only medical and voluntary benefits but also financial benefits and those that contribute to a better quality of life. These benefits provide great value whether you work for Eli Lilly And Company or Indiana Primary Care Clinics. In the state of Indiana providing a retirement plan for your employees is a crucial component of an employee's benefits package.
Employees may save money into a 401k plan through pre-tax payroll deductions, and employers can make matching contributions. An IRA is established solely by an individual with the assistance of a broker or bank, much like a 401K. Defined contribution plans include both IRAs and 401Ks. Pensions are defined benefit plans that promise a fixed amount in retirement, whereas defined contribution plans allow both employees and employers to contribute funds toward retirement.
A 401k might boost the value of your benefits package to employees. Indiana companies offer this benefit at 81%, and when offered, 82% of workers will take it up.
Employees want to be acknowledged and valued for their efforts. It might be difficult to figure out what you can do and how to show your appreciation for each employee, but it can be made simpler by creating specific incentives to encourage success. Indiana companies give a non-production bonus that may range from end-of-year bonuses, holiday bonuses, employee referrals, and others.
It's critical for businesses to offer a variety of financial incentives and perks in order to attract and retain top talent. While certain options may be more beneficial than others, it's vital to think about all alternatives. Student loan assistance is available from 5% of Indiana employers whether you attended Purdue University or somewhere closer to your home (62%). Access to wellness programs (62%), financial planning services (36%), and EAP programs are all accessible by 70% of Indiana businesses.
Catering to each employee's unique set of requirements should be a top priority for you as the employer. Keep in mind that the benefits required between a recent college graduate and someone who has been working for 10 years with children will vary significantly. These two cases, for example, require different work flexibility and space perks. With this in mind, 14 percent of Indiana businesses offer a flexible workspace, 22 percent give employees a flexible schedule, 15 percent provide childcare, and 11% invest in public transportation.
Do you want to compare the financial and quality-of-life benefits of your company with those of other firms in Indiana in the same industry and size range? Download your free Mployer Insights report to find out. Understanding how your perks stack up against those of similar corporations may be useful when recruiting new people or retaining current staff.
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