In addition to medical and voluntary compensation, Kansas employers should also 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 healthy lifestyle. These perks are extremely valuable to your employees, even if they work for Sprint or Cargill Meat Solutions in Kansas.
In Kansas, 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 using a 401k retirement plan. Employer matching contributions are also possible. An IRA, which is solely managed by an individual through a broker or bank, is another comparable contribution option.
A defined benefit plan, such as a pension, differs from a 401k (defined contribution plan) in that the former is predetermined and the latter voluntary. A defined benefit plan provides a certain payment amount in retirement, whereas a defined contribution plan like a 401k allows both employees and employers to contribute and invest money for later use. Defined benefit plans, such as pensions, have been underutilized over the last two decades and are now only utilized by governments.
The majority of Kansas businesses (76%) provide a 401k as part of their employee benefits package. This is a popular benefit among employees, with 83 percent taking advantage of it when available.
Employees anticipate a bonus or some kind of gratitude for their hard work. In Kansas, 49% of businesses give out a non-production incentive. These bonuses include end-of-year bonuses, holiday bonuses, employee referrals, and other incentives. The method in which these awards are structured and paid varies from person to person and role. Having clearly defined targets is critical for good performance assessments; consistent communication is also necessary.
To recruit and retain competent staff and top talent, businesses must offer a variety of financial incentives and perks. While some offer more value than others, it's critical to think about all alternatives. In addition to offering student loan assistance to students who attended the University of Kansas or another institution closer to their homes, 61% of Kansas employers provide access to wellness programs, 35% give access to financial planning services, and 69% provide access on healthcare benefits.
As an employer, you should prioritize catering to each employee's unique set of requirements. Remember that a recent college graduate and someone who has been working for 10 years with children will require significantly different benefits. These two situations require various work flexibility and space perks. With this in mind, it's worth noting that 13% of Kansas businesses offer a flexible workspace, 20% provide a flexible schedule, 14% provide childcare, and 9% provide free transportation.
To get a clearer picture of how your company's financial and quality-of-life advantages compare to those in Kansas, fill out our free Mployer Insights survey. You may show your workers how competitive your plan is against others, which has a significant impact on retaining and recruiting new talent.
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