It's critical to give financial, medical, and voluntary benefits equal weight as well as quality-of-life perks when selecting an employer in Kentucky. Whether you work for Kindred Healthcare or Kentucky Primary Care Clinics, these perks provide significant value. In the state of Kentucky, providing a retirement plan to your staff is an essential element of the employee benefits package.
Employees may contribute to their retirement by making pre-tax payroll deductions, and employers may make matching contributions, when they are given the opportunity to participate in a 401k plan. An IRA is established exclusively by an individual through a broker or bank, much like a 401K. Defined contribution plans include both IRAs and 401ks. A defined benefit plan provides a known amount in retirement while a defined contribution plan allows both employees and employers to invest and contribute money towards retirement.
Offering a 401k might distinguish your benefits package among employees. When offered, 68% of Kentucky businesses and 78% of employees will participate.
Employees want to be recognized and appreciated for their hard effort. Although it may be difficult to figure out what you can do and how to demonstrate your gratitude for each employee, it is easier with specific incentives in place to reward success. In Kentucky, 51% of businesses give a non-production bonus that may take the form of end-of-year gratuities, holiday bonuses, employee referrals, and others.
Employers must provide a variety of financial incentives and perks to obtain and keep excellent workers. While some provide greater value than others, it's critical to weigh all possibilities. Whether you went to the University of Kentucky or a school closer to your home, 7% of Kentucky businesses offer student loan assistance. 57% of Kentucky employers make wellness programs accessible, 33% give access to financial planning advice, and 62% give access on-site counseling services.
Catering to each employee's unique requirements should be a top priority for you as the employer. Keep in mind that the advantages required between a recent college graduate and someone who has been working for 10 years with children will vary greatly. These two situations require different flexibility and workspace perks. With this in mind, 14% of Kentucky businesses provide a flexible work environment, 20% provide a flexible schedule, 14% offer childcare, and 9% give discounted transportation.
Do you want to compare the financial and quality-of-life benefits of your company against those of its competitors in Kentucky? Download a free Mployer Insights report to see how it compares. It may be useful when recruiting new employees and retaining current staff if you understand how your perks stack up against those of other companies.
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