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As an employer in Massachusetts, you must give high priority to non-medical and voluntary benefits, as well as financial advantages. Whether you work for Raytheon Company or the state of Massachusetts' Primary Care Clinics, these perks provide significant value. In the State of Massachusetts, offering a retirement plan for your employees is seen as an essential element of the employee benefits package.
Employees may deposit money into their retirement accounts via pre-tax payroll deductions if they have a 401k option, and employers may also match contributions. An IRA is established only by an individual through a broker or bank and is similar to a 401K. Defined contribution plans, like IRAs and 401ks, are used in these situations. A pension is a defined benefit plan that promises a certain amount in retirement, whereas a defined contribution plan allows both the employee and employer to invest and contribute funds towards retirement.
A 401k can help your benefits package stand out to workers. When offered, 85% of people will participate in this plan. This is an option that 78% of Massachusetts businesses provide and 85 percent of employees take advantage of when available.
Employees want to know that they are appreciated and valued for their efforts. Although it may be difficult to determine what you can do and how to show your gratitude for each employee, doing so might be made easier by offering certain incentives to encourage success. Massachusetts businesses give a bonus, which may be anything from end-of-year bonuses, holiday bonuses, employee referrals, and others.
It is critical for businesses to offer a variety of financial incentives and perks to attract and keep talented employees. While some provide more value than others, it's critical to consider all possibilities. Whether you attended the Boston University or somewhere closer to your home, 6% of Massachusettst employers provide student loan assistance. 61 percent of Massachusetts firms have wellness programs accessible, while 41 percent provide access to financial planning services and 72 percent provide access on EAP resources.
Catering to each employee's specific set of requirements should be a top priority for you as the employer. Keep in mind that the demands between a recent college graduate and someone who has been working for 10 years with children will differ considerably. These two cases need separate flexibility and workspace perks. With this in mind, these are some of the most popular benefits: 11% of Massachusetts businesses provide a flexible workspace, 24% provide a flexible work schedule, 18% offer childcare, and 18% reimburse employees for public transportation costs.
Do you want to see how your firm's financial and quality-of-life perks stack up against those of other businesses in Massachusetts in the same industry and size range? You may download your free Mployer Insights report for a comprehensive comparison of your company's benefits. Understanding how your programs compare to those of similar firms might be beneficial when recruiting new employees or retaining current staff.
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