Employer-provided health care, as well as voluntary insurance plans, is essential for employees in Mississippi. In addition to medical and voluntary benefits, it's critical for employers in the Magnolia State to offer financial benefits like a 401k or IRA, as well as perks that contribute to employee quality of life such as flexible schedule and a fun workplace. Whether your employees work at Modine Manufacturing Company or United Furniture Industries, these perks provide significant value.
In the state of Mississippi, a 401k retirement plan is an important element of a worker's benefits package. Employees may contribute to their retirement through pre-tax payroll deductions via a 401k retirement plan. Employers may also make matching contributions. An IRA, which is established solely by an individual through a broker or bank, is another similar contribution option.
It's vital to understand the difference between a defined benefit plan, such as a pension, and a 401k (defined contribution plan). A defined benefit plan provides a specified amount of money in retirement, whereas a defined contribution plan like a 401k allows both employees and employers to contribute and invest money for future use. The usage of defined benefit plans, such as pensions, has decreased dramatically in recent decades and is now mostly used by governments.
The 401k plan is one of the most popular retirement plans in Mississippi, with almost 68 percent of businesses offering it as part of their employee benefits package. This is a helpful benefit when offered to 78% of employees.
A bonus or a show of appreciation for their hard effort is something that employees anticipate. 51% of Mississippi businesses provide some sort of non-production incentive. End-of-year bonuses, holiday bonuses, employee referrals, and other types of bonuses are among them. The format and amounts of these incentives can differ from one employee to the next, as well as by role. Having clear objectives and targets is essential when working in a team environment with timely communication.
Employers should offer a variety of financial incentives and perks to recruit and keep top talent. While some might offer more value than others, it's worth considering all options. Whether you went to Mississippi State or somewhere else closer to home, 57% of Mississippi companies provide student loan assistance. 33% of Mississippi businesses provide access to financial planning services, while 62 percent provide access to EAP programs.
As an employer, you should place a high value on catering to each worker's specific set of requirements. Keep in mind that the requirements required by a recent college graduate and someone who has been working for 10 years with children are drastically different. These two examples require distinct flexibility and workspace perks. With this in mind, 14% of Mississippi employers offer flexible work spaces, 20% provide flexible schedule, 14% provide childcare, and 9% offer commute subsidies.
To get a better sense of how your firm's financial and quality-of-life benefits compare to those in Mississippi, go through your free Mployer Insights report. You may show your team how competitive your plan is against others, which has a significant influence on retaining and recruiting new employees.
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