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It's critical for an employer in Missouri to prioritize not just medical and voluntary benefits, but also financial and lifestyle ones. Whether you work for The Crawford Group or Missouri Primary Care Clinics, these perks provide significant value. In the state of Missouri, offering a retirement plan to your employees is an important element of their compensation package.
Employees may contribute to their retirement via pre-tax payroll deductions, and employers may match contributions, when offered a 401k option. An IRA is opened solely by an individual through a broker or bank in the same way as a 401K. Both IRAs and 401ks are defined contribution plans, although defined benefit plans provide a specific sum of money in retirement.
A 401k may distinguish your benefits package from others'. When offered, 83 percent of employees will participate in a 401k. This is an increasingly popular plan among Missouri employers (76%).
Employees want to be recognized and appreciated for their efforts. Although it is difficult to figure out what you can do and how to show your appreciation for each employee, this may be made simpler by providing specific incentives to motivate success. The non-production bonus offered by 49% of Missouri businesses is one example.
It is critical for employers to provide a variety of financial incentives and benefits in order to recruit and retain talented workers. While some may be superior than others, it's vital to consider every alternative. Student loan assistance is available from 61% of Missouri businesses, access to wellness programs from 35%, and access to financial planning from 69%.
Another factor to consider is that employers should cater their services and offerings to each employee's specific set of needs. Remember that the necessities between a recent college graduate and someone who has been working for 10 years with children will be very different. These two situations require distinct flexibility and workspace perks. With this in mind, it's worth noting that 13% of Missouri businesses have a flexible work environment, 20% give employees flexible schedule, 14% provide childcare, and 9% offer subsidies for public transportation.
Do you want to see how your firm's financial and quality-of-life advantages compare to those of its competitors in the same industry and size range in Missouri? Download a free Mployer Insights report to find out. Comparing your benefits to those of other firms might help with recruiting new talent and retaining current employees.
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