In addition to medical and voluntary benefits, New Hampshire employers must also provide financial perks such as a 401k or IRA, as well as benefits that contribute to employee quality of life such as flexible working hours and a healthy lifestyle. These perks are valuable to your employees whether they work for C&S Wholesale Grocers in New Hampshire or Southern New Hampshire University.
In New Hampshire, a 401k retirement plan is an important part of an employee's benefits package. Pre-tax payroll deductions are used through a 401k retirement plan to help employees save for their later years. Employers may also contribute matching funds. An IRA, which is established exclusively by an individual through a broker or bank, is another comparable contribution option.
It's crucial to distinguish between a defined benefit plan like a pension and a 401k (defined contribution plan) when it comes to retirement savings. A defined benefit plan promises a known amount of money in retirement, whereas a 401k permits both employees and employers to contribute and grow assets for future use. The usage of defined benefit plans, such as pensions, has decreased dramatically in the last two decades and are now only used by governments.
A 401k is offered by 78% of New Hampshire businesses as part of their employee benefits package. This is a worthwhile benefit for your staff where 85% of workers take advantage of it when given the option.
It is critical for employers to offer a variety of financial incentives and perks in order to attract and keep top talent. While some alternatives may provide more value than others, it is crucial to consider all possibilities. 61 percent of New Hampshire firms provide student loan help, while 41 percent provide access to financial advice, and 72% provide access to EAP services.
It is critical for employers to offer a variety of financial incentives and perks in order to attract and keep top talent. While some alternatives may provide more value than others, it's crucial to consider all possibilities. 61 percent of New Hampshire firms provide student loan help, while 41 percent provide access to financial advice, and 72% provide access to EAP services.
Employers should cater to each employee's unique set of demands as a top priority. Remember that the requirements between a recent college graduate and someone who has been working for 10 years with children will be quite different. These two scenarios require varying flexibility and workspace perks. With this in mind, 11% of New Hampshire businesses provide a flexible workstation, 24% provide a flexible schedule, 18% offer childcare, and 18% provide subsidised transportation.
To get a better idea of how your firm's financial and quality-of-life perks compare to others in New Hampshire, fill out your free Mployer Insights survey. You can show your staff how competitive your plan is against other companies, which helps retain and recruit new talent.
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