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It's critical as an employer in New Jersey to prioritize not just medical and volunteer perks, but also financial benefits and those that contribute to a better quality of life. These perks are valuable whether you work for Verizon Communications or New Jersey Primary Care Clinics. In the state of New Jersey, offering a retirement plan to your employees is an essential element of their benefit package.
Employees may use pretax payroll deductions to save for retirement through a 401k plan and employers can also offer matching contributions. An IRA, which is solely opened by an individual through a broker or bank, is another option that provides similar benefits. A defined contribution plan such as an IRA or 401k is a type of defined contribution plan in which both the employee and employer have the ability to invest and contribute money towards retirement. A pension, on the other hand, is a defined benefit plan that guarantees a certain amount in retirement; while a defined contribution plans allows employees and employers to participate.
Offering a 401k can help you stand out in the crowd. When offered, about 68% of New Jersey businesses provide this benefit, and 78% of employees will accept it.
Employees desire to be recognized and appreciated for their efforts. Despite the fact that it might be difficult to understand what you can do and how to show your appreciation for each employee, it may become simpler if you establish distinct incentives aimed at rewarding success. In New Jersey, 51% of businesses give a non-production bonus, which may take the form of end-of-year bonuses, holiday bonuses, employee referrals, and other things.
It's critical for businesses to offer a variety of financial perks and incentives in order to attract and keep excellent staff. While some provide more value than others, it is vital to assess all possibilities. Whether you attended the Rutgers University or went somewhere closer to your home, 57% of New Jersey employers provide access to wellness programs, 33% give access to financial planning, and 62% provide access on EAP programs.
It should be a top priority for you as the employer to cater to each employee's unique set of needs. Remember that the requirements between a recent college graduate and someone who has been working for ten years with children will differ greatly. These two situations necessitate distinct flexibility and office amenities. With this in mind, it is worth noting that 14% of New Jersey businesses provide flexible workspace, 20% offer flexible work schedules, 14% provide childcare, and 9% give discounted transportation.
Do you want to compare the financial and lifestyle advantages of your firm to those of others in New Jersey in the same sector and size range? Download a free Mployer Insights report. Understanding how your benefits compare to those of other firms may assist you in attracting new employees and keeping your current staff.
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