In addition to medical and voluntary benefits, it is critical for employers in New Mexico to offer financial perks such as a 401k or IRA, as well as benefits that contribute to employee quality of life like flexible schedule and a good quality of life. These perks are valuable to your employees whether they work for Triad National Security in New Mexico or Presbyterian Health Plan in California.
In New Mexico, a 401k retirement plan is an important part of a staff's benefits package. Employees may save money for retirement through pre-tax payroll deductions using a 401k retirement plan. Employers can also contribute to the match. An IRA, which is funded solely by the customer through a broker or bank, is another similar contribution option.
A defined benefit plan, such as a pension, is different from a 401k (defined contribution plan). A defined benefit plan promises an exact payment amount in retirement, whereas a defined contribution plan like a 401k allows both employees and employers to contribute and save for retirement. Defined benefit plans, such as pensions, have decreased in popularity dramatically during the last two decades and are mostly utilized by governments today.
A 401k is a popular form of employee compensation for most companies. When offered, 80% of employees participate in a 401k plan and 78 percent of New Mexico employers provide this benefit to their workers. Defined contribution programs like these are common among businesses of all sizes. This is the case with almost every major firm.
Employees enjoy a bonus or some sort of recognition for their efforts. Non-production bonuses are given by 49 percent of New Mexico businesses. End-of-year bonuses, holiday bonuses, employee recommendations, and other types of bonuses are among these incentives. The form and amount of these prizes may differ from employee to employee and role to role. It is critical to have clear performance measures that are communicated openly.
There are a variety of financial incentives that you may provide to your staff. While some benefit more than others, employers must offer these essential perks in order to retain top talent and have a competitive benefits package.
Every employee has his or her own set of requirements that you as the employer must meet. Keep in mind that a recent college graduate may see advantages differently than someone who is 10 years into their career with children. With this in mind, 12% of New Mexico employers offer flexible work arrangements, 18% provide access to a flexible work schedule, 14% provide access to childcare, and 16% provide free transportation.
To get a better understanding of how your company's financial and quality-of-life benefits compare to those in New Mexico, download your free Mployer Insights report. You may also show your employees how competitive your plan is against others, which has a big impact on retaining and recruiting new talent.
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