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It's critical to recognize that while some of the aforementioned advantages are obtainable in other ways, others may not be. As an employer in Oklahoma, it's vital to prioritize nonmedical and voluntary benefits as well as financial benefits and those that contribute to a better quality of life. Whether you work for Love's Travel Stops & Country Stores or Oklahoma Primary Care Clinics, these perks provide significant value. In Oklahoma, offering a retirement plan for your employees is an important part of employee compensation.
Employees may contribute to their retirement through pre-tax payroll deductions if they have access to a 401k plan and employers can also make matching payments. An IRA is established solely by an individual through a broker or bank, just like the aforementioned option. Both IRA accounts and 401k plans are defined contribution programs. A pension, on the other hand, is a predetermined benefit program that provides a set amount in retirement; whereas, a defined contribution plan gives both employees and employers the ability to invest and give funds towards retirement.
Offering a 401k can make your benefits package stand out to employees. 68% of Oklahoma employers make this offering and 78% of employees will participate when offered.
Employees want to be rewarded for their hard work. It may be difficult to figure out what you can do and how to show your appreciation for each employee, but it might be simpler with special incentives in place to motivate success. End-of-year bonuses, holiday bonuses, employee referrals, and other non-production bonuses are offered by 51% of Oklahoma companies.
It is critical for employers to offer a variety of financial incentives and benefits in order to attract and keep top talent. While some may be more beneficial than others, it's important to weigh all possibilities. Whether you went to the University of Oklahoma or somewhere else closer to home, Oklahoma employers provide student loan help in 7% of cases. Student loan assistance is available from 57% of Oklahoma businesses, 33% give access to financial planning advice, and 62% provide access to EAP services.
Employers should prioritize catering to each employee's unique set of requirements. It is important to remember that the requirements between a recent college graduate and someone who has been working for 10 years with children will differ greatly. These two cases often require distinct flexibility and workspace perks. With this in mind, 14% of Oklahoma businesses offer a flexible workstation, 20% provide a flexible schedule, 14% provide childcare, and 9% provide subsidized travel options.
Do you want to see how your company's financial and lifestyle benefits stack up against those in Oklahoma in the same sector and size range? Download your free Mployer Insights report for a comparison. It may be valuable to understand how your perks compare to those of other organizations in order to acquire new employees and keep existing ones.
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