In addition to medical and voluntary benefits, Oregon employers must also offer financial perks such as a 401k or IRA, as well as benefits that contribute to employee quality of life such as flexible schedule and a pleasant work environment. These perks benefit both XPO Logistics employees in Oregon and Adidas America employees.
A 401k retirement plan is an essential component of a workers' benefits package in Oregon. Employees may make pre-tax payroll deductions to save for their retirement through a 401k retirement plan. Employers can also contribute matching funds. An IRA, which is opened only by individuals through a broker or bank, is another similar contribution.
It's important to note the distinction between a defined benefit plan, such as a pension, and a 401k (defined contribution plan). A defined benefit plan promises a specific retirement payment amount, whereas a defined contribution plan like a 401k allows both workers and employers to contribute. Pensions have been used less frequently in recent decades and are now mainly utilized by governments.
A 401k account is currently the most popular form of retirement savings in Oregon, with over three-quarters (75%) of businesses providing one as part of their employee benefits package. When offered, this is an appealing bonus benefit for 83% of employees.
Employees anticipate a bonus or some sort of recognition for their efforts. A non-production incentive is given by 47% of Oregon businesses. These bonuses typically include end-of-year bonuses, holiday bonuses, employee referrals, and other goodies. The form and amount of these awards can differ from person to person and role to role. Having clear goals and performance indicators is crucial for effective communication.
It's critical for businesses to offer a variety of financial incentives and perks in order to attract and keep skilled employees. While some give more value than others, it's essential to weigh all possibilities. 57 percent of Oregon employers provide access to health programs, 30 percent provide access to financial planning services, and 67% have EAP access available.
Employers should make catering to each employee's unique set of demands a top priority. Keep in mind that the requirements for a recent college graduate and someone who has been working for ten years with kids are going to be extremely different. These two instances need distinct work setup and flexibility benefits. With this in mind, it is worth noting that 14% of Oregon businesses provide adaptable workspace, 22% offer flexible hours, 16% give childcare, and 19 percent provide subsidized transportation.
If you want to learn how your firm's financial and quality-of-life benefits compare to those in Oregon, get a free Mployer Insights report. You may inform your employees about how competitive your plan is against others, which can play an important role in retaining and recruiting new talent.
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