It is critical for an employer in Rhode Island to value not just medical and voluntary benefits, but also financial perks and those that contribute to a greater quality of life. Whether you work for Citizens Financial Group or Rhode Island Primary Care Clinics, these advantages are worth their weight in gold. Providing a retirement plan for your workers in Rhode Island is an important element of the employee benefits package.
Employees can participate in pre-tax payroll deductions via a 401k plan, and employers may also make matching contributions. An IRA is opened solely by an individual through a broker or bank and is similar to a 401K. Defined contribution plans, such as IRAs and 401ks, are one of the most common retirement options for private individuals. A defined benefit pension guarantees a fixed sum in retirement; whereas defined contribution plans allow both employees and employers to invest money into their future.
A 401k may distinguish your benefits package from others'. When offered, 78% of Rhode Island businesses make this option, and 85% of employees will take advantage of it.
Employees want to be recognized and appreciated for all their efforts. Even though it might be difficult to figure out what you can do and how to express your gratitude for each employee, it may be made simpler with specific incentives in place to reward success. In Rhode Island, 53% of firms provide a non-production bonus that may take the form of end-of-year bonuses, holiday gifts, employee referrals, and other things.
Employers must offer a variety of financial incentives and benefits in order to attract and keep top talent. While some provide more value than others, it's critical to consider all possibilities. Student loan assistance is available in 6% of Rhode Island businesses, whether you attended the University of Rhode Island or closer to your home. Access to wellness programs is available from 61% of employers, financial planning from 41%, and EAP services from 72%.
As the employer, you should prioritize catering to each employee's unique set of demands. Remember that the needs of a recent college graduate and someone working in their career for 10 years with children are fairly different. These two situations require different work flexibility and space perks. With this in mind, it's worth noting that 11% of Rhode Island businesses provide a flexible workspace, 24% offer a flexible schedule, and 18% provide childcare.
Do you want to compare your company's financial and quality-of-life benefits against those in Rhode Island in the same industry and size range? Download your free Mployer Insights report to see how they stack up. Understanding how your benefits compare to those of other firms may be useful in attracting new employees and retaining current staff.
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