It's critical as an employer in Utah to first and foremost consider medical and volunteer benefits, but also financial benefits and ones that contribute to a better quality of life. Whether you work for MountainStar Healthcare or Utah Primary Care Clinics, these perks are worth their weight in gold. In the state of Utah, offering a retirement plan to your workers is an important part of the employee benefits package.
Employees can put money into a 401K plan through pre-tax payroll deductions and employers may also make matching contributions, which is the same as an IRA. An IRA is established solely by an individual with the help of a broker or bank. Both IRAs and 401k plans are defined contribution plans. Defined benefit plans such as pensions provide a specified amount in retirement, whereas defined contribution plans give both employees and employers the option to invest and contribute funds towards retirement.
A 401k can distinguish your benefits package for employees. When Utah firms offer a 401k, 80% of workers participate and 78 percent of them take it up.
Employees want to be rewarded for their hard work. Although it may be difficult to figure out what you can do and how to show your gratitude for each employee, setting up identifiable incentives to encourage success can make things simpler. According on a survey conducted by Utah Business Magazine in 2018, 49% of firms offer a bonus, which may include end-of-year bonuses, holiday bonuses, employee referrals, and others.
Employers must offer a variety of financial incentives and perks in order to attract and retain valuable employees and top talent. While some give more value than others, it's essential to evaluate all possibilities. Student loan assistance is available from 4% of Utah businesses, whether you attended Brigham Young University or somewhere closer to your home. Employers in Utah provide access to wellness programs at 60%, financial planning at 34%, and EAP services at 71%.
It's critical that you cater to each employee's specific set of requirements as an employer. Keep in mind that the advantages required for a recent college graduate and someone who has been working for ten years with children will be extremely different. These two cases require distinct work flexibility and space benefits. With this in mind, it's worth noting that 12% of Utah companies provide flexible workspace, 18% offer flexible scheduling, 14% provide childcare, and 16% offer financial assistance / subsidies (subsidized commuting).
Do you want to compare the economic and quality-of-life advantages of your firm to others in Utah in the same sector and size range? Get your free Mployer Insights report. Comparing your perks to those of other firms may be useful when recruiting new talent and retaining current staff.
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