It's critical to recognize that not every employee wants the same thing. As an employer in Virginia, you should prioritize more than just medical and voluntary benefits, but also financial perks and ones that contribute to a higher standard of living. Whether you work for Northrop Grumman or Virginia Primary Care Clinics, these perks are valuable. In the state of Virginia, offering a pension plan to your employees is an important part of their compensation package.
Employees can save money for retirement through pre-tax payroll deductions and employers can make matching contributions in a 401k plan. An IRA, which is solely established by an individual through a broker or bank, is another option. Defined contribution plans, such as IRAs and 401ks, are the most common type of pension. A defined benefit plan promises a certain amount in retirement; whereas a defined contribution plan allows both employees and employers to contribute money towards their future.
A 401k may distinguish your benefits package from others. When offered, 82 percent of Virginia businesses and 77 percent of employees will take part in this benefit plan.
Employees desire to be recognized and appreciated for their efforts. Although it may be difficult to figure out what you can do and how to express your appreciation for each employee, it is easier with specific incentives in place to encourage success. In Virginia, 52% of businesses give a non-production bonus, which may be anything from end-of-year bonuses to holiday bonuses to company referrals and others.
It becomes more crucial for businesses to provide a variety of financial incentives and benefits in order to attract and keep excellent personnel. While some provide greater value than others, it's vital to think about all alternatives. Whether you went to Northern Virginia Community College or something closer to your home, 7% of Virginia employers will help you find funding for student loans. Access to wellness programs is accessible by 61 percent of Virginia firms, financial planning is available by 34%, and EAP access is available by 66%.
Catering to each employee's unique set of demands should be a top priority for you as the employer. Remember that, between a recent college graduate and someone who has been in their job for ten years with children, the requirements will be extremely varied. These two situations necessitate diverse work flexibility and office facilities. With this in mind, 14% of Virginia employers offer flexible workspace, 21% provide flexible working hours, 18% provide childcare, and 11% provide discounted transportation.
Do you want to compare the financial and lifestyle benefits of your firm with those of others in Virginia in the same field and size range? Download your free Mployer Insights report to find out. Understanding how your perks stack up against those of other businesses might help you attract new personnel and retain current employees.
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