Once upon a time, it used to be solely about the money when it came to fairly rewarding employees.
Now that times have changed, we live in a world of job satisfaction and rewards where the employer’s value proposition includes salary, benefits, and even the working environment. Nearly 8 out of 10 US employers now offer paid sick leave, paid vacations, and health benefits, making them essentially the new standard.
Companies that don’t provide these benefits are lagging behind the competition and may find it tougher to recruit top people as a result of an unattractive employer value proposition.
In fact, some voluntary benefits have grown in importance, particularly in a post-pandemic climate when resignation rates were at historic highs, with approximately 48 million US workers leaving their jobs in the last year, some voluntary benefits have grown in importance, particularly in a post-pandemic climate when resignation rates were at historic highs.
In the United States, it is important to differentiate between federal and state law as while some benefits and payroll deductions may not be mandated by the federal government, they may be required by state law. Non-mandatory benefits are those that an employer chooses to provide voluntary and are not required by law.
We’ve compiled a list of mandatory benefits versus popular voluntary benefits so you can easily benchmark your own offering and identify any strategic improvements needed to be competitive.