What Is Considered A Good Benefits Package? | BenefitCorp (2023)

FAQs

What are 5 examples of benefits? ›

Healthcare emerged as the leader in ranked importance by employers as the most important type of benefit that an organization can offer its workers followed by retirement and leave benefits, which ranked jointly at number two. Retirement benefits were at 55 percent in 2020/21, back up to 82 percent in 2022.

How Much Is Average for PTO? Ten (10) days is the average number of PTO for private sector employees who have completed one year of service, according to the Bureau of Labor Statistics (BLS). This number, rounded to the nearest whole number (it's actually 9.7 days), does not include sick days or paid holidays.

The most common employee benefit that employers offer is medical or health coverage. Typically, employee medical insurance covers costs associated with doctors' appointments, regular checkups and basic medical procedures.

Popular employee benefits

Medical, dental and vision insurance. Tax-advantaged health spending accounts (flexible spending accounts, health savings accounts and health reimbursement arrangements) Life insurance.

To qualify for exemption, employees must meet certain tests regarding their job duties and be paid on a salary basis at not less than $684* per week. The regulations contain a special rule for “highly compensated” employees who are paid total annual compensation of $107,432 or more.

Employee benefits are more important than salary, because they provide better experience for employees and increase satisfaction. While salary is important, other forms of compensation, whether they be benefits or unique perks, can often be even more effective to recruit and retain talent.

Most Desirable Benefits According to Employees

If you want your benefits package to remain competitive, you'll want to offer health insurance, some disability and life insurance, and probably a retirement plan, such as a 401(k).

How do I know if my benefit package is good? ›

Other benefits you can negotiate

Better insurances: health, dental, vision, disability, life, etc. Wellness programs – like fitness clubs, etc. More time off: sick day handling, personal days, paid holidays, vacation (how many, when and how?)

Financial health benefits such as student loan assistance, 401(k) contributions and financial education programs like Momentum onUp are among the most in-demand perks for millennials.

Experts suggest that you should expect to pay a range of 1.25 to 1.4 times each employee's base salary. That extra $10,000 might include things like $120 for life insurance—an average cost for your younger and older workers—$5,760 for family health coverage, $520 for dental insurance, and $200 for long-term disability.

Is two weeks of vacation time normal? Two weeks of vacation time is pretty standard in the US. However, employers are not required to offer paid vacation time. Still, they often include it willingly as part of their benefits package to attract potential employees.

Yes, 15 days of PTO is good for most employees.

If a job is advertising 15 days of PTO for new hires, that can definitely be considered a good offer and a significant draw for talented candidates.

Every PTO plan is different, but while traditional leave policies typically grant employees 30 paid days off per year — 10 days of paid vacation, 8 sick days, 2 personal days, plus 10 paid holidays, most PTO policies give employees between 15 and 20 days plus company-observed holidays, according to the Society of Human ...

Highly Compensated Employees – In General

Generally, an employee is an HCE under the ownership test if he or she is a 5% owner at any time during the current plan year (also known as the determination year) or the 12-month period immediately preceding the determination year (also known as the lookback year).

The limit on employee elective deferrals (for traditional and safe harbor plans) is: $22,500 in 2023 ($20,500 in 2022, $19,500 in 2021 and 2020; and $19,000 in 2019), subject to cost-of-living adjustments.

What is the appropriate salary raise in 2022? Data from The Conference Board suggests that the projections for median salary increases in 2022 are 3%, consistent with the average raise percentage for the last 10 years. This holds true across all employment categories, including: Nonexempt hourly.

Do benefits outweigh salary? ›

According to the Glassdoor survey, 80% of employees prefer additional benefits over a pay increase. Employees are starting to prioritize the benefits they would receive from a company over salary because employee benefits provide better experience and helps increase their job satisfaction.

In most cases, benefits are worth more than the extra pay you might receive, so a lower-paying job that offers great benefits is worth considering. A good benefit package will include medical and dental, matching retirement contributions, and tuition reimbursement, among other perks which is a huge plus.

But the best employee benefits offer more than government requirements — they support employees' mental, physical, emotional, and financial health. For instance, a great benefits package may include: Paid leave. Affordable health insurance.

While this can differ depending on who you ask, the standard in most industries consists of health insurance, dental insurance, flexible spending accounts, retirement savings plans, vacation time, and additional paid time off for events like family medical leave, maternity leave, and sabbaticals.

Employee benefits packages include non-salary compensation like health care coverage, retirement benefits, and paid time off. Federal law requires employers to offer benefits like COBRA, FMLA, and minimum wage standards; many states mandate further coverage including disability, workers comp, and additional leave.

With open enrollment season underway in the U.S., health insurance is top of mind. Not only can family health insurance be a valuable recruiting tool, but it can also increase retention and boost employee satisfaction.

Better Health, Dental, and Vision Insurance

While non-insurance benefits are gaining in popularity, health, dental, and vision insurance plans remain the most popular employee benefit.

Health insurance — After salary, this staple benefit is of the utmost importance to many job candidates and typically includes medical coverage for employees and their families.

The most common benefits are medical, disability, and life insurance; retirement benefits; paid time off; and fringe benefits. Benefits can be quite valuable. Medical insurance alone can cost several hundred dollars a month. That's why it's important to consider benefits as part of your total compensation.