Employees view the benefits package, in addition to salary, as a significant factor in their decision to apply for or accept employment within an organization. Quality employees can be a lot easier to attract if your medical office is offering an attractive benefits package.
Being competitive in securing and maintaining quality employees is an essential piece to the success of your medical office. When developing your benefits package, here are ten employee benefits to consider.
1. Paid Holidays
Offering paid holidays is a key part in building an attractive benefits package. Employees view paid holidays as a major benefit due to family, religious or other personal reasons. There are 7 major holidays to consider.
- New Year’s Day
- Good Friday
- Memorial Day
- Independence Day
- Labor Day
- Thanksgiving Day (Day after Thanksgiving)
- Christmas Day (Christmas Eve)
Tip: Adding a floating holiday to the list is an optional benefit to consider. Employees can use this day to take time off for observing a non-traditional holiday, birthday or religious holiday.
2. Vacation Pay
Employees are given a certain amount of days to use for time off. You may want to opt with the Paid Time Off (PTO) plan which includes sick leave and holiday pay.
3. Sick Leave
Employees are given a certain amount of days to use for any absence from work due to an illness or injury. Sick leave can also be used to care for a sick child, spouse or parent as well as, the birth of a child.
4. Health and Dental Insurance
Medical coverage for the employee and their eligible dependents is another great benefit. The total cost is shared between the employer and the employee. A typical plan would include additional out of pocket expenses such as copays, deductibles, and coinsurance amounts.
5. Optional Health Benefits
Optional health benefits include eye coverage, supplemental insurance, disability insurance, long term care insurance, and employee assistance programs (EAP).
6. Flexible Spending Accounts
Dependent care or health care accounts are provided to help employees by using pre-tax dollars to cover child care costs or costs not covered by medical insurance.
7. 401(k) or Retirement Plans
Employees have the opportunity to invest in their future by placing a certain percent of their pay into a retirement fund. You may elect to contribute or “match” their contribution up to a certain percentage.
8. Life Insurance
Coverage is provided at a base amount with the option to increase coverage for an additional cost or to include coverage for eligible dependents.
9. Employee Incentives
Employee incentives could include a number of incentives including tuition reimbursement, flexible work scheduling and telecommuting, and performance incentives or bonuses.
10. Recreational Benefits
The scope of coverage for recreational benefits could include free or discounts for:
- Fitness center memberships
- Weight loss programs
- Wholesale buyers clubs
- Cell phone services
- Satellite services
As you consider the total compensation for employees, special considerations can be made to differentiate benefits for nonexempt (hourly) positions and exempt (salaried) positions. This adjustment will account for the difference in education, training or special job considerations unique to each positions.